S&P 500 Futures Higher as Index Looks to Extend Gains

Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are pointed modestly higher this morning, after the latter benchmark yesterday notched another record close amid its longest win streak since January. Elsewhere, Dow Jones Industrial Average (DJIA) futures are flat, despite Federal Reserve Chairman Jerome Powell citing the negative impacts of prolonged high interest rates while speaking to Congress, potentially signaling a change in economic policy stance at the central bank. 

Continue reading for more on today's market, including: 

• Senior Quantitative Analyst Rocky White predicts more short-term SPX gains.
• Pre-earnings look at Delta Air Lines stock.
• Plus, SPOT downgraded; TSLA eyes win streak; and Walmart's automation plans.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 892,362 put contracts traded on Tuesday. The single-session equity put/call rose to 0.57, while the 21-day moving average remained at 0.67.
2. Spotify Technology SA (NYSE:SPOT) stock is down 1.5% ahead of the open, after a downgrade from Redburn Atlantic to "sell." The analyst in coverage said the music streaming giant's revenue forecast is “too ambitious.” SPOT still boasts a 97.9% year-over-year lead, however.
3. Shares of electric vehicle (EV) giant Tesla Inc (NASDAQ:TSLA) are up 0.5% in premarket trading, after second-quarter deliveries beat expectations. The stock is fresh off is 10th-straight win, and Goldman Sachs raised its price objective to $248 from $175. In the last six months, TSLA added 11.6%.
4. Jefferies praised artificial intelligence (AI) progress at Walmart Inc (NYSE:WMT) this morning, and reinforced the retailer as a top pick. This comes after the blue-chip company revealed it will open five automated distribution centers.WMT is up 0.3% before the bell and has added 33% so far this year.
5. Slew of bank earnings and inflation data due out this week.

Nikkei Stays Hot, Nabs Record Close

Asian markets closed across the board on Wednesday. Japan’s Nikkei added 0.6% and a record close, after the country’s corporate goods price index (CPGI) June reading of 2.9% came in line with expectations. China’s Shanghai Composite fell 0.7%, as investors unpacked a consumer price index (CPI) that rose 0.2% in June, down from 0.3% in May and below the 0.4% rise anticipated by economists. Meanwhile, China's producer price index (PPI) fell 0.8% on an annual basis, meeting expectations and softening from May’s 1.4% decline. Elsewhere, the South Korean Kospi added 0.2%, while Hong Kong’s Hang Seng fell 0.3%.

European markets are higher at last glance, as focus remains on uncertainty surrounding a potential hung parliament in France. London’s FTSE 100 is up 0.6%, while the French CAC 40 and German DAX rise 0.7%.