Boeing bleeds, Coke pops, and AMD inks a big deal

🌅 Today's Morning Call

S&P Futures 7,447.75 ▲ +7.00 (+0.09%)	Nasdaq Futures 27,933.75 ▼ -117.00 (-0.42%)	Dow Futures 52,724.00 ▲ +307.00 (+0.59%)
10Y Treasury 4.64% ▼ -0.04%	US Dollar 101.55 ▲ +0.07 (+0.07%)	Bitcoin $63,444 ▼ -$253 (-0.40%)

Good morning! Tuesday, July 28 is serving up a split tape before the opening bell, with the Dow leading the charge while the Nasdaq lags on some tech-related turbulence. Earnings season is in full swing, and the results hitting the tape this morning span everything from paint to planes to soda. Grab your coffee and let's get into what matters today.

👀 What to Watch Today

The earnings calendar is packed for Tuesday. Coca-Cola already reported before the bell, raising its annual revenue and profit forecasts and crediting strong demand for zero-sugar drinks and its Fairlife milk brand. Shares of KO have been on a 19% run this year, and today's guidance lift could push that streak further.

Sherwin-Williams is another bright spot this morning. SHW raised its full-year outlook, now expecting net sales growth in the mid- to high-single-digit range, upgraded from the earlier low- to mid-single-digit forecast. For a bellwether like SHW that tracks housing and commercial construction activity, that guidance bump says something about underlying demand.

PayPal is also in focus after reinforcing its turnaround story, raising its 2026 profit forecast and laying out fresh cost-cutting measures. PYPL has been fighting off takeover speculation around a reported $53 billion valuation, and today's numbers could either quiet or amplify that narrative heading into the session.

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🌏 Overnight Recap

Overnight, the Boeing story dominated the business wires. BA reported a second-quarter loss that topped analyst forecasts on the downside, with a $280 million charge tied to the long-delayed Air Force One program adding pressure to results. The net loss did narrow from a year ago, but it was not enough to impress. CEO Kelly Ortberg tried to steady the ship, saying significant resources are being committed to keep the new presidential aircraft on track for a 2028 delivery.

On the AI infrastructure front, Core Scientific and AMD announced a major deal overnight. CORZ signed an agreement giving AMD access to up to 2.5 gigawatts of data center capacity to support customer deployments of AI systems. That is a headline number worth paying attention to as the AI buildout continues to drive massive capital allocation decisions across the sector.

Amazon also made news overnight, with Business Insider reporting that AMZN is overhauling its AI strategy by scaling back many in-house AI models and redirecting focus toward a new frontier-model initiative. That strategic shift could ripple through how investors assess Amazon's competitive AI positioning relative to Microsoft, Google, and others this earnings season.

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📊 Pre-Market Movers

SHW is one of the cleaner pre-market stories this morning. The raised full-year outlook is a meaningful signal from a company tied to housing renovation and construction spending, sectors that have been choppy in 2026. Watch for the stock to open with momentum.

BA is moving in the opposite direction. The Air Force One charge and a below-estimate quarterly result are keeping pressure on the stock ahead of the open. The CEO's reassurances about factory investment and a 2028 delivery target provide a floor, but traders will need more than promises to get excited here.

TSLA and SpaceX-linked names are drawing attention after Cathie Wood's ARK Invest was reported to be adding to both positions even as shares dipped. TSLA's pullback plus ARK's conviction buying creates an interesting dynamic to watch. Meanwhile, GSK is a quieter mover but its pledge to invest 400 million pounds in UK R&D over three years signals long-term pipeline confidence from the pharma giant.

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🔍 Today's Watchlist

1. KO post-earnings price action: raised guidance and World Cup tailwinds could push shares to new 2026 highs
2. BA pre-market reaction: Air Force One charge and a wider-than-expected loss set a cautious tone for the stock
3. AMD and CORZ following their 2.5 gigawatt data center deal: watch for sector sympathy moves in AI infrastructure names
4. 10-Year Treasury yield at 4.64% and drifting lower: easing bond pressure could support rate-sensitive sectors like utilities and REITs today
5. PYPL turnaround watch: raised profit forecast and cost cuts are on the table, making today a key test for investor conviction

🎯 The Morning Playbook

The overarching theme this Tuesday is earnings quality versus guidance quality. Several companies today beat or met numbers but used their forward guidance to tell the real story. KO and SHW both raised outlooks, which is the kind of signal that tends to hold up through a full trading session even if early gains fade.

For traders watching the Nasdaq underperformance in futures, the Amazon AI strategy pivot is worth flagging. A major platform company reshuffling its AI bets mid-cycle is not a neutral event. It invites questions about spend efficiency and competitive positioning that could weigh on sentiment across large-cap tech today.

The bond market is giving a gentle green light this morning with the 10-year yield slipping to 4.64%. That is a modest tailwind for equities broadly, even if the macro picture stays complicated. Stay selective, lean into the names with genuine guidance momentum, and keep Boeing on a short leash until the dust settles.

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