Market set for higher open on mega-cap earnings
S&P futures vs fair value: +21.60. Nasdaq futures vs fair value: +200.00. The stock market is on track to begin the last day of July on a higher note after a batch of strong earnings reports from the mega-cap companies. The S&P 500 futures trade 22 points, or 0.7%, above fair value while the Nasdaq 100 futures trade 1.9% above fair value.Apple (AAPL 410.09, +25.33, +6.6%), Amazon (AMZN 3224.00, +172.12, +5.6%), Alphabet (GOOG 1515.01, -16.44, -1.1%), and Facebook (FB 251.21, +16.71, +7.1%) each beat top and bottom-line estimates after yesterday's close. GOOG trades lower, but AAPL, AMZN, and FB are up big ahead of the opening bell.Keeping broader risk sentiment in check, though, is whether lawmakers can agree to a coronavirus relief bill today/this weekend and what they will agree on. Headlines could sprout throughout the day. In addition, Exxon Mobil (XOM 41.25, -0.62, -1.5%) and Chevron (CVX 82.70, -3.57, -4.1%) are down noticeably on disappointing earnings results.