United States stock futures rose on Wednesday evening (Thursday AEST), buoyed by upbeat earnings reports from major technology firms Microsoft and Meta Platforms.
By 8:45 am AEST (10:45 pm GMT), Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq 100 futures gained 0.3%, 0.8%, and 1.3%, respectively.
In after-hours trading, Meta Platforms gained 5.6% after delivering quarterly results and guidance that exceeded analyst expectations.
Microsoft rose 7.3% on quarterly results. The tech giant reported revenue of $70.1 billion, marking a 13% year-over-year increase, supported by solid growth in its Azure cloud division and upbeat guidance.
However, not all tech earnings impressed. Qualcomm fell 5.9% after issuing underwhelming forward guidance, despite quarterly earnings surpassing estimates.
During Wednesday’s regular session, the Dow and the S&P 500 recorded gains of 0.4% and 0.2%, respectively, amid volatile trade, while the Nasdaq Composite ticked 0.1% lower.
Market sentiment was initially dented by weak economic data from the Commerce Department, which showed U.S. gross domestic product contracted at an annualised pace of 0.3% in the first quarter, marking the first period of negative growth since Q1 2022.
Looking ahead, investors are focused on upcoming quarterly earnings from CVS Health, Eli Lilly, and McDonald’s in the morning session, followed by Apple and Amazon after the U.S. market closes (Friday AEST).
On the macroeconomic front, traders are awaiting weekly jobless claims figures and a fresh reading on the U.S. manufacturing sector. The closely watched nonfarm payrolls report is scheduled for release on Friday.
