S&P 500 futures rise after Alphabet posts earnings beat
S&P 500 futures rose on Wednesday morning, as traders prepared for additional reports from major tech companies and looked ahead to a key reading on the economy’s growth.
Futures tied to the broad market index added 0.2%, while Nasdaq 100 futures climbed 0.8%. Dow futures gained 32 points, or 0.08%.
Alphabet kicked off a major week for megacap tech earnings. The Google parent exceeded analysts’ expectations as the company saw strong quarterly revenue growth from its cloud business. Shares surged 5% in extended trading.
Chipmaker AMD slid 8% in after-hours action, as its fourth-quarter revenue guidance failed to impress investors.
Tech titans Meta Platforms and Microsoft are set to report on Wednesday, while Apple and Amazon are due Thursday.
On the economic front, investors are anticipating the first preliminary reading of the gross domestic product out on Wednesday. The report is expected to show that GDP grew at a 3.1% annualized pace in the third quarter, according to the Dow Jones consensus forecast. That would be just 0.1 percentage point above the previous period if accurate, and would be the 10th straight quarter of expansion. It’s also expected to show inflation moving closer to or coming out below the Federal Reserve’s 2% inflation target.
Source: CNBC
