Tech Earnings Boost US Stock Futures, S&P 500 Eyes Another Record High

The latest market surge fueled by positive tech earnings. Follow the rise of the S&P 500 and Nasdaq 100 as optimism grows. Stay informed on corporate reports and economic indicators.

Jan 24, 2024 - 08:05
Jan 24, 2024 - 08:06
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Tech Earnings Boost US Stock Futures, S&P 500 Eyes Another Record High
Tech Earnings Boost US Stock Futures, S&P 500 Eyes Another Record High

US stock futures saw an uplift on Wednesday, driven by encouraging tech earnings, especially from streaming giant Netflix. The S&P 500 is on track to achieve another all-time high, with futures indicating a 0.4% increase, building on the positive momentum from the previous day.

Tech stocks, particularly Nasdaq 100 futures, took the spotlight with a significant 0.7% rise. Netflix's robust quarterly results, revealing a 10% premarket surge in shares, exceeded expectations in subscriber growth, signaling a positive outlook for consumer health.

The optimism extended beyond Netflix, as chip gear maker ASML and software maker SAP delivered strong updates. This bolstered confidence in a potential revival for the chip industry and an AI-driven boom in the tech sector.

Corporate reports are in focus, with attention on Tesla's deliveries amid a challenging market, and tech stalwart IBM presenting its report.

While earnings dominate the headlines, the ongoing debate about when the Federal Reserve will cut interest rates continues. Insights will be gleaned from data-driven expectations, with updates on US manufacturing and services activity scheduled for Wednesday, paving the way for the release of the Fed-favored PCE inflation figures on Thursday.

Also Read: Stock Market Update: Earnings Reports Influence Direction Amidst Dow's Milestone

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