Nasdaq, S&P set to open higher on tech boost, earnings glee
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Visa rises after Q2 results beat
Meta, Snap up after Senate passes TikTok ban bill
Futures: Dow down 0.04%, S&P up 0.26%, Nasdaq up 0.73%
Updated at 8:38 a.m. ET/ 1238 GMT
By Shristi Achar A and Shashwat Chauhan
April 24 (Reuters) -The S&P 500 and the Nasdaq were set to open higher onWednesday, with Tesla leading gains among megacap stocks afterits quarterly results, while upbeat earnings reports across other sectors also offered support.
Tesla TSLA.O outpaced megacapstocks with an 11.5% jump in premarket trading after the electric-vehicle maker eased some worries about growth with a prediction that sales would rise this year and said it would roll out more affordable models in early 2025.
Some other growthstocks also advanced, with Amazon.com AMZN.O, Microsoft MSFT.O and Nvidia NVDA.O up between 0.5% and 1.8%.
The earnings season was in full swing with health insurer Humana HUM.N and drugmakerBiogen BIIB.Oadding 2.8% and 6.6%, respectively, on beating first-quarter profit expectations.
Boston Scientific BSX.Nrose 5.3% after the medical device maker raised its annual profit forecast.
Hasbro HAS.O gained 6.2% after the toymaker reported a smaller-than-expected drop in first-quarter sales and handily beat profit estimates.
Wabtec WAB.N advanced 5.1% after the heavy industrial parts maker raised its full-year profit forecast.
Meanwhile, social media firms MetaPlatforms META.O and Snap SNAP.N gained 2.8% and 1.8%, respectively, after the U.S. Senate passed a bill late on Tuesday that would ban TikTok in the United States if its owner, the Chinese tech firm ByteDance, failed to divest the popular short video app.
Meta, Microsoft and Alphabet GOOGL.O are scheduled to report their quarterly results later this week.
Adjusted blended earnings are estimated to grow by 6% for the quarter on a year-on-year basis, according to LSEG data.
"Last week was really rough for the Nasdaq, it was almost indiscriminate selling of all growth stocks, so certainly you're just kind of seeing some bounce," said Russell Hackmann, president of Hackmann Wealth Partners.
"Overall, it's been a pretty positive earning season."
U.S. equities have recouped some losses following last week's slump when investors turned risk-off amid tensions in the Middle East and more data prompting a tuning to their rate-cut expectations from the Federal Reserve.
Further cushioning equities, data showed new orders for key U.S.-manufactured capital goods increased 2.6% in March, compared with expectations of 2.5%, as per economists polled by Reuters.
Focus will now shift to themuch anticipated Personal Consumption Expenditures (PCE) index reading for March, the Fed's preferred inflation gauge, due on Friday.
At 8:38 a.m. ET, Dow e-minis 1YMcv1 were down 14 points, or 0.04%, S&P 500 e-minis EScv1 were up 13.25 points, or 0.26%, and Nasdaq 100 e-minis NQcv1 were up 128.75 points, or 0.73%.
Among other stocks,Visa V.N added 2.6% after the payments processing giant's second-quarter results sailed past Wall Street estimates.
Texas Instruments TXN.O climbed 7.2% after the chipmaker forecast second-quarter revenue above analysts' estimates.
Other chip stocks such as Arm Holdings ARM.O, Micron Technology MU.O and Advanced Micro Devices AMD.O also rose between 2.0% and 2.3%.
Solar inverter makerEnphase Energy ENPH.Odropped 6.6% after projecting second-quarter revenue below analysts' estimates.
Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Pooja Desai and Maju Samuel
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
