Nasdaq, S&P set to open higher on tech boost, earnings glee
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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
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