Futures point to higher open as more earnings roll in
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GM up on FY forecast raise, Q1 beat
Nucor sinks after Q1 results miss
Futures up: Dow 0.21%, S&P 0.27%, Nasdaq 0.28%
Updated at 8:34 a.m. ET/1234 GMT
By Shristi Achar A and Shashwat Chauhan
April 23 (Reuters) -U.S. stocks were set to rise at open onTuesday as some growth and chip stocks gained, while investors digested a raft of quarterly earnings updates, ahead of reports from Big Tech laterin the week.
Some megacapgrowth stocks, including Meta Platforms META.O, Microsoft MSFT.O and Amazon.com <AMZN.O>, edged up between 0.5% and 1.3% in premarket trading.
The tech majors are scheduled to report their quarterly numbers this week, with Tesla TSLA.O kicking off the cycle after markets close on Tuesday.
Early gains in some chip stocks also offered support to equities, with Nvidia NVDA.O, Micron Technology MU.O and Advanced Micro Devices AMD.O up between 0.7% and 2.0%.
Apple AAPL.O was an outlier, down 0.2%, as market data showed its smartphone shipments tumbled 19% in China in the first quarter.
On the earnings front, General Motors GM.Nadvanced 4.9% after the automaker posted quarterly results above Wall Street targets and raised its annual forecast.
Spotify SPOT.Ngained 8% after the Swedish music streaming company beat estimates for premium subscribers.
GE Aerospace GE.Nrose 4.3% after the aerospace giant raised its full-year profit forecast.
Danaher DHR.Njumped 7.6% after the life sciences firm beat quarterly profit and sales expectations.
On the flipside,JetBlue JBLU.Oplunged 10.8% as the low-cost airline trimmed its annual revenue forecast after reporting lukewarm first-quarter revenue.
"Overall, people are happy with how (earnings) have gone because mostly they're surprised that things aren't worse," said Will McDonough, chairman and CEO of Corestone Capital.
Earnings are estimated to grow by 6% in the first quarter, as per latest estimates from LSEG.
U.S. equities sold off sharply last week amid heightened tensions in the Middle East and as traders re-evaluated their rate-cut expectations from the Federal Reserve.
The Personal Consumption Expenditures (PCE) index reading for March, the Fed's preferred inflation measure, is due on Friday and will help ascertain the central bank's monetary policy trajectory.
Money markets are now pricing in just about 38 basis points of interest-rate cuts, down from about 150 bps seen at the start of the year, according to LSEG data.
On the data front, investors will await the S&P Global Composite Flash PMI data for April, due shortly after the opening bell.
At 8:34 a.m. ET, Dow e-minis 1YMcv1 were up 81 points, or 0.21%, S&P 500 e-minis EScv1 were up 13.75 points, or 0.27%, and Nasdaq 100 e-minis NQcv1 were up 48.5 points, or 0.28%.
Among other stocks, Cadence Design Systems CDNS.O lost 6.4% in premarket trading after the chip design software maker forecast second-quarter revenue below analysts' estimates.
Nucor Corp NUE.N shed 6.9% after the steelmaker missed Wall Street estimates for first-quarter earnings.
Roblox RBLX.O added 4.2% after J.P. Morgan upgraded the gaming platform to "overweight" from "neutral" on significant monetization opportunity.
Hibbett HIBB.Ojumped 18.8% after JD Sports Fashion JD.L proposed to buy the athletic fashion retailer for about $1.08 billion.
Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Pooja Desai and Maju Samuel
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