S&P 500, Nasdaq futures rise as rate-cut hopes prevail; Meta jumps
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Futures: Dow down 0.04%, S&P 500 up 0.22%, Nasdaq up 0.32%
Aug 1 (Reuters) -Futures for the S&P 500 and the Nasdaq rose modestly on Thursday, boosted by the U.S. Federal Reserve's signals of a September interest-rate cut and a rosy sales forecast from Meta, but a pullback in some megacap and chip stocks capped gains.
Meta Platforms META.O soared 7% in premarket trading after a second-quarter revenue beat and an upbeat third-quarter sales forecast pointed to the possibility that its artificial intelligence costs would be covered.
"Meta has bought the AI theme some time... investors are willing to overlook increased capital expenditure, as long as revenue growth remains strong," said Kathleen Brooks, research director for XTB.
The Facebook-owner's quarterly results were the first among the "Magnificent Seven" group of companies to enthuse investors, allaying some concerns around AI spending following dismal earnings from Alphabet GOOGL.O and Microsoft MSFT.O last month.
Wall Street has been on tenterhooks, looking for signs that the tech behemoths can hold on to their bumper gains after steering the U.S. equity market to record highs this year on AI euphoria and hopes of early rate cuts.
Premarket trends in megacaps were largely mixed after Wednesday's rally, with Apple AAPL.O and Amazon.com AMZN.O gaining 0.5% and 0.9%, respectively, ahead of their results, which are due after markets close. Alphabet GOOGL.O and Tesla TSLA.O were down 0.1% and 0.6%, respectively.
AI-trade favorite Nvidia NVDA.O rose 0.60%, a day after adding about $330 billion to its market value, a record one-day gain for any Wall Street company.
At 5:23 a.m. ET, Dow e-minis 1YMcv1 were down 18 points, or 0.04%, S&P 500 e-minis EScv1 were up 12.5 points, or 0.22%, and Nasdaq 100 e-minis NQcv1 were up 62.25 points, or 0.32%.
The S&P 500 and the Nasdaq scored their biggest one-day gains since Feb. 22 on Wednesday, after Fed Chair Jerome Powell offered the stock market what it has been seeking - a likely pivot to policy easing in September, with inflation on track to finish the journey to 2% without undue damage to the labor market.
However, as the prospect of rate cuts gained traction, investors are now trying to gauge if the central bank will be able to ease policy at a pace consistent with achieving the much awaited "soft landing" for the economy.
Futures tracking the Russell 2000 RTYcv1 also rose 0.5% after the small-cap index .RUT logged its biggest monthly gain in July since the start of 2024, on hopes that mid- and small-cap companies will benefit from a low-interest-rate environment.
Economic data including weekly jobless claims and manufacturing PMIs, due through the day, is at the top of investors' watch list.
Most chip stocks retreated after Wednesday's rally saw the Philadelphia SE Semiconductor index .SOX log its best one-day gain of 7% since November 2022.
Arm Holdings ARM.O slumped 10.7% following a conservative revenue forecast, while Qualcomm QCOM.O lost 1.9% on flagging a revenue hit after the U.S. revoked one of its export licenses for sanctioned Chinese telecom firm Huawei.
Western Digital Corp WDC.O dropped 6.2% after forecasting first-quarter revenue below estimates.
Of the 283 S&P 500 companies that have reported second-quarter earnings till date, 78.4% beat expectations, LSEG data showed.
Reporting by Ankika Biswas in Bengaluru; Editing by Pooja Desai
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
