Traders work on the floor of the New York Stock Exchange on September 19, 2024.
Brendan McDiarmid | Reuters
S&P500 futures Stocks rose on Tuesday night as traders prepared additional reports from big tech companies and focused on key indicators of economic growth.
Futures tracking the broad market index rose 0.3%. Nasdaq 100 futures It rose by 0.3%. dow futures Increased by 64 points (0.1%).
alphabet An important week for tech giant-cap earnings has begun. Google’s parent company saw strong quarterly revenue growth from its cloud business, beating analysts’ expectations. Shares rose 5% in extended trading.
chip manufacturer AMD Shares fell 8% in after-hours trading after fourth-quarter earnings guidance failed to impress investors.
Tech giants Metaplatforms and Microsoft are scheduled to report on Wednesday, but Apple and Amazon is scheduled for Thursday.
On the economic front, investors are looking forward to the first preliminary figures for gross domestic product (GDP) to be released on Wednesday. The report predicts GDP will grow at an annualized rate of 3.1% in the third quarter, according to Dow Jones consensus forecasts. If this is accurate, it would be just 0.1 percentage points higher than the previous quarter, marking the 10th consecutive quarter of expansion. It is also expected to show that inflation is close to or below the Federal Reserve’s 2% inflation target.
Investors are anticipating Big Tech’s earnings announcements. Nasdaq Composite A new record was set during trading hours on Tuesday. The Nasdaq rose 0.78%, but S&P500 Added 0.16%. 30 shares Dow The stock underperformed, dropping 0.36%.
“Growth-oriented stocks like the Nasdaq 100 are back in leadership positions,” Rob Howarth, senior investment strategist at U.S. Bank Asset Management, said Tuesday. “We are closely monitoring technology-related earnings releases to ensure that company investments in artificial intelligence and other productivity tools remain robust and support strong future earnings growth.”
Howarth added that they are closely monitoring the quarterly GDP report to understand the health of consumers, who appear to be resilient.
