Nasdaq, S&P futures advance on tech boost, earnings glee

Nasdaq, S&P futures advance 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 0.06%, S&P up 0.13%, Nasdaq up 0.56%

April 24 (Reuters) –

Futures tied to the S&P 500 and the Nasdaq rose on
Wednesday, with Tesla at the helm of gains after its quarterly
results, while most megacap growth names also offered support.

Tesla led gains across megacap stocks with a 12.8%
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.

Other growth stocks also advanced, with Amazon.com,
Microsoft and Nvidia up between 0.4% and 2.2%.

The earnings season was in full swing with Humana
adding 3.7% after the health insurer beat first-quarter profit
expectations.

Boston Scientific

rose 3.6% after the medical device maker raised its
annual profit forecast.

Hasbro

gained 4.9% after the toymaker reported a
smaller-than-expected drop in first-quarter sales and handily
beat profit estimates.

Wabtec

advanced 4.4% after the heavy industrial parts
maker raised its full-year profit forecast.

Meanwhile, social media firms Meta Platforms
and Snap gained 2.2% and 1.6%, 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 are scheduled to
report their quarterly results later this week.

“The large volume of company results this week gives
investors a lot more to focus on than purely macro events, which
is leading to the extra levels of market vitality,” Sophie
Lund-Yates, lead equity analyst at Hargreaves Lansdown, said in
a note.

Adjusted blended earnings are estimated to grow by 6% for
the quarter on a year-on-year basis, according to LSEG data.

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.

On the docket for the day is the durable goods data for
March, due at 8:30 a.m. ET, with the much anticipated Personal
Consumption Expenditures (PCE) index reading for March, the
Fed’s preferred inflation gauge, due on Friday.

At 7:15 a.m. ET, Dow e-minis were down 25 points,
or 0.06%, S&P 500 e-minis were up 6.75 points, or 0.13%,
and Nasdaq 100 e-minis were up 98.25 points, or 0.56%.

Among other stocks, Visa added 2.7% in premarket
trading after the payments processing giant’s second-quarter
results sailed past Wall Street estimates, as consumers shrugged
off worries of a slowing economy.

Texas Instruments climbed 6.9% after the chipmaker
forecast second-quarter revenue above analysts’ estimates,
signaling an uptick in demand for its analog semiconductors.

Other chip stocks such as Arm Holdings, Micron
Technology and Advanced Micro Devices also rose
between 1.8% and 4.5%.

Solar inverter maker Enphase Energy dropped 9.0%
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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