Traders work on the trading floor of the New York Stock Exchange on September 19, 2024.
Brendan McDermid | Reuters
S&P 500 futures rose late Tuesday as traders prepared for more reports from major technology companies and looked ahead to key data on economic growth.
Futures tied to broad market indexes rose nearly 0.2%, with Nasdaq 100 futures inching up 0.1%. Dow Jones futures rose 44 points, or 0.1%.
letter A big week for big tech stocks has kicked off. The Google parent company beat analysts’ expectations on strong quarterly revenue growth from its cloud business, sending shares up 5% after the close.
Also in the field of technology, break and Reddit Thanks to strong quarterly results, the company’s shares rose 8% and 22%, respectively. chip manufacturer AMD Despite strong growth in its data center division, its fourth-quarter revenue guidance failed to impress investors, causing the company to slip 8%.
Tech giants Meta Platforms and Microsoft will release reports on Wednesday, while Apple and Amazon Expires Thursday.
On the economic front, investors expect the first preliminary reading of gross domestic product to be released on Wednesday. The report is expected to show third-quarter GDP growth at an annualized rate of 3.1%, according to Dow Jones consensus forecasts. That’s just 0.1 higher than percentage point If the last period is accurate, this will be the tenth consecutive quarter of expansion. Inflation is also expected to be close to or below the Federal Reserve’s 2% inflation target.
Investors pushed the Nasdaq Composite to new highs during Tuesday’s trading session in anticipation of earnings reports from major technology companies. The Nasdaq rose 0.78% and the S&P 500 rose 0.16%. The 30 stocks in the Dow Jones Index performed poorly, falling 0.36%.
“Growth stocks like the Nasdaq 100 are back in the lead,” Rob Haworth, senior investment strategist at U.S. Bancorp Asset Management, said on Tuesday. “We are closely monitoring technology earnings releases to ensure business investment in artificial intelligence and other productivity-enhancing tools remains strong to support strong earnings growth going forward.”
Haworth added that he is closely watching the quarterly gross domestic product report to get a sense of consumer health, which appears to be resilient.
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