Traders work on the trading floor of the New York Stock Exchange on September 19, 2024.
Brendan McDermid | Reuters
S&P 500 Index Futures Stocks rose late Tuesday as traders braced for more reports from major technology companies and looked ahead to key data on economic growth.
Futures linked to broader market indexes rose 0.2%, while Nasdaq 100 Futures It rose slightly by 0.2%. Dow Jones Futures An increase of 50 points, or 0.1%.
letter A big week for big tech stocks has kicked off. Google parent beats analysts’ expectations as company sees Strong quarterly revenue growth Its cloud business drove the stock price up more than 5.5% after the close.
Also in the field of technology, break and Reddit Thanks to strong quarterly results, the company’s shares rose 10% and 24%, respectively. chip manufacturer AMD Down 8% in fourth quarter Income guidance Although its data center unit posted strong growth, it failed to impress investors.
tech giants meta platform and Microsoft is scheduled to report on Wednesday, while apple and Amazon It’s expected to expire Thursday.
On the economic front, investors expect Gross Domestic Product First Reading Go out 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 would 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 ahead in anticipation of earnings reports from big tech companies Nasdaq Index A new record was set during Tuesday’s trading session. The Nasdaq rose 0.78%, S&P 500 Index Add 0.16%. 30 stocks Dow Chemical Underperforming, down 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’re watching tech earnings releases closely to ensure that companies are excited about artificial intelligence.” Investments in and other productivity-enhancing tools remain 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.
