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Futures up: Dow 0.05%, S&P 500 0.19%, Nasdaq 0.19%

Oct 30 (Reuters) - U.S. stock index futures rose on

Wednesday, as Alphabet's strong quarterly results buoyed

sentiment around technology megacaps, while investors also

awaited crucial data to gauge the strength of the economy and

the labor market.

Shares of Alphabet, the first of the five

"Magnificent Seven" megacap stocks due to report results this

week, leapt 5.5% in premarket trading after the company beat

expectations for third-quarter revenue and profit on strength in

its cloud business and YouTube ad sales.

"Alphabet's third-quarter results should put many skeptics'

minds to rest," said Gerrit Smit, manager of the Stonehage

Fleming Global Best Ideas Equity Fund.

"Along with positive surprises on all of the important

levels, the most striking feature is that despite its continuing

elevated AI capital expenditures, its operating margin has

actually increased from 28% to 32%."

Shares of other megacaps also gained ground, with Microsoft ( MSFT )

and Meta Platforms ( META ) rising 2% each. Both

companies are scheduled to report results after the bell.

At 5:12 a.m. ET, Dow E-minis were up 21 points, or

0.05%, S&P 500 E-minis were up 11 points, or 0.19% and

Nasdaq 100 E-minis were up 39.25 points, or 0.19%.

Megacap results will be the most closely watched in a week

packed with earnings, given the significant role they played in

Wall Street's rally this year, and are expected to provide

insight on whether heavy investment in artificial intelligence

is translating into better company performances.

Investors were also awaiting a slew of economic data later

in the day, with the ADP National Employment report as well as

advance third-quarter gross domestic product figures due before

markets open.

Tuesday's data showed U.S. job openings dropped to more than

a three-and-a-half-year low in September, leading traders to

increase bets on a 25-basis-point rate cut in the November as

well as December meetings of the Federal Reserve. Economists

polled by Reuters echoed the view.

The neck-and-neck race between U.S. presidential candidates

Kamala Harris and Donald Trump was also at the top of investors'

minds ahead of the Nov. 5 election.

The tech-heavy Nasdaq Composite closed at an

all-time high on Tuesday.

Among companies that reported after Tuesday's close, shares

of semiconductor company Advanced Micro Devices ( AMD ) dipped

8.3% after its forecasts for fourth-quarter revenue and AI chip

sales disappointed investors.

Reddit ( RDDT ) soared 22.8% after reporting quarterly

profit for the first time since going public, while Chipotle

Mexican Grill ( CMG ) lost 6.3% after it missed expectations for

same-store sales growth.

Reports from companies including Eli Lilly ( LLY ), Bunge

Global ( BG ) and Caterpillar ( CAT ) are due before the bell.