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GM up on FY forecast raise, Q1 beat

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Nucor ( NUE ) sinks after Q1 results miss

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Futures up: Dow 0.21%, S&P 0.27%, Nasdaq 0.28%

(Updated at 8:34 a.m. ET/1234 GMT)

By Shristi Achar A and Shashwat Chauhan

April 23 (Reuters) - U.S. stocks were set to rise at

open on Tuesday as some growth and chip stocks gained, while

investors digested a raft of quarterly earnings updates, ahead

of reports from Big Tech later in the week.

Some megacap growth stocks, including Meta Platforms ( META )

, Microsoft ( MSFT ) and Amazon.com , edged up

between 0.5% and 1.3% in premarket trading.

The tech majors are scheduled to report their quarterly

numbers this week, with Tesla kicking off the cycle

after markets close on Tuesday.

Early gains in some chip stocks also offered support to

equities, with Nvidia ( NVDA ), Micron Technology ( MU ) and

Advanced Micro Devices ( AMD ) up between 0.7% and 2.0%.

Apple ( AAPL ) was an outlier, down 0.2%, as market data

showed its smartphone shipments tumbled 19% in China in the

first quarter.

On the earnings front, General Motors ( GM ) advanced 4.9%

after the automaker posted quarterly results above Wall Street

targets and raised its annual forecast.

Spotify ( SPOT ) gained 8% after the Swedish music streaming

company beat estimates for premium subscribers.

GE Aerospace

rose 4.3% after the aerospace giant raised its

full-year profit forecast.

Danaher ( DHR )

jumped 7.6% after the life sciences firm beat

quarterly profit and sales expectations.

On the flipside, JetBlue ( JBLU ) plunged 10.8% as the

low-cost airline trimmed its annual revenue forecast after

reporting lukewarm first-quarter revenue.

"Overall, people are happy with how (earnings) have gone

because mostly they're surprised that things aren't worse," said

Will McDonough, chairman and CEO of Corestone Capital.

Earnings are estimated to grow by 6% in the first

quarter, as per latest estimates from LSEG.

U.S. equities sold off sharply last week amid heightened

tensions in the Middle East and as traders re-evaluated their

rate-cut expectations from the Federal Reserve.

The Personal Consumption Expenditures (PCE) index reading

for March, the Fed's preferred inflation measure, is due on

Friday and will help ascertain the central bank's monetary

policy trajectory.

Money markets are now pricing in just about 38 basis points

of interest-rate cuts, down from about 150 bps seen at the start

of the year, according to LSEG data.

On the data front, investors will await the S&P Global

Composite Flash PMI data for April, due shortly after the

opening bell.

At 8:34 a.m. ET, Dow e-minis were up 81 points, or

0.21%, S&P 500 e-minis were up 13.75 points, or 0.27%,

and Nasdaq 100 e-minis were up 48.5 points, or 0.28%.

Among other stocks, Cadence Design Systems ( CDNS ) lost

6.4% in premarket trading after the chip design software maker

forecast second-quarter revenue below analysts' estimates.

Nucor Corp ( NUE ) shed 6.9% after the steelmaker missed

Wall Street estimates for first-quarter earnings.

Roblox added 4.2% after J.P. Morgan upgraded the

gaming platform to "overweight" from "neutral" on significant

monetization opportunity.

Hibbett ( HIBB ) jumped 18.8% after JD Sports Fashion

proposed to buy the athletic fashion retailer for about $1.08

billion.