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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 0.24%, S&P 0.33%, Nasdaq 0.38%

(Updated at 7:06 a.m. ET/1106 GMT)

By Shristi Achar A and Shashwat Chauhan

April 23 (Reuters) - U.S. stock index futures advanced

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

earnings across several sectors got the ball rolling ahead of

big tech earning later in the week.

Most megacap growth stocks, including Meta Platforms ( META )

, Microsoft ( MSFT ) and Tesla, 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

Marvell Technology ( MRVL ) up between 1.0% and 1.4%.

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 3.4%

after the automaker posted quarterly results above Wall Street

targets and raised its annual forecast.

Spotify ( SPOT )

gained 6.6% after the Swedish music streaming

company beat quarterly revenue estimates.

GE Aerospace

rose 3.7% after the aerospace giant raised its

full-year profit forecast.

United Parcel Service ( UPS )

added 1% after the parcel delivery company reported

first-quarter profit above estimates.

Danaher ( DHR )

jumped 8.8% after the life sciences firm beat

quarterly profit and sales expectations.

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.

"While further volatility can be expected, especially with

ongoing attacks in the Middle East, we think a gradually

improving risk-reward outlook for U.S. stocks continues to

support our focuses on finding opportunities within and beyond

technology," Mark Haefele, chief investment officer at UBS

Global Wealth Management, said in a note.

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 39 basis points

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

of the year.

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

Composite Flash PMI data for April, due shortly after the

opening bell.

At 7:06 a.m. ET, Dow e-minis were up 92 points, or

0.24%, S&P 500 e-minis were up 16.5 points, or 0.33%,

and Nasdaq 100 e-minis were up 65.5 points, or 0.38%.

Among other stocks, Cadence Design Systems ( CDNS ) lost

5.8% in premarket trading after the chip design software maker

forecast second-quarter revenue below analysts' estimates.

Nucor Corp ( NUE ) shed 6.3% after the steelmaker missed

Wall Street estimates for first-quarter earnings.

Roblox added 4.1% after J.P. Morgan upgraded the

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

monetization opportunity.

Hibbett ( HIBB ) jumped 18.6% after JD Sports Fashion

proposed to buy the athletic fashion retailer for about $1.08

billion.