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Alphabet leaps as AI investments boost cloud sales

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Eli Lilly ( LLY ) misses estimates for weight-loss, diabetes drugs

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AMD falls, Reddit ( RDDT ) jumps after results

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ADP jobs data, Q3 GDP advance numbers on deck

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Futures: Dow down 0.20%, S&P 500 up 0.08%, Nasdaq up 0.18%

(Updated at 7:02 a.m. ET/1102 GMT)

By Lisa Pauline Mattackal

Oct 30 (Reuters) -

Futures tracking the tech-laden Nasdaq 100 rose on

Wednesday, as strong quarterly results from Alphabet boosted

sentiment around technology megacaps, while investors also

awaited key data to gauge the strength of the economy and the

jobs market.

Shares of Alphabet, the first of the five

"Magnificent Seven" megacap stocks due to report results this

week, leapt 6.3% 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% and 1.9%,

respectively. Both companies are scheduled to report results

after the bell.

Given the significant role they played in Wall Street's

rally this year, megacap results will be the most closely

watched in an earnings-packed week and are expected to provide

insight on whether heavy AI investment is translating into

better company performances.

However, futures tracking the S&P 500 were flat

and those tracking the Dow Jones Industrial Average were

lower, as traders assessed a mixed bag of other results.

Drugmaker Eli Lilly slumped 9.3% after missing

sales estimates for its popular weight-loss and diabetes drugs

due to inventory changes.

The ADP National Employment report as well as advance

third-quarter gross domestic product figures are 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 Federal

Reserve's November as well as December meetings. Economists

polled by Reuters echoed the view.

Dow E-minis were down 84 points, or 0.20%, S&P 500

E-minis were up 4.5 points, or 0.08% and Nasdaq 100

E-minis were up 37 points, or 0.18%.

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.

Other chipmakers slipped, with Nvidia ( NVDA ) down 0.5% and

Intel ( INTC ) dropping 1.2%.

Reddit ( RDDT ) soared 21.8% after reporting quarterly

profit for the first time since going public, while Chipotle

Mexican Grill ( CMG ) lost 6% after it missed expectations for

same-store sales growth.