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US STOCKS-Nasdaq, S&P futures advance on tech boost, earnings glee
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US STOCKS-Nasdaq, S&P futures advance on tech boost, earnings glee
Apr 24, 2024 4:51 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Visa rises after Q2 results beat

*

Meta, Snap up after Senate passes TikTok ban bill

*

Futures: Dow down 0.06%, S&P up 0.13%, Nasdaq up 0.56%

(Updated at 7:15 a.m. ET/ 1115 GMT)

By Shristi Achar A and Shashwat Chauhan

April 24 (Reuters) -

Futures tied to the S&P 500 and the Nasdaq rose on

Wednesday, with Tesla at the helm of gains after its quarterly

results, while most megacap growth names also offered support.

Tesla led gains across megacap stocks with a 12.8%

jump in premarket trading after the electric-vehicle maker eased

some worries about growth with a prediction that sales would

rise this year and said it would roll out more affordable models

in early 2025.

Other growth stocks also advanced, with Amazon.com ( AMZN ),

Microsoft ( MSFT ) and Nvidia ( NVDA ) up between 0.4% and 2.2%.

The earnings season was in full swing with Humana

adding 3.7% after the health insurer beat first-quarter profit

expectations.

Boston Scientific ( BSX )

rose 3.6% after the medical device maker raised its

annual profit forecast.

Hasbro ( HAS )

gained 4.9% after the toymaker reported a

smaller-than-expected drop in first-quarter sales and handily

beat profit estimates.

Wabtec

advanced 4.4% after the heavy industrial parts

maker raised its full-year profit forecast.

Meanwhile, social media firms Meta Platforms ( META )

and Snap gained 2.2% and 1.6%, respectively, after the

U.S. Senate passed a bill late on Tuesday that would ban TikTok

in the United States if its owner, the Chinese tech firm

ByteDance, failed to divest the popular short video app.

Meta, Microsoft ( MSFT ) and Alphabet are scheduled to

report their quarterly results later this week.

"The large volume of company results this week gives

investors a lot more to focus on than purely macro events, which

is leading to the extra levels of market vitality," Sophie

Lund-Yates, lead equity analyst at Hargreaves Lansdown, said in

a note.

Adjusted blended earnings are estimated to grow by 6% for

the quarter on a year-on-year basis, according to LSEG data.

U.S. equities have recouped some losses following last

week's slump when investors turned risk-off amid tensions in the

Middle East and more data prompting a tuning to their rate-cut

expectations from the Federal Reserve.

On the docket for the day is the durable goods data for

March, due at 8:30 a.m. ET, with the much anticipated Personal

Consumption Expenditures (PCE) index reading for March, the

Fed's preferred inflation gauge, due on Friday.

At 7:15 a.m. ET, Dow e-minis were down 25 points,

or 0.06%, S&P 500 e-minis were up 6.75 points, or 0.13%,

and Nasdaq 100 e-minis were up 98.25 points, or 0.56%.

Among other stocks, Visa added 2.7% in premarket

trading after the payments processing giant's second-quarter

results sailed past Wall Street estimates, as consumers shrugged

off worries of a slowing economy.

Texas Instruments ( TXN ) climbed 6.9% after the chipmaker

forecast second-quarter revenue above analysts' estimates,

signaling an uptick in demand for its analog semiconductors.

Other chip stocks such as Arm Holdings, Micron

Technology ( MU ) and Advanced Micro Devices ( AMD ) also rose

between 1.8% and 4.5%.

Solar inverter maker Enphase Energy ( ENPH ) dropped 9.0%

after projecting second-quarter revenue below analysts'

estimates.

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