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Visa rises after Q2 results beat

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Meta, Snap up after Senate passes TikTok ban bill

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Futures: Dow down 0.04%, S&P up 0.26%, Nasdaq up 0.73%

(Updated at 8:38 a.m. ET/ 1238 GMT)

By Shristi Achar A and Shashwat Chauhan

April 24 (Reuters) - The S&P 500 and the Nasdaq were set

to open higher on Wednesday, with Tesla leading gains among

megacap stocks after its quarterly results, while upbeat

earnings reports across other sectors also offered support.

Tesla outpaced megacap stocks with an 11.5% 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.

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

, Microsoft ( MSFT ) and Nvidia ( NVDA ) up between 0.5%

and 1.8%.

The earnings season was in full swing with health insurer

Humana and drugmaker Biogen adding 2.8% and

6.6%, respectively, on beating first-quarter profit

expectations.

Boston Scientific ( BSX )

rose 5.3% after the medical device maker raised its

annual profit forecast.

Hasbro ( HAS )

gained 6.2% after the toymaker reported a

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

beat profit estimates.

Wabtec

advanced 5.1% after the heavy industrial parts

maker raised its full-year profit forecast.

Meanwhile, social media firms Meta Platforms ( META )

and Snap gained 2.8% and 1.8%, 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.

Adjusted blended earnings are estimated to grow by 6% for

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

"Last week was really rough for the Nasdaq, it was almost

indiscriminate selling of all growth stocks, so certainly you're

just kind of seeing some bounce," said Russell Hackmann,

president of Hackmann Wealth Partners.

"Overall, it's been a pretty positive earning season."

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.

Further cushioning equities, data showed new orders for

key U.S.-manufactured capital goods increased 2.6% in March,

compared with expectations of 2.5%, as per economists polled by

Reuters.

Focus will now shift to the much anticipated Personal

Consumption Expenditures (PCE) index reading for March, the

Fed's preferred inflation gauge, due on Friday.

At 8:38 a.m. ET, Dow e-minis were down 14 points,

or 0.04%, S&P 500 e-minis were up 13.25 points, or

0.26%, and Nasdaq 100 e-minis were up 128.75 points, or

0.73%.

Among other stocks, Visa added 2.6% after the payments

processing giant's second-quarter results sailed past Wall

Street estimates.

Texas Instruments ( TXN ) climbed 7.2% after the chipmaker

forecast second-quarter revenue above analysts' estimates.

Other chip stocks such as Arm Holdings, Micron

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

between 2.0% and 2.3%.

Solar inverter maker Enphase Energy ( ENPH ) dropped 6.6%

after projecting second-quarter revenue below analysts'

estimates.