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

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

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Futures up: Dow 0.80%, S&P 500 1.24%, Nasdaq 1.83%

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General Motors ( GM ) gains after offering new forecast

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McDonald's slips after surprise drop in Q1 sales

(Updates with corporate earnings)

By Lisa Pauline Mattackal and Purvi Agarwal

May 1 (Reuters) - U.S. stock index futures rose on

Thursday, powered by Magnificent Seven heavyweights Microsoft ( MSFT )

and Meta as their strong quarterly results pointed to a

resilient outlook for the technology sector.

Microsoft ( MSFT ) surged nearly 9% in premarket trading

after it forecast stronger-than-expected quarterly growth for

its cloud-computing business Azure. Meta Platforms ( META )

gained 6.3% after posting higher-than-expected revenue on the

back of strong advertising performance.

"This is exactly the type of result you want to see - solid

fundamentals with plenty of long-term promise ... Microsoft's ( MSFT )

not just riding the AI wave, it's driving it," said Josh

Gilbert, market analyst for eToro.

"Meta is hitting the nail on the head, and its increased

capex guidance for the year ahead shows its confidence in its AI

efforts," Gilbert said.

Strong results from the two megacaps helped calm jitters

over an increasingly uncertain outlook for businesses and the

economy due to sweeping and often erratic shifts in the U.S.

tariff policy and an escalating trade war with China.

Many companies have trimmed or even pulled their forecasts.

Still, S&P 500 earnings are expected to grow at 11.5% in the

first quarter, as per LSEG data on Wednesday, up from the 7.8%

growth forecast at the start of April.

Data on Wednesday also showed the U.S. economy contracted in

the first quarter for the first time in three years. Despite

signs of a weakening economy, Federal Reserve policymakers have

signaled that short-term interest rates will remain unchanged

barring clear data showing slowing inflation or a deteriorating

labor market.

At 07:05 a.m. ET, Dow E-minis were up 327 points, or

0.80%, S&P 500 E-minis were up 69.25 points, or 1.24%

and Nasdaq 100 E-minis were up 360.5 points, or 1.83%.

Other technology megacaps also rose, with Nvidia ( NVDA ) up

4.9% and Alphabet gaining 1.3%.

Amazon.com ( AMZN ) and Apple ( AAPL ) are scheduled to

report after the market closes on Thursday.

Apple ( AAPL ) shares slipped 1.1% after a federal judge ruled the

iPhone maker had violated a U.S. court order to reform its App

Store. Amazon ( AMZN ) shares were up 3.9%.

Among other earnings, Eli Lilly ( LLY ) lost 4% after its

quarterly results, while McDonald's dipped 2.7% after

posting a surprise drop in first-quarter global sales.

General Motors ( GM ) gained 2.8% after offering a new

2025 forecast for core profit following some clarity on

automotive tariffs. It had pulled its previous forecast earlier

this week.

The day's economic data docket is also heavy with weekly

jobless claims, manufacturing PMIs and construction spending.

Despite choppy intraday trading, the S&P 500 has managed to

close higher for the past seven sessions, a winning streak last

seen in late November. The benchmark index and the Dow notched

monthly losses in April, while the Nasdaq rose slightly.

Mobile chip designer Qualcomm ( QCOM ) was one of the latest

firms to forecast a hit to revenue from the trade war. Its

shares fell 5.4%.

Robinhood rose 3.6% after higher volumes amid

volatile markets lifted the trading platform's profit above

forecasts.