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Oracle up after Trump unveils $500 bln AI plan

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Procter & Gamble ( PG ) gains after upbeat Q2 results

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S&P 500 less than 1% away from all-time high

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Futures up: Dow 0.35%, S&P 500 0.55%, Nasdaq 0.98%

(Updates before markets open)

By Johann M Cherian and Sukriti Gupta

Jan 22 (Reuters) -

Wall Street's main indexes were set to open higher on

Wednesday, with the tech-heavy Nasdaq leading gains, as

investors cheered streaming giant Netflix's ( NFLX ) strong quarterly

performance and President Donald Trump's multi-billion dollar

support to bolster AI infrastructure.

Netflix ( NFLX ) jumped 14.6% in premarket trading after

reporting a record number of subscribers for the holiday

quarter, enabling it to increase prices for most service plans.

Other streaming companies such as Roku ( ROKU ) and Walt

Disney ( DIS ) added 3.8% and 1.3%, respectively.

"Here is the leader (Netflix ( NFLX )) that is becoming even more of

a leader distancing itself from other competitors with key

growth drivers being not only in terms of delivering content but

then charging more for advertisements," said Sam Stovall, chief

investment strategist at CFRA Research.

At 8:29 a.m. ET, Dow E-minis were up 154

points, or 0.35%, S&P 500 E-minis were up 33.75 points,

or 0.55% and Nasdaq 100 E-minis were up 211.75 points,

or 0.98%.

Among the top movers, Oracle gained 10%, a day

after Trump said the company would invest $500 billion in AI

infrastructure with OpenAI and SoftBank, even though

there was no clarity on funding.

Server makers Dell and Super Micro added

5.3% and 4.3%, respectively, while AI winners Microsoft ( MSFT )

added 1.6% and Nvidia ( NVDA ) rose 2.9%.

"It'll give additional reason for investors to feel

encouraged by the direction of equity prices confirming that the

president is very pro-business in general and pro-tech in

particular, and really wants to do whatever he can to propel

U.S.-based business," Stovall said.

Data pointing to a strong economy amid cooling inflation and

Trump's moderate approach to tariffs have helped risk-taking

since last week, with the benchmark S&P 500 less than 1%

away from all-time highs. Stocks have also benefited from easing

Treasury yields.

However, Trump has warned that tariffs on imports from

China, Mexico, Canada and the European Union could be issued on

Feb. 1, a reminder for markets that risks of a potential trade

war and fresh inflation pressures prevailed.

Traders expect the Federal Reserve to leave interest rates

unchanged when it meets next week and expect it to deliver its

first rate cut this year in July, according to data compiled by

LSEG.

Procter & Gamble ( PG ) advanced 3.3% after beating

second-quarter estimates, driven by growing demand for its

household items in the United States.

Abbott Laboratories ( ABT ) fell 1.6% after it forecast

first-quarter profit below estimates and posted weak

fourth-quarter sales in segments other than medical devices.

Johnson & Johnson ( JNJ ) gave up early gains and slipped

1.7%. The drugmaker reported fourth-quarter sales and profit

above Wall Street estimates, driven by strong sales of its

cancer treatments.

Ford lost 1.7% after Barclays downgraded the

stock, according to a report.

Halliburton ( HAL ) slipped 1.6% after warning of softer

activity in North America this year and posting

downbeat quarterly revenue

.

United Airlines advanced 4.3% after forecasting a

stronger-than-expected profit in the current quarter, betting on

robust travel demand and improved pricing power.

(Reporting by Johann M Cherian, Purvi Agarwal and Sukriti Gupta

in Bengaluru; Editing by Maju Samuel and Arun Koyyur)