US stock futures saw a rally on Wednesday, boosted by encouraging tech earnings, especially from streaming giant Netflix. The S&P 500 is on track to hit another all-time high, with futures indicating a 0.4% gain, building on positive momentum from the previous day.
Technology stocks, particularly Nasdaq 100 futures, took center stage with a significant rise of 0.7%. Netflix’s strong quarterly results, which revealed a 10% rise in shares premarket, exceeded expectations for subscriber growth, indicating a positive outlook for consumer health.
Optimism spread beyond Netflix, as chipmaker ASML and software maker SAP unveiled major updates. This reinforced confidence in a possible revival of the chip industry and an AI-driven boom in the technology sector.
Corporate reporting is in the spotlight, with attention on Tesla’s deliveries amid a challenging market, and tech stalwart IBM presenting its report.
While the earnings dominate the headlines, the ongoing debate continues over when the Federal Reserve will cut interest rates. The outlook will be drawn from data-driven expectations, with updates on US manufacturing and services activity scheduled for Wednesday, paving the way for the release of PCE inflation figures, favored by the Federal Reserve, on Thursday.
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