US stock futures rose on Wednesday, with the S&P 500 poised for another all-time high as optimistic tech results led by Netflix fueled optimism that the record-breaking run would continue.
S&P 500 (^GSPC) futures increased by 0.4%, following a fresh closing high on Tuesday, while Dow Jones Industrial Average (^DJI) futures gained 0.2%.
The Nasdaq 100 (^NDX) futures rose about 0.7% following Netflix’s (NFLX) quarterly reports, which provided insight into user health. The streaming giant’s stock rose 10% in premarket trading after reporting a spike in subscribers that far exceeded forecasts.
Meanwhile, impressive updates from semiconductor gear manufacturer ASML (ASML) and software maker SAP (SAP) boosted hopes for a chip industry resurgence and an AI-fueled tech boom.
Magnificent Seven laggards. Tesla (TSLA) is the centrepiece of Wednesday’s corporate reporting, with deliveries in focus as the EV maker faces a challenging market and fierce competitors in China. IBM (IBM) is also on the docket.
While profits take front stage, the argument over whether the Federal Reserve will lower interest rates continues. With data influencing expectations, updates on US manufacturing and services activity on Wednesday will give more context before the release of the Fed-favored PCE inflation estimates on Thursday.