Stock futures searched for gains early Tuesday, with the Nasdaq on the rise as investors prepared for Microsoft (MSFT) and Alphabet (GOOGL) earnings later and for the Federal Reserve policy meeting to start.
Futures on the tech-heavy Nasdaq 100 were around 0.3% higher in the wake of Monday’s rebalancing. Meanwhile S&P 500 (^GSPC) futures added about 0.1%, but contracts on the Dow Jones Industrial Average (^DJI) were little changed after ending Monday with an 11th straight day of gains.
Results from Microsoft and Google due after the close should set the tone for Big Tech earnings that follow in coming weeks. Updates on artificial intelligence will be keenly watched, given the buzz around AI propelled a soaring tech stock rally in the first half.
Also on minds is the Federal Reserve’s two-day meeting, which starts Tuesday. The focus is on any hints the central bank plans to ease up on raising interest rates after its July decision, almost universally believed to bring in a hike.
At the same time, investors are absorbing the signals from China’s Politburo, which flagged it will act to boost the economy’s ‘torturous’ post-pandemic recovery. Oil, metals and Hong Kong tech stock were among the assets getting some boost from hopes for a lift to global demand.
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