Markets expected to open higher
U.S. stock futures were jumping higher early Wednesday, led by the Nasdaq 100 futures, amid strong earnings from some tech companies and more modest expectations for interest rate outlook.
Corporate earnings have been mixed, even in the technology sector, with PayPal (NASDAQ: PYPL) providing a dim guidance on Tuesday, while others like Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), and Google parent Alphabet (NASDAQ: GOOG) have topped analyst expectations.
As of 5:20 a.m. ET, the tech-heavy Nasdaq 100 futures rallied 233.75 points, or 1.56% to 15,228.50. Dow futures added 28 points while the S&P 500 futures were up 34.5 points, or 0.76% to 4,569.50.
Alphabet posts strong Q4 results, announces a 20-for-1 stock split
Shares of Alphabet are rising after the company released stronger-than-expected fourth quarter results after the closing bell on Tuesday.
Alphabet reported earnings of $30.69 per share on revenue of $75.33 billion for the quarter. Analysts had called for earnings of $27.48 per share and revenue of $72.13 billion.
The tech titan also announced plans for a 20-for-1 stock split on each share of its Class A, Class B, and Class C stock, a move that would make its shares more affordable.
Alphabet shares rose $281.48, or 10.21% to 3,039.05 in Wednesday’s premarket trading session from a closing price of $2,757.57
Meta, Qualcomm, Spotify earnings on deck
Traders are awaiting another batch of corporate earnings today, with Meta Platforms (NASDAQ: FB) scheduled to release its fourth-quarter earnings after the closing bell, the first report since changing its name from Facebook.
Analysts expect Meta to post earnings of $3.84 per share on revenue of $33.38 billion.
Qualcomm (NASDAQ: QCOM) also reports after the close and analysts expect the chipmaker to have earned $3.01 per share on revenue of $10.42 billion in its latest quarter.
Spotify Technology (NYSE: SPOT) is likely to report a quarterly loss at 48 cents per share on revenue of $3.00 billion after the close.
Oher notable earnings to watch include Humana (NYSE: HUM), Marathon Petroleum (NYSE: MPC), Novartis (NYSE: NVS), AbbVie (NYSE: ABBV), Sony Group (NYSE: SONY), and McKesson (NYSE: MCK).
