Dow Jones futures rise due to strong earnings from tech heavyweights, US PCE eyed
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Dow Jones futures climb following strong profit results from tech heavyweights.
Meta rose around 12%, while Microsoft advanced about 8%.
Traders await US Personal Consumption Expenditures - Price Index data on Thursday.
Dow Jones futures advance ahead of the US market opening on Thursday, trading around 44,800, up by 0.38%, during European hours. Meanwhile, S&P 500 futures are sharply up by 1.07% to near 6,460, and Nasdaq 100 futures appreciate 1.45% to trade near 23,800. The US Personal Consumption Expenditures (PCE) - Price Index data will be eyed later in the day, which is expected to accelerate slightly.
US stock index futures rose sharply following strong profit earnings from tech heavyweights. Meta soared approximately 12% following strong quarterly results and an optimistic Q3 sales forecast. Microsoft climbed about 8% after exceeding earnings expectations and disclosing that annual revenue from its Azure cloud business had topped $75 billion.
However, regular trading saw declines on Wednesday after the US Federal Reserve (Fed) decided to hold its benchmark federal funds rate in a range of 4.25%-4.5% at its July meeting on Wednesday, as widely expected. However, the decision was not unanimous, as Fed Governors Michelle Bowman and Christopher Waller voted in favor of a 25 basis-point rate cut.
Fed Chair Jerome Powell said in a post-policy conference that the US central bank has "made no decisions" about a potential policy change in September, and it may take a bit to assess the effect of tariffs on consumer prices.
US President Donald Trump announced a new trade deal with South Korea, imposing a 15% US tariff on imports from South Korea. Moreover, the deal also includes a $350 billion commitment from South Korea toward US-owned and controlled investments. US Commerce Secretary Howard Lutnick said that the United States (US) has made trade agreements with Cambodia and Thailand.
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