US Futures jump on strong Microsoft, Meta earnings; PCE, jobless claims data in focus

US Futures jump on strong Microsoft, Meta earnings; PCE, jobless claims data in focus

US stock futures climbed on Thursday, boosted by stellar earnings from Microsoft and Meta Platforms, as investors await crucial data on inflation and fresh labor market data that could influence the Federal Reserve’s rate path.

Tech Powerhouses Lead Rally

Nasdaq-100 futures rose 1.29%, S&P 500 futures gained 0.95 percent, and Dow Jones futures were up 0.34%, extending Wall Street’s AI-fueled rally.

The move was powered by upbeat tech earnings. Microsoft’s stock jumped more than 8 percent in extended trade, pushing its market cap beyond $4 trillion milestone, placing it in elite territory alongside Nvidia.

Meta also delivered a blowout quarter, with shares rallying over 11 percent, as digital ad revenue and AI investments drove growth.

All Eyes on Inflation and Jobs Data

Traders are bracing for the Personal Consumption Expenditures (PCE) price index due later today — the Fed’s preferred inflation gauge.

Estimates from Dow Jones suggest headline PCE rose 2.5 percent year-on-year and 0.3 percent month-on-month.

Weekly jobless claims will also be released, giving fresh insight into labor market strength and wage pressures.

The data comes just a day after the Federal Reserve kept rates steady and signaled no urgency to cut, though markets still price in a 50 percent probability of a rate cut in September.

Global Markets Weigh Tariffs, Seasonality

While US tech cheer lifted sentiment domestically, global equities were mixed.

Asia-Pacific markets closed mostly lower. Hong Kong’s Hang Seng Index slid 1.51 percent while China’s CSI 300 dropped 1.82 percent.

South Korea’s Kospi shed 0.28 percent, and Australia’s ASX 200 was down 0.16 percent.

Indian equities fared better, with the Nifty 50 being up 0.18 percent, and the Sensex held steady midday. Some strategists warn the recent euphoria may be tested.