Wall Street futures rise up to 1% ahead of Big Tech earnings, S&P crosses 7,000 for first time

Wall Street futures rise. 

• Chip stocks boost Wall Street futures before tech earnings and Fed decision.
• Nvidia, Intel, and Texas Instruments gained in premarket trade.
• Sensex and Nifty extended gains, supported by industrials and global optimism.

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Wall Street futures rose on Wednesday, led by gains in chip stocks, as investors positioned themselves ahead of quarterly earnings from major technology companies and a Federal Reserve rate decision later in the day.

At around 5.25 pm IST, Nasdaq 100 futures were up nearly 0.95 percent, while S&P 500 futures advanced about 0.38 percent to 7,004.50 for the first time. Dow Jones Industrial Average futures were also trading higher, indicating a firm opening for US equities.

In premarket trade, Nvidia shares climbed 1.6 percent, while Intel surged 7 percent. Texas Instruments jumped 8 percent after the analog chipmaker forecast first-quarter revenue and profit above Wall Street estimates.

Meta Platforms, Microsoft and Tesla are scheduled to report earnings after market close, marking the start of results from the so-called “Magnificent Seven” companies that have been key drivers of the recent rally in US equities.

Meta shares slipped 0.2 percent in early trade, while Microsoft and Tesla were trading higher.

The US Federal Reserve is also set to commende its 2-day meet today. Policymakers are widely expected to keep interest rates unchanged in the 3.5–3.75 percent range. Market participants will closely track the Fed’s statement and comments from Chair Jerome Powell for signals on the future path of interest rates.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng index closed higher.

European equity markets were trading lower in early deals.

Meanwhile, back home, domestic equity benchmarks extended gains for a second straight session on Wednesday, supported by buying in industrials, energy and metal stocks amid optimism over global trade prospects following the India-European Union free trade agreement.

The Sensex climbed 487.20 points, or 0.6 percent to close at 82,344.68. During the session, it rose as much as 646.49 points, or 0.78 percent to 82,503.97. The Nifty advanced 167.35 points, or 0.66 percent, to settle at 25,342.75.

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