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US stock futures rise as Microsoft gains after cloud growth
S&P 500 futures were up 0.5%, while markets also weighed upcoming Fed PCE inflation data and UK rate guidance.
US stock index futures edged higher on Thursday as gains in technology heavyweight Microsoft helped steady sentiment despite continued Middle East tensions. S&P 500 futures rose 0.5%, Dow Jones Industrial Average futures increased 140 points, or 0.3%, and Nasdaq 100 futures climbed 1.1% after the index slipped into technical correction territory, LiveMint Markets reported.
Microsoft jumped about 10% in premarket trading after the company said its cloud business delivered its fastest growth in four years and it maintained its spending guidance. By contrast, Meta Platforms fell about 10% in premarket trade after missing investor expectations on earnings and issuing weaker-than-expected revenue guidance for the current quarter.
The session’s rebound follows a sharp sell-off in the prior session after the US Federal Reserve left benchmark interest rates unchanged for a fifth consecutive meeting. According to LiveMint Markets, three of 12 policymakers dissented and called for a 25-basis-point rate hike, while the Fed reiterated its commitment to restoring price stability without adding details on timing or approach.
Attention now turns to Thursday’s release of the Fed’s preferred inflation gauge, with June’s monthly PCE inflation reading expected to turn negative due to lower energy prices, and the annual core reading projected to remain above the Fed’s 2% target. Markets will also look to US economic activity and consumer spending data, while the Bank of England kept its benchmark rate unchanged at 3.75%, and West Asia tensions escalated after reported US strikes on Iran in response to attacks on American forces across the region, the outlet said.
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