Investing.com– U.S. stock index futures rose in late trading on Tuesday, supported by a surge in Google owner Alphabet after the tech giant posted strong earnings that set a positive tone for upcoming peer prints.
Futures rose after buying in tech stocks the Nasdaq hit a record high, although other sectors were weaker as appetite remains tight ahead of the 2024 presidential election and a slew of key economic readings this week.
rose 0.2% to 5,883.0 points, while it rose 0.2% to 20,737.25 points at 19:17 ET (23:17 GMT). rose 0.1% to 42,487.0 points.
Alphabet reaches more than 3-mth up in strong earnings
Alphabet Inc (NASDAQ: ) Class A shares rose 5.5% in after-market trading to a three-month high of $179.0.
The tech giant posted stronger-than-expected profits in the September quarter, while saying its investment in artificial intelligence is now bearing fruit.
Its cloud business – heavily linked to AI – has grown at the fastest pace in eight quarters, while election-related spending has also boosted ad sales, particularly on YouTube.
Strong earnings from Alphabet set a positive tone for earnings from its tech peers, which are due in the coming days.
Meta Platforms Inc (NASDAQ: ) and Microsoft Corporation (NASDAQ: ) are expected to report on Wednesday, followed by Amazon.com Inc (NASDAQ: ) and Apple Inc (NASDAQ: ) on Thursday.
But other earnings on Tuesday were less optimistic. Chipmaker AMD (NASDAQ: ) fell nearly 8% after its current quarter guidance.
Wall St is mixed between the elections, the level of jitters
Wall Street indexes marked a mixed close on Tuesday, as investors piled into technology stocks, but avoided many other sectors.
It rose 0.8% to a close of 18,717.58 points, and rose 0.2% to 5,832.92 points. But for the damned, it fell by 0.4% to 42,233.05 points.
Investors were wary of sensitive sectors of the economy ahead of the publication of key data this week. Third-quarter data is due on Thursday, while data – the Federal Reserve's preferred inflation gauge – and data are due on Friday. These three readings will likely include an outlook on interest rates, and come ahead of the Fed's meeting next week when the central bank is expected to cut rates by 25 basis points.
Stock market volatility is also expected to begin in anticipation of the 2024 presidential election, with voting scheduled for November 5. Donald Trump and Kamala Harris are set for a tight race, although recent polls and forecast markets have shown Trump gaining some ground.
