U.S. stock futures advance in the wake of Alphabet’s earnings surge

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U.S. stock futures were pointing to a technology-sector led jump on Wednesday after banner results from Google parent Alphabet and microchip maker Advanced Micro Devices.

What’s happening
  • Futures on the Dow Jones Industrial Average YM00, +0.13% rose 39 points, or 0.1%, to 35313
  • Futures on the S&P 500 ES00, +0.85% gained 0.8%, or 37 points, to 4572
  • Futures on the Nasdaq 100 NQ00, +1.71% jumped 1.6%, or 242 points, to 15236

On Tuesday, the Dow Jones Industrial Average DJIA, +0.78% rose 273 points, or 0.78%, to 35405, the S&P 500 SPX, +0.69% increased 31 points, or 0.69%, to 4547, and the Nasdaq Composite COMP, +0.75% gained 106 points, or 0.75%, to 14346.

What’s driving markets

Alphabet GOOGL, +1.73%, which accounts for about 4% of the Nasdaq 100 and 2% of the S&P 500 by weight, surged 10% in premarket trade after announcing a 20-for-1 stock split and reporting stronger results than forecast in the fourth quarter. The results raise the bar for social-media giant Meta Platforms FB, +1.83%, which reports results after Wednesday’s close.

Advanced Micro Devices AMD, +2.21% surged as well as the chipmaker guided for an outlook above Wall Street estimates. PayPal Holdings PYPL, +2.24% was the major disappointment, as the payment services company said inflationary pressures and weaker consumer sentiment was weighing on its outlook.

On the economics front, ADP is set to report its estimate of private-sector payrolls, which is expected to show a sharp slowdown in hiring in January. The government’s payrolls report comes Friday.

The OPEC oil cartel and its allies are expected to stick to a plan for an increase of 400,000 barrels of oil per day each month.

This article was originally published by Marketwatch.com. Read the original article here.

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