Wall Street futures crept lower on Wednesday as investors assessed earnings from Microsoft and Alphabet ahead of a widely expected Federal Reserve rate hike that could push borrowing costs to their highest since the global financial crisis.
gained 6.3% after the Google parent's second-quarter profit exceeded Wall Street expectations on steady demand for its cloud services and a rebound in advertising., which houses many megacap growth names, has rallied 76.5% so far this year on optimism over AI and hopes that the Fed is nearing the end of its rate hiking cycle.
"Margins and profitability will be under the spotlight until investors start to see a significant contribution from AI," said Joshua Warner, market analyst at City Index. rose 1.8% after Alibaba's cloud unit said it would support the Facebook owner's open-source AI model Llama. Meta is also expected to report quarterly results after the bell.is expected to deliver a 25-basis point interest rate hike later in the day, though there is less clarity over what the central bank will do at subsequent meetings.
"The key question is what comes next. The dot plot still shows room for another 25bp hike this year, but recent inflation figures don't signal urgency," said Stefan Koopman, senior macro strategist at Rabobank At 7:00 a.m. ET, Dow e-minis were down 65 points, or 0.18%, S&P 500 e-minis were down 7.25 points, or 0.16%, and Nasdaq 100 e-minis were down 43.75 points, or 0.28%.extended its winning streak to a 12th straight session on Tuesday, driven by strong healthcare and financial earnings and some rotation out of tech stocks.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow futures lackluster after scorching rally; Big Tech earnings in focus By Reuters⚠️BREAKING: *U.S. STOCK FUTURES POINT TO HIGHER OPEN AHEAD OF BIG TECH EARNINGS AND FED; DOW SET FOR 12TH STRAIGHT DAY OF GAINS $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
Read more »
S&P500 Futures eases below 4,600, yields edge higher on mixed Fed concerns, China newsS&P500 Futures eases below 4,600, yields edge higher on mixed Fed concerns, China news – by anilpanchal7 SP500 Futures YieldCurve RiskAversion Fed
Read more »
Stock futures struggle for direction as traders await Fed commentsDivergent reactions to the earnings of Microsoft and Alphabet leave Nasdaq in line for a slightly soft start to the session
Read more »
Stock Market Today: Futures slip ahead of Fed decisionMarketWatch Live: Stocks are pulling back ahead of Fed interest-rate decision
Read more »
Stock market news today: Indexes rise ahead of tech earnings, Fed meetingUS stocks rise ahead of big tech earnings and the Fed's next rate move
Read more »