July 27, 2022 00:20 GMT
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E-mini futures sit 0.3-1.3% firmer at typing, led by gains in the tech-heavy NASDAQ, pretty much reversing declines seen during cash trade on Tuesday.
- The move higher comes after U.S. tech giants Google (+5.0% after hours) and Microsoft (+4.0% after hours) reported earnings after the bell, with the former meeting analyst revenue expectations on the back of better-than-expected advertising revenue (likely unwinding some of the recent social media/advertising-focused selloff stemming from Snap Inc’s earnings last Friday), while Microsoft issued a stronger-than-expected forecast for the newly begun fiscal year.
- Note that Microsoft became the latest tech giant to confirm a slowing of hiring plans.
- Newswire confirmation that the much-awaited Biden-Xi phone call will take place on Thursday didn’t seem to have much, if any impact on the space.