U.S. Stock Index Futures Bounce As Microsoft, Meta Stocks Rise

U.S. stock index futures jumped as shares of Microsoft and Meta Platforms surged following strong quarterly results.

Microsoft jumped 8.2% in premarket trading. I Photo: Michael Kappel Flickr

The performance from both "Magnificent Seven" heavyweights signaled continued strength in the technology sector, Lisa Mattackal reported for Reuters.

Microsoft projected stronger-than-expected quarterly growth for its cloud-computing business, Azure, after exceeding Wall Street estimates for the latest quarter.

Meta Platforms also beat revenue expectations, driven by strong advertising performance. Meta rose 6.2%, while Microsoft jumped 8.2% in premarket trading.

Both companies reported earnings after market close on Wednesday. Their strong results helped calm investor concerns amid growing uncertainty over shifting U.S. trade policies and a deepening trade war with China.

Economic data released Wednesday showed the U.S. economy contracted in the first quarter for the first time in three years. Several companies have since cut or withdrawn their financial forecasts in response to the uncertain environment.

Despite that, estimates for S&P 500 earnings growth in the first quarter now stand at 11.5%, according to LSEG data, up from 7.8% at the start of April. As of 5:11 a.m. ET, Dow E-minis were up 294 points (0.72%), S&P 500 E-minis rose 66.25 points (1.19%), and Nasdaq 100 E-minis gained 328.5 points (1.67%).