U.S. Stock Futures Rise on Meta, Microsoft Earnings Beat
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Microsoft and Meta, both members of the 'Magnificent Seven,' saw their shares rise 8% and 12%, respectively, in after-hours trading. MSFT surpassed revenue and earnings estimates easily and said that its annual revenue from its cloud computing service, Azure, crossed $75 billion. Similarly, Meta topped estimates and provided an optimistic third-quarter sales outlook that exceeded Street estimates.
This positive after-hours session contrasted with Wednesday's regular trading session, in which the S&P 500 and the Dow Jones fell 0.12% and 0.38%, respectively. The Nasdaq Composite, however, managed a 0.15% gain. The market sentiment was influenced by the Fed Chair Jerome Powell's indications that the central bank is not yet prepared to cut interest rates.
Looking ahead, investors are awaiting the June personal consumption expenditures (PCE) price index report on Thursday. Also, several companies are scheduled to report earnings tomorrow, such as Comcast (CMCSA), Apple (AAPL), Amazon (AMZN), Cigna (CI), CVS Health (CVS), AbbVie (ABBV), and Mastercard (MA).
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