Futures Jump on Microsoft, Meta Earnings

Stock market futures rose early Thursday after strong quarterly results from two Big Tech players eased concerns that artificial intelligence spending would slow amid economic turmoil.Futures for the Dow Jones Industrials triumphed 315 points, or 0.8% to 41,089.Futures for the broader index climbed 69 points, or 1.2%, to 5,656Futures for the NASDAQ Composite skyrocketed 357.50 points, or 1.8%, to 20,016. In premarket trading, Meta Platforms advanced 6% on stronger-than-expected revenue in the first quarter. Microsoft jumped more than 8%, powered by top- and bottom-line beats in the fiscal third quarter, as well as strong results from its Azure cloud business and upbeat guidance.Also before the opening bell, General Motors cut its 2025 forecast amid worries over President Donald Trump’s tariffs, seeing a tariff-related impact of at least $4 billion. Shares were up nearly 3% in the premarket.Meanwhile, shares of Tesla traded 0.6% higher after company officials denied reports that its board has opened a search for a chief executive to succeed Elon Musk.On Thursday, investors await quarterly results from CVS Health, Eli Lilly and McDonald’s in the morning, followed by Apple and Amazon in the afternoon.On the economic data front, traders await weekly jobless claims data and a reading on the U.S. manufacturing sector. The key non-farm payrolls report is due on Friday. In Japan, the Nikkei 225 gaining 0.6% Thursday, while in Hong Kong, markets were closed for May Day.Oil prices slid $1.14 to $57.07 U.S. a barrel. Gold prices retreated $103.70 to $3,215.40 U.S. an ounce.