Wall Street set to open higher as Meta and Microsoft fuel AI-fueled tech rally
Wall Street futures pointed to a strong open on Thursday, driven by stellar earnings from tech giants Meta and Microsoft that reignited investor enthusiasm for artificial intelligence.
Meta surged 11.4% in premarket trading after forecasting stronger-than-expected Q3 revenue, crediting AI for boosting its core advertising business. Microsoft jumped 8.8% after announcing a record $30 billion in capital spending for the current quarter and reporting robust Azure cloud sales, News.Az reports, citing Reuters.
Other tech giants followed suit, with Amazon up 3.1% and Nvidia gaining 2.3%. Microsoft was on track to cross a $4 trillion market cap for the first time.
Futures rose across the board: Nasdaq 100 E-minis climbed 1.39%, S&P 500 futures advanced 0.96%, and Dow futures edged up 0.26%.
The broader rally was supported by a resilient U.S. economy, easing trade war concerns, and AI optimism. The S&P 500 and Dow are heading for a third consecutive monthly gain, while the Nasdaq is poised for its best month in over a year.
Economic data also painted a stable picture: June’s PCE price index rose 0.3%, matching estimates, and weekly jobless claims came in slightly below expectations at 218,000.
All eyes now turn to Friday’s jobs report and looming trade developments, with Trump pushing hardline tariff measures while hinting at changes in Fed leadership.
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