Alphabet posts earnings beat after S&P 500 futures rise: Live update

S&P 500 futures It rose overnight on Tuesday, as traders braced for additional reports from major technology companies and awaited a key reading on economic growth.

Futures linked to the broader market index added 0.3%, while Nasdaq 100 futures rose 0.3%. Dow futures rose 64 points or 0.1%.

the alphabet Megacaps kicked off a big week for tech earnings. Google parent beat analyst expectations as the company saw strong quarterly revenue growth from its cloud business. Shares rose 5% in extended trading.

Chipmaker AMD After-hours action fell 8%, as its fourth-quarter revenue guidance failed to impress investors.

Tech titans Meta Platform and Microsoft are set to report on Wednesday, while Apple and the amazon Due on Thursday.

On the economic front, investors are anticipating the first preliminary reading of gross domestic product on Wednesday. The report will show that GDP grew at a 3.1% annual pace in the third quarter, in line with the Dow Jones consensus forecast. If accurate, it would be just 0.1 percentage point from the previous period and would be the 10th quarter of expansion. It is also expected to keep inflation close to or below the Federal Reserve's 2% inflation target.

In anticipation of big tech earnings releases, investors have driven Nasdaq Composite at a new record during Tuesday's trading session. The Nasdaq advanced 0.78%, while S&P 500 Added 0.16%. 30-stock Dao Underperformed, falling 0.36%.

“Growth-oriented stocks like the Nasdaq 100 are back in the lead,” said Rob Howarth, senior investment strategist at US Bank Asset Management, on Tuesday. “We are closely monitoring technology earnings releases to ensure businesses invest in artificial intelligence and other productivity-enhancing tools that remain robust to support strong future earnings growth.”

Howarth added that he is closely watching the quarterly GDP report to understand consumer health, which appears to be resilient.