Nasdaq futures were 2.26% up on Thursday ahead of market opening, with the positive picture replicated across the S&P 500 futures and the Dow.
Dow futures were up 1.14%, the S&P 500 e-minis edged 1.54%, while the Rusell 2000 futures were up 1.44%.
The upside for the futures markets comes ahead of a crucial Federal Reserve monetary policy commentary and Chair Jerome Powell’s speech.
Fed’s policy commentary is expected at 2 pm ET, with the US central bank poised to indicate that the much-anticipated interest rate hike will happen in March as priced in by the markets.
As for the comments from Powell, investors will keenly comb through the language used for clues on rate hike basis points. Also key will be how many hikes the central bank is looking at for 2022 after inflation hit a near four-decade high.
Tesla earning today
Investors are also keenly awaiting the earnings results of electric vehicle company Tesla (TSLA) the Elon Musk-led automaker will report after markets close, with the market keen to see what guidance follows after an upbeat sentiment for Microsoft (MSFT).
Tesla is scheduled to release its Q4 fiscal 2021 earnings results today, January 26 after the closing bell. As well as watching out for the company’s earnings and sales, investors will be keen on guidance on production, delivery quotas, and market outlook for the year.
Wall Street analysts expect earnings of $2.26 per share, with revenue at $16.2 billion for the quarter. Year-on-year earnings are estimated to come in at $6.39 per share to ramp up a 185% jump. In revenue, analysts expect $42.44 billion to bring full-year gains to 66.3%.
Microsoft (MSFT) up 5.7% in premarket trades
Microsoft reported better than expected earnings, with an upbeat forecast for the quarter surpassing Wall Street estimates.
The targets have buoyed sentiment across the cloud computing sector and seen the tech giant’s stock jump more than 5.7% premarket.