Nasdaq futures up 185.25 points (Il Sole 24 Ore Radiocor) - New York, 26 Apr - US futures were higher ahead of key inflation data as investors cheered strong earnings from tech giants Alphabet and Microsoft.

Wall Street ended lower yesterday after weak growth data raised questions about the health of the US economy. But the main indexes closed above intraday lows with the Dow down 0.98%, the S&P 500 0.46% lower and the tech-heavy Nasdaq off 0.64%.

Strong earnings from tech juggernauts Microsoft and Google-parent Alphabet after yesterday's closing bell reassured investors on the road ahead for artificial intelligence after Meta Platforms had triggered panic with its warning over the extra investments needed to roll out AI infrastructure.

In premarket trade shares in Microsoft were up 4.4% while Alphabet, which also announced its first cash dividend, was up 11.6%. The earnings calendar today includes big oil majors Exxon Mobil and Chevron.

On the data front the focus is firmly fixed on today's PCE Price Index, the Fed's preferred gauge of inflation, to garner insight into the scale of inflationary pressure.

Yesterday's lower-than-expected GDP data for the first quarter also showed consumer prices had risen much faster than the previous quarter and expectations, rekindling concerns over inflation.

On the stocks front, shares in Intel slumped 8% in premarket trading after disappointing results and outlook while Snap jumped more than 20% after breezing past estimates and its own guidance on revenues.

Futures on the Dow Jones were up 43 points, or 0.11%, S&P 500 futures were up 38.75 points, or 0.76%, while futures on the Nasdaq were 185.25 points, or 1.05%, higher.

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(RADIOCOR) 26-04-24 13:55:38 (0366) 5 NNNN