Nasdaq futures rise as markets cheer Alphabet results; economic data awaited
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Alphabet leaps as AI investments boost cloud sales
Eli Lilly misses estimates for weight-loss, diabetes drugs
AMD falls, Reddit jumps after results
ADP jobs data, Q3 GDP advance numbers on deck
Futures: Dow down 0.20%, S&P 500 up 0.08%, Nasdaq up 0.18%
Updated at 7:02 a.m. ET/1102 GMT
By Lisa Pauline Mattackal
Oct 30 (Reuters) - Futures tracking the tech-laden Nasdaq 100rose on Wednesday, as strong quarterly results from Alphabet boosted sentimentaround technology megacaps, while investors also awaited keydata to gauge the strength of the economy and the jobs market.
Shares of Alphabet GOOGL.O, the first of the five "Magnificent Seven" megacap stocks due to report results this week, leapt 6.3% in premarket trading after the company beat expectations for third-quarter revenue and profit on strength in its cloud business and YouTube ad sales.
"Alphabet's third-quarter results should put many skeptics' minds to rest," said Gerrit Smit, manager of the Stonehage Fleming Global Best Ideas Equity Fund.
"Along with positive surprises on all of the important levels, the most striking feature is that despite its continuing elevated AI capital expenditures, its operating margin has actually increased from 28% to 32%."
Shares of other megacaps also gained ground, with Microsoft MSFT.O and Meta Platforms META.O rising 2% and 1.9%, respectively. Both companies are scheduled to report results after the bell.
Given the significant role they played in Wall Street's rally this year, megacap results will be the most closely watched in an earnings-packed week and are expected to provide insight on whether heavy AI investment is translating into better company performances.
However, futures tracking the S&P 500 .SPX were flat and those tracking the Dow Jones Industrial Average .DJI were lower, as traders assessed a mixed bag of other results.
Drugmaker Eli Lilly LLY.N slumped 9.3% after missing sales estimates for its popular weight-loss and diabetes drugs due to inventory changes.
The ADP National Employment report as well as advance third-quarter gross domestic product figures are duebefore markets open.
Tuesday's data showed U.S. job openings dropped to more than a three-and-a-half-year low in September, leading traders to increase bets on a 25-basis-point rate cut in the Federal Reserve's Novemberas well as December meetings. Economists polled by Reuters echoed the view.
Dow E-minis 1YMcv1 were down 84 points, or 0.20%, S&P 500 E-minis EScv1 were up 4.5 points, or 0.08% and Nasdaq 100 E-minis NQcv1 were up 37 points, or 0.18%.
The neck-and-neck race between U.S. presidential candidates Kamala Harris and Donald Trump was also at the top of investors' minds ahead of the Nov. 5 election.
The tech-heavy Nasdaq Composite .IXIC closed at an all-time high on Tuesday.
Among companies that reported after Tuesday's close, shares of semiconductor company Advanced Micro Devices AMD.O dipped 8.3% after its forecasts for fourth-quarter revenue and AI chip sales disappointed investors.
Other chipmakers slipped, with Nvidia NVDA.O down 0.5% and Intel INTC.O dropping 1.2%.
Reddit RDDT.N soared 21.8% after reporting quarterly profit for the first time since going public, while Chipotle Mexican Grill CMG.N lost 6% after it missed expectations for same-store sales growth.
Alphabet's cloud revenue growth accelerates on AI boom https://reut.rs/4hpeEwE
The Magnificent Seven https://reut.rs/4hpeHIQ
Reporting by Lisa Mattackal and Medha Singh in Bengaluru; Editing by Pooja Desai
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