U.S. equity futures are higher Thursday morning, driven by strong after-hours earnings from Microsoft and Meta.
S&P 500 E-mini futures are up 1.05% to 6,463.25, Nasdaq 100 futures gained 1.39% to 23,808.00, and Dow futures rose 0.40% to 44,813.
Microsoft surged 8% after reporting stronger-than-expected results and Azure annual revenue above $75 billion. Meta jumped 11% on an upbeat Q3 revenue forecast.
On Wednesday, the S&P 500 slipped 0.12%, the Dow fell 0.38%, and the Nasdaq gained 0.15%.
The Fed held rates steady at 4.25%–4.50%, but Chair Powell gave no signal of easing in the near term. Two Fed governors dissented, citing disagreement with the pause. Sentiment turned cautious as valuations remain stretched following six consecutive record closes.
A late announcement from President Trump confirming a trade deal with South Korea, capping tariffs at 15% ahead of Friday’s deadline, also helped support risk appetite.
All times GMT
Before the Open
The S&P 500 E-mini futures last traded at 6,463.25. Resistance levels are 6,468.50 and 6,500. Support is at 6,366.75, followed by 6,318.75 and 6,176.3 (50-day moving average). Deeper support lies at 6,017.76 (200-day moving average).
The Nasdaq 100 E-mini futures last traded at 23,808.00. Resistance levels are 23,845.00 and 24,000. Support is at 23,356.50, then 23,108.00, with the 50-day and 200-day moving averages at 22,500.8 and 21,466.64 respectively.
The Dow Jones E-mini futures last traded at 44,813. Resistance levels are 44,852 and 45,312. Support levels are 44,418, then 43,973. The 50-day moving average is at 43,728.0, and the 200-day is at 43,614.0.
Bullish momentum is in play after major earnings beats from Microsoft and Meta. Key inflation data at 12:30 GMT will be the next catalyst.
A softer PCE print may reinforce risk-on sentiment, while any upside surprises in inflation or labor costs could weigh on rate-cut expectations and curb upside.
Traders should monitor positioning into Apple and Amazon after the bell.
More Information in our Economic Calendar.
James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.