Feb 3 (Reuters) – Futures tracking the S&P 500 and the Nasdaq edged higher on Tuesday, steadying after a choppy session, as investors geared up for a flood of corporate results due this week.
Teradyne shares surged 23.7% in premarket trading after the chip-testing equipment maker forecast first-quarter revenue and profit above analysts’ estimates, citing strong demand tied to multibillion-dollar spending by big tech on data-center expansion.
Alphabet rose 1.5% after notching a record high in the previous session, while Amazon added 0.8%. Both the “Magnificent Seven” heavyweights are due to report later this week, offering investors another read on the race to commercialize artificial intelligence.
Palantir Technologies jumped 10.4% as investors bet on the company’s military-grade artificial intelligence tools after U.S. defense spending helped drive its quarterly sales.
Recent earnings from the biggest technology companies have underscored a growing investor focus on payback from soaring capital expenditure plans. Spending on AI-related infrastructure, including data centers, has climbed sharply, putting pressure on companies to translate investment into measurable returns that can support lofty valuations.
Advanced Micro Devices and server maker Super Micro Computer, both due to report after the close, gained more than 2% each.
Among companies reporting before the opening bell, Pfizer slipped 1% while Merck edged 0.3% lower.
Chipotle Mexican Grill, Cadbury maker Mondelez and household products maker Clorox are scheduled to report after the bell.
Markets will watch for clues on consumer trends from earnings reports after data last month showed consumer confidence dropped in January to its lowest level in more than 11-1/2 years.
About one quarter of the S&P 500 is set to report quarterly results this week. Analysts expect S&P 500 companies to have grown their earnings nearly 11% in the December quarter, up from an estimate of about 9% at the start of January, according to LSEG.
At 5:20 a.m. ET, Dow E-minis were down 6 points, or 0.01%, S&P 500 E-minis were up 12.5 points, or 0.18%, and Nasdaq 100 E-minis were up 123.75 points, or 0.48%.
On Monday, the S&P 500 and the Dow ended near record levels, while the Nasdaq finished 0.5% higher.
Just as economic releases were returning to a more regular cadence after disruptions tied to the earlier 43-day government shutdown, a partial federal shutdown has now delayed the release of the closely watched January employment report, originally due on Friday. The JOLTS report, scheduled for later on Tuesday, has also been delayed.
The government partially shut down on Saturday after Congress failed to approve a deal to fund a broad swath of federal operations. President Donald Trump said Congress was nearing a resolution to end the shutdown.
(Reporting by Pranav Kashyap in Bengaluru; Editing by Maju Samuel)
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