Nasdaq 100 futures jumped on Wednesday, after a choppy start to February, helped by a near 10% surge in Google-parent Alphabet and chipmaker Advanced Micro Devices following strong fourth-quarter results.
Alphabet Inc reported record quarterly sales, as its internet advertising business surged on consumers using Google search as they shopped online and advertisers upping their marketing budgets.
The company also said it will undertake a 20-to-one stock split.
Advanced Micro Devices Inc rose 11.3% after it forecast 2022 revenue above expectations on Tuesday on strong quarterly demand for its semiconductors, despite global supply snags.
The chipmaker’s strong outlook lifted shares of peers Nvidia Corp, Qualcomm Inc and Micron Technology Inc between 2.7% and 5.3%.
At 5:45 a.m. ET, Nasdaq 100 e-minis were up 224.75 points, or 1.5%, Dow e-minis were up 55 points, or 0.16%, and S&P 500 e-minis were up 35.75 points, or 0.79%.
If the gains hold, this will be fourth straight session of gains for the tech-heavy Nasdaq index, which started the year with investors dumping highly valued growth stocks on rising prospects of faster-than-expected rate hikes. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta)