Nasdaq 100 Futures Jump 1.3% on Chip Rally as 87% of S&P 500 Beats Estimates
Updated
Updated · CNBC · Jul 21
Nasdaq 100 Futures Jump 1.3% on Chip Rally as 87% of S&P 500 Beats Estimates
3 articles · Updated · CNBC · Jul 21
Summary
Nasdaq 100 futures rose 1.3% Tuesday, outpacing a 0.4% gain in S&P 500 futures and a 0.3% rise in Dow futures as investors leaned into earnings and chip stocks.
Chipmakers led the move: the VanEck Semiconductor ETF gained more than 3%, while Marvell, Micron and Astera Labs climbed about 6% premarket and Intel added more than 5%.
3M jumped more than 6% after beating second-quarter expectations, and General Motors also topped revenue and profit estimates, extending a strong reporting season in which 87% of roughly 54 S&P 500 companies have beaten bottom-line forecasts.
Oil still capped some risk appetite, with WTI above $84 and Brent above $90 after another night of U.S. strikes on Iran and retaliatory attacks, even as mediators floated a 10-day ceasefire.