Tech Boom Powers US Stock Futures Ahead Of GDP Update

U.S. stock futures are surging as investors weigh the impact of tech earnings against upcoming economic data.

According to Reuters, futures for the S&P 500 rose 0.4%, Nasdaq‑100 futures climbed 0.5%, and Dow futures ticked up 0.3% in early trading Thursday. This rally follows a truce in the Israel‑Iran conflict, which eased geopolitical tensions and lifted risk sentiment across markets, Investopedia reported.

The strength of tech was front and center: Micron Technology's bullish revenue forecast—boosted by surging AI-driven data center demand—sent its shares up 1.3% pre-market, while Marvell and AMD also rallied around 2–3%. Notably, Nvidia hit a new all-time high, briefly becoming the world's most valuable company with a market capitalization of approximately $3.77 trillion. Microsoft, Nvidia's teammate in the AI arms race, similarly marked fresh peaks, underscoring the sector's leadership role.

Economic data this morning painted a mixed picture: the Commerce Department confirmed a first-quarter GDP contraction of 0.5%, deeper than initially thought, attributed mainly to a surge in imports ahead of tariff hikes. However, jobless claims declined, hinting at a resilient labour market, as reported by Reuters.

While markets digest this duality, Federal Reserve Chair Powell has urged patience on rate cuts—though President Trump is reportedly exploring a replacement before the term ends, adding political uncertainty. Nonetheless, futures now price in roughly 63 basis points of easing by year-end, with the first cut anticipated around September.

Investors are now eyeing Friday's release of the Personal Consumption Expenditures report, the Fed's preferred inflation measure, for clues about monetary policy direction. In the meantime, tech earnings continue to steer the market, offering a cushion against macroeconomic ambiguity heading into the second half of 2025.