5 Things to Know Before the Stock Market Opens

• All four tech giants (Amazon, Microsoft, Meta, Alphabet) beat revenue and profit estimates, though stock reactions varied based on AI spending plans and executive commentary
• West Texas Intermediate crude oil futures fell roughly 2% to around $105 per barrel, while gold rose nearly 2% to $4,645 an ounce and the 10-year Treasury yield slipped to 4.39%
• March PCE inflation data and first-quarter GDP are scheduled for 8:30 a.m. ET, with expectations of 0.7% monthly price increase and 2.2% quarterly GDP growth

Market Summary: Big Tech Earnings Drive Futures Higher as April Gains Near Record Levels

Market Overview:

Stock futures rose Thursday morning, with Dow futures up 0.6%, S&P 500 futures up 0.4%, and Nasdaq futures gaining 0.5%. The major indexes are poised to close April with exceptional gains—the Nasdaq up 14% and S&P 500 up 9% for the month, marking their largest monthly advances since 2020.

Big Tech Earnings:

Wednesday night delivered a wave of major tech earnings, with Amazon, Microsoft, Meta Platforms, and Alphabet all beating Wall Street expectations for both revenue and profit. However, stock reactions varied as investors scrutinized AI-related spending plans. Apple is scheduled to report after Thursday's closing bell, with analysts expecting $109.34 billion in revenue and $1.94 in earnings per share.

Commodities and Bonds:

West Texas Intermediate crude oil fell roughly 2% to around $105 per barrel after two weeks of gains driven by Iran war uncertainty. Gold futures climbed nearly 2% to $4,645 per ounce, while Bitcoin retreated to $76,000 from Wednesday's high of $78,000. The 10-year Treasury yield dipped to 4.39% from 4.42%.

Other Notable Earnings:

Caterpillar and Eli Lilly surged about 6% in premarket trading following strong results. Merck and Cigna also posted gains, while Mastercard and ConocoPhillips declined. Reddit, Roblox, and Rivian are set to report after the close.

Economic Data:

Key inflation and growth data releases at 8:30 a.m. ET include the March PCE index, expected to show 0.7% monthly inflation and 3.5% year-over-year, and first-quarter GDP estimated at 2.2%, up from 0.5% in Q4.