Traders work on the floor of the New York Stock Exchange during morning trading on November 26, 2024 in New York City.
Michael M. Santiago | Getty Images
Stock futures rose Wednesday as Salesforce and Marvell Technology led tech shares higher on the back of strong quarterly earnings.
Futures tied to the Dow Jones Industrial Average were up 164 points, or 0.4%. S&P 500 futures climbed 0.3%, and Nasdaq-100 futures jumped 0.7%.
Salesforce climbed 13% after the company posted fiscal third-quarter revenue that beat estimates. Chipmaker Marvell also beat earnings expectations and issued strong fourth-quarter guidance, advancing 13%.
Wall Street is coming off a mixed session, with the S&P 500 and Nasdaq eking out small gains to record levels, while the Dow fell slightly.
The major averages have had a tepid start to the month compared to the major averages’ strong November advance following Donald Trump’s victory at the polls. However, the rally is likely to pick up again this month, according to LPL Financial portfolio strategist George Smith.
“Turning the calendar ahead to December, momentum could continue for stocks as historically it has been a good month for stock market seasonals,” he said. “These strong returns are historically often back-end loaded.”
A report released on Wednesday morning from ADP revealed that private payrolls grew less than expected in November. Companies added just 146,000 on the month, while economists polled by Dow Jones had estimated growth of 163,000 positions. The week’s major economic release comes in the form of the November labor report, due out on Friday morning.
On the Federal Reserve front, Chair Jerome Powell will be speaking in New York in a moderated discussion Wednesday afternoon.
