WU - Nasdaq Futures Get A Lift From Tesla Texas Instruments Earnings: Analyst Points To Key Catalyst For Boosting Rally | Benzinga

Nasdaq and S&P 500 futures signaled a higher open on Wednesday, thanks to upbeat guidance from EV giant Tesla, Inc. (NASDAQ:TSLA) and semiconductor major Texas Instruments, Inc. (NASDAQ:TXN), although Dow futures were marginally lower. Investors will keep their eyes peeled for some important economic data, including early quarterly GDP growth and personal consumption expenditure figures, later this week.

The PCI reading will likely be the last inflation reading before the Federal Reserve announces its next verdict in May. Bond yields resumed their climb, reflecting worries the Fed was not cutting rates enough this year.

Futures Performance On Wednesday ( as of 6:10 a.m. EDT)

Cues From Past Session:

Traders relished weak private-sector activity data on Tuesday, pushing bond yields lower, as they saw it as a catalyst that could keep the Fed dovish. S&P Global’s manufacturing purchasing managers’ index unexpectedly fell into contraction territory and the service sector PMI came in below expectations, with the composite PMI falling to a two-month low.

The major indices opened higher and rose in early trading before moving roughly sideways for the remainder of the session. The Dow Jones Industrial Average climbed for a fourth straight session and settled at a two-week high, while the Nasdaq Composite and the S&P 500 Index notched up their second straight session of gains.

IT and communication services stocks led the gains on a day when only the material space came under selling pressure.

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