From NASDAQ.:

US stock index futures are on the rise, with the S&P 500 at a new record high thanks to bullish forecasts from Taiwan’s TSMC and Super Micro Computer. Big ticket earnings from Netflix and Tesla are on the horizon, and so far 84.6% of the S&P 500 companies that have reported results have surpassed earnings expectations.

Rally in chip stocks and heavyweight technology stocks steered the S&P 500 to a record high. The Philadelphia SE Semiconductor index and the S&P 500 information technology index have jumped nearly 5% so far in January, among the top sectoral gainers, hitting all-time highs last week.

A number of tech giants and megacaps enjoyed gains, including Nvidia, Marvell Technology, Qualcomm, Micron Technology, Alphabet, Meta Platforms, and Tesla. According to Marios Hadjikyriacos, senior investment analyst at XM, investors increasingly view these stocks as ‘bulletproof’.

Upcoming big-ticket earnings from Netflix, Tesla, Abbott Laboratories, Intel, Johnson & Johnson, among others, will be closely watched for insights into the health of corporate America. United Airlines Holdings, Brown & Brown, and Zions Bancorp are also set to detail their earnings after market close. So far, 84.6% of the S&P 500 companies have surpassed earnings expectations.

On the economic data front, personal consumption expenditure, S&P Global PMI readings, and an advance fourth-quarter GDP print will be crucial in assessing the central bank’s next policy decision. Traders have sharply pared bets of an at least 25-basis-point rate cut in March, currently standing at 46%, following a decline in bitcoin prices BTC=.

Stocks like Boeing, SolarEdge, B. Riley Financial, and crypto stocks were among those that gained and lost in premarket trading. Boeing lost 1.5% after the U.S. Federal Aviation Administration recommended airlines operating the company’s 737-900ER jets inspect door plugs to ensure they are properly secured, while SolarEdge gained 2.7% on plans to lay off about 16% of its global workforce.



Read more: Futures signal more steam in S&P 500 after record high