Stock market today: Dow, S&P 500, Nasdaq futures rise as Microsoft, Meta earnings reassure weary Wall Street

US stock futures rose after Microsoft (MSFT) and Meta (META) impressed Wall Street with strong earnings reports that eased investor fears of an economic slowdown amid President Trump’s tariffs.

Futures attached to the tech-heavy Nasdaq Composite (NQ=F) leaped 1.2%. Futures attached to the benchmark S&P 500 (ES=F) jumped 0.7%. Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.2%.

Microsoft stock soared in after-hours trading after the company beat expectations on both the top and bottom lines thanks to strength in its cloud and AI businesses. Investors had been worried Trump’s trade war could hit spending in both sectors.

Meta stock also rose after the bell on the company’s results. The tech giant’s upbeat forecast particularly wowed Wall Street as it beat back fears tariffs would impact ad spending.

Early on Wednesday, stocks sank after investors digested a fresh batch of economic data. The latest reading on gross domestic product (GDP) showed the first contraction of the US economy in three years, while a new inflation report muddied the Federal Reserve’s next move.

News from China that seemed to confirm the US had made contact with the country to negotiate on tariffs helped lift stocks by session’s close.

Read more: The latest on Trump’s tariffs

On Thursday, Wall Street will remain focused on earnings, with tech giants Apple (AAPL) and Amazon (AMZN) due to share their results after the bell.

Both companies have found themselves in the crosshairs of Trump’s tariffs, with Amazon reassuring the White House this week it would not list import charges on its products, and Apple scrambling to shift iPhone production from China while smartphones are exempted from the steep duties on the country.

LIVE 1 update