April 24 (Reuters) - Futures tied to the S&P 500 and the Nasdaq rose on Wednesday, with Tesla at the helm of gains after its quarterly results, while most megacap growth names also offered support.
Tesla (TSLA.O), opens new tab led gains across megacap stocks with a 12.8% jump in premarket trading after the electric-vehicle maker eased some worries about growth with a prediction that sales would rise this year and said it would roll out more affordable models in early 2025.
Other growth stocks also advanced, with Amazon.com (AMZN.O), opens new tab, Microsoft (MSFT.O), opens new tab and Nvidia (NVDA.O), opens new tab up between 0.4% and 2.2%.
The earnings season was in full swing with Humana(HUM.N), opens new tab adding 3.7% after the health insurer beat first-quarter profit expectations.
Boston Scientific(BSX.N), opens new tab rose 3.6% after the medical device maker raised its annual profit forecast.
Hasbro(HAS.O), opens new tab gained 4.9% after the toymaker reported a smaller-than-expected drop in first-quarter sales and handily beat profit estimates.
Wabtec(WAB.N), opens new tab advanced 4.4% after the heavy industrial parts maker raised its full-year profit forecast.
Meanwhile, social media firms Meta Platforms (META.O), opens new tab and Snap (SNAP.N), opens new tab gained 2.2% and 1.6%, respectively, after the U.S. Senate passed a bill late on Tuesday that would ban TikTok in the United States if its owner, the Chinese tech firm ByteDance, failed to divest the popular short video app.
Meta, Microsoft and Alphabet (GOOGL.O), opens new tab are scheduled to report their quarterly results later this week.
"The large volume of company results this week gives investors a lot more to focus on than purely macro events, which is leading to the extra levels of market vitality," Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said in a note.
Adjusted blended earnings are estimated to grow by 6% for the quarter on a year-on-year basis, according to LSEG data.
U.S. equities have recouped some losses following last week's slump when investors turned risk-off amid tensions in the Middle East and more data prompting a tuning to their rate-cut expectations from the Federal Reserve.
On the docket for the day is the durable goods data for March, due at 8:30 a.m. ET, with the much anticipated Personal Consumption Expenditures (PCE) index reading for March, the Fed's preferred inflation gauge, due on Friday.
At 7:15 a.m. ET, Dow e-minis were down 25 points, or 0.06%, S&P 500 e-minis were up 6.75 points, or 0.13%, and Nasdaq 100 e-minis were up 98.25 points, or 0.56%.
Among other stocks, Visa (V.N), opens new tab added 2.7% in premarket trading after the payments processing giant's second-quarter results sailed past Wall Street estimates, as consumers shrugged off worries of a slowing economy.
Texas Instruments (TXN.O), opens new tab climbed 6.9% after the chipmaker forecast second-quarter revenue above analysts' estimates, signaling an uptick in demand for its analog semiconductors.
Other chip stocks such as Arm Holdings , Micron Technology (MU.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab also rose between 1.8% and 4.5%.
Solar inverter maker Enphase Energy(ENPH.O), opens new tab dropped 9.0% after projecting second-quarter revenue below analysts' estimates.
Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Pooja Desai and Maju Samuel
