Tech Titans Lift Wall Street: Alphabet Leads the Charge

U.S. stock futures rose as strong results from Alphabet boosted technology stocks. Alphabet's impressive third-quarter performance, boosted by its cloud and ad sales, helped relieve market skepticism. Investors awaited pertinent economic data and other tech giants' earnings, with significant focus on AI investments' impact.

U.S. stock index futures experienced an uptick on Wednesday, bolstered by Alphabet's robust quarterly earnings. This positivity extended to technology megacaps, while markets also prepared for key data assessing economic and labor strength.

Alphabet, leading the 'Magnificent Seven' stocks due to report this week, surged 5.5% premarket. The rise came on the back of surpassing third-quarter revenue and profit expectations, driven by a strong cloud division and YouTube ad sales. "Alphabet's performance should alleviate skepticism," commented Gerrit Smit from Stonehage Fleming Global Best Ideas Equity Fund.

As the day progresses, investors await economic indicators such as the ADP National Employment report and third-quarter GDP. Speculations over U.S. Federal Reserve rate cuts and the ongoing presidential race also weigh on investor sentiment, with the tech-heavy Nasdaq hitting record highs.

(With inputs from agencies.)