Stock Market Today: Tech powers stock’s record run; Tesla earnings on deck

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U.S. stock futures rose again on Wednesday, potentially setting the S&P 500 for its fourth straight record, as technology stocks continue to lead gains and investors focus on a key reading on economic activity later in the session. .

A number of tech names are likely to catch investors' attention today as the Nasdaq looks to extend its January gain of about 2.8% ahead of Tesla's fourth-quarter earnings reports. (TSLA) - Get a free report and IBM (IBM) - Get a free report after the close of operations.

ASML (ASML) - Get a free reportEurope's most valuable technology company and a group that makes chip-design machines, posted better-than-expected December quarter earnings, including an overall order book of more than $10 billion as of early Wednesday.

SAP from Germany (SAP) - Get a free reportMeanwhile, it hit a record following the cloud-focused software group's stronger-than-expected fourth-quarter update and its decision to cut more than 8,000 jobs as it deepens its push into artificial intelligence technologies.

Netflix (NFLX) - Get a free report It was also flying, up nearly 10% in premarket trading, after it beat Wall Street's subscriber growth forecasts and posted fourth-quarter earnings that topped analyst estimates.

Stocks overall are also getting a boost from lower Treasury yields, which fell in trading Tuesday following a mixed auction of $60 billion in two-year notes and a pullback in bets on a rate cut. Federal Reserve interest rates in March.

Rate bets are likely to be firmly back in the frame today as well, with January PMI data, closely followed by S&P Global, scheduled for 9:45 a.m. ET.

The headline readings, which provide a good indication of economic activity, are likely to support the market assumption that the Federal Reserve can execute the so-called soft landing and avoid recession this year.

Benchmark 10-year Treasury yields were last seen trading 2 basis points lower at 4.105%, while 2-year bonds fell to 4.324%, about 8 basis points lower than levels. from yesterday's auction.

The US dollar index, which tracks the greenback against a basket of six global currencies, was down 0.49% at 103.112 thanks to overnight gains in both the pound and the yen.

On Wall Street, futures contracts tied to the S&P 500, which posted its third consecutive record close last night, indicate a 21-point opening gain for the broader benchmark index of U.S. blue-chip stocks.

Futures tied to the Dow Jones Industrial Average, which trails its two major peers with a 0.57% gain so far this year, are trading up 80 points, while the Nasdaq is trading up 125 points. further.

In overseas markets, tech gains propelled Europe's Stoxx 600 to an early 1.01% advance in Frankfurt, while Britain's FTSE 100 rose 0.34% in London following a series of better-than-expected December PMI data. the expected.

Overnight in Asia, China's central bank unveiled plans to reduce the amount of cash banks must hold in reserves in an effort to spur credit growth in the world's second-largest economy. This added to optimism that Beijing is ready to unveil a new stimulus package before the Lunar New Year next month.

The regional MSCI ex-Japan index rose 1.19% in late trading, while Japan's Nikkei 225 fell 0.8% in Tokyo.

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