US Markets Set for Higher Open as Tech Stocks Surge
US markets are expected to open higher on July 31, with Dow Jones futures trading 0.49% higher at 52,636 points and S&P 500 index futures up 0.22% at 7,489 points, according to Investing.com data.
The tech-heavy Nasdaq 100 futures were trading 0.80% higher at 28,459.75 points, indicating an extended rally potential and a more than 350-point higher opening on Friday's market, compared to the previous Wall Street close levels.
The gains are attributed to Microsoft's strong Q2 earnings, which showed that the company's big spending on artificial intelligence (AI) is translating into profits, easing investors' fears.
ExxonMobil shares were trading more than 1% lower in pre-market trading as investors focused on the company's June quarter earnings report, while Chevron Corp shares were up over 1% ahead of its Q2 earnings announcement.