Nasdaq Futures Lead US Premarket Gains Ahead of Tesla and Meta Results

US stock futures rose in premarket trade on Wednesday, Oct. 21, and the Nasdaq led. Early reports put Nasdaq 100 futures up about 0.71 to 0.78 percent, S&P 500 futures up about 0.24 to 0.31 percent, and Dow futures little changed to up 0.16 percent. The ranges differ because the reports were filed at different points in the premarket session.

What lifted the mood

SpaceX did much of the work. The company reported third quarter revenue up 161 percent to 14.6 billion dollars on Tuesday, a story covered on this site, and its shares rose about 8 to 10.5 percent in premarket trade as reports updated through the morning.

Super Micro Computer surged more than 13 percent premarket after strong preliminary results. The move lifted other AI hardware and cloud names, among them Dell Technologies, Hewlett Packard Enterprise, CoreWeave and Nebius.

Netflix pulled the other way. Its shares fell more than 5 percent after results and an outlook that disappointed investors, also covered on this site.

The rates backdrop

The CME FedWatch tool showed an 85 percent probability that the Federal Reserve holds interest rates steady at its meeting next week. Fed Chair Kevin Warsh has kept a neutral stance and said he does not prejudge rate decisions. With no top-tier economic release due today, earnings carry the session.

Oil added its own pressure. West Texas Intermediate crude traded near 99 dollars a barrel early Wednesday, up about 1.25 percent, and Brent held above 110 dollars as traders weighed supply risk around the Strait of Hormuz and fresh talk of a US and Iran diplomatic proposal.

Where Tuesday left the market

The Dow Jones Industrial Average rose 529.85 points, or 1.02 percent, to close at 52,495.88 on Tuesday. The S&P 500 rose 0.28 percent to 7,712.57. The Nasdaq Composite slipped 0.02 percent to 26,424.82. Industrials and defence names led, with 3M up more than 5 percent after it beat forecasts and raised guidance, and Northrop Grumman up more than 4 percent after an earnings beat.

What happens next

The real test lands after the close. Tesla, Meta and IBM all report on Wednesday evening. Their guidance on AI spending, advertising and car demand will set the tone for Thursday far more than a quiet premarket. A futures lead this small can vanish by the opening bell, and traders know it.