Futures rise as megacaps rebound from steep drop.

(Reuters) – U.S.‍ stock index futures are on ⁣the rise, with⁣ the ‍Dow‌ aiming for its tenth consecutive day⁢ of gains. After experiencing sharp losses in the previous session, megacap growth and ‍technology⁣ stocks are making a recovery.

The blue-chip Dow outperformed other ⁣Wall​ Street indexes on Thursday, achieving its longest winning streak in​ almost six years. This was supported by⁢ Johnson & Johnson’s strong forecast, boosting the healthcare conglomerate’s stock.

The S&P 500 and‍ Dow are set to end the week on a positive ‍note, while the tech-heavy Nasdaq lags behind due to its previous session’s losses. Tesla and Netflix’s earnings reports failed to impress, causing a dip in the streaming video company’s stock. However, the megacap ​electric ⁢automaker has recovered 1.5% in premarket trading today.

This year, the Nasdaq has seen⁢ a remarkable 34.4% increase, driven by the rally in megacap growth and technology stocks. This⁤ surge is fueled by ⁢optimism surrounding artificial intelligence, the resilience of the⁤ U.S. economy, and expectations of ​the Federal Reserve’s rate hike cycle coming to an end.

Morgan ‍Stanley has ⁣raised its U.S. economic growth forecast for the year, citing a strong industrial sector and increased⁤ public investment in infrastructure. They anticipate a more “comfortable” soft-landing for the economy.

While the Federal Reserve is expected to implement a 25 basis point hike at its upcoming meeting next week, market participants have mixed opinions on the future rate hikes.

David Mericle, chief U.S. economist​ at⁣ Goldman ‌Sachs, stated, “We expect Powell to cautiously avoid implying that the FOMC has already reached an agreement, but (we) are confident that ‌he does want to ‌slow the pace and that ⁤the⁢ FOMC will end ⁣up skipping in ⁢September.”

At 5:30 a.m. ET,⁣ Dow e-minis were up 35 points, or 0.1%, ⁣S&P ‌500 e-minis were⁤ up 8.75 points, or ​0.19%, and‌ Nasdaq 100 e-minis were up 52.5 points, or 0.34%.

American⁢ Express saw a slight increase of 0.4%,⁤ while top oilfield services firm SLB slipped 0.3% in​ thin trading ahead of ‍their second-quarter results due later in the day.

Investors are also eagerly awaiting the special rebalancing of the multi-trillion dollar Nasdaq 100,​ scheduled to take⁢ place at the close of trading today.

(Reporting by Bansari Mayur Kamdar⁤ in Bengaluru; Editing by Shinjini Ganguli)

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