U.S. futures largely lower; earnings from Microsoft, Alphabet in focus

Investing.com -- U.S. stock futures traded largely lower Wednesday, handing back some of the previous session’s gains as investors digest quarterly earnings from both Microsoft and Alphabet started the ball rolling for the major tech sector, the group that has powered the majority of the S&P 500’s 10% gains year-to-date, releasing their results after Tuesday’s close,

Alphabet's cloud-based revenue fell short of analysts' expectations, pushing its stock down more than 6% premarket, while Microsoft shares rose just under 4% after its investment in artificial intelligence bolstered growth in its cloud business Azure.) takes the spotlight after the close Wednesday, and analysts will be listening for updates on the Facebook and Instagram parent’s efficiency efforts and advertising business.

The prospect of a deescalation in the Israel-Hamas war also stymied bets that the conflict will disrupt Middle Eastern oil supply, as multiple reports suggested that Israel had delayed a planned ground assault on Gaza.industry body showing that U.S. inventories shrank more than 2 million barrels last week, with fuel demand remaining strong even after the end of the summer season.

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