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Stock market today: US futures jump, fueled by stellar Alphabet, Microsoft earnings

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Stellar earnings from the 'Magnificent Seven' duo have reignited optimism for a rally, but the PCE inflation print could put a spoke in the wheel.

US stocks were set to bounce back on Friday as Alphabet and Microsoft earnings revived hopes for a Big Tech-led rally. But a key inflation report ahead could put a spoke in the wheel. S&P 500 futures rose roughly 0.8%, while contracts on the tech-heavy Nasdaq 100 jumped 1%. Futures on the Dow Jones Industrial Average , which includes fewer tech stocks, were up 0.1%.

At the same time, the market is bracing for the release Friday morning of the Federal Reserve's preferred inflation gauge, the personal consumption expenditures price index for March. Stocks sold off on Thursday after a US first quarter GDP report brought a double-whammy of signals: far slower economic growth and hotter inflation than expected — though signs are that price pressures are more of a worry.

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