S&P, Nasdaq futures advance on tech boost, earnings cheer

and Nasdaq futures gained on Wednesday on a growth stocks boost as investors lauded upbeat earnings from megacap Tesla and Snap gained 1.7% and 2.1%, respectively, after the U.S. Senate passed a bill late on Tuesday that would ban TikTok in the United States if its owner, the Chinese tech firm ByteDance, failed to divest the popular short video app.

As the corporate earnings season gathers steam, adjusted blended earnings are estimated to grow by 6% for the quarter on a year-on-year basis, according to LSEG data. Traders await the Personal Consumption Expenditures index reading for March, the Fed's preferred inflation gauge, due on Friday, as market participants try to ascertain if the central bank will cut interest rates this year.

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