On Wednesday, US stock futures showed a positive outlook with a strong rally in the technology sector. S&P 500 futures rose by 0.3%, Dow Jones futures added 180 points, and Nasdaq futures gained 0.6%, as investors showed optimism in tech stocks ahead of key economic data.

Tech Sector Drives Futures Higher

Leading the rally were Salesforce and Marvell Technology, with both companies seeing significant gains in premarket trading. Salesforce shares surged over 12% after the company reported a revenue beat, surpassing analysts’ expectations. Similarly, Marvell Technology saw a nearly 13% jump following the release of its strong guidance, bolstering investor confidence.

Other major tech stocks also contributed to the positive sentiment. Apple rose by 0.2%, Microsoft gained 0.9%, Nvidia advanced by 1%, Amazon saw a 0.9% increase, and Alphabet was up by 0.3%. These gains reflected investor enthusiasm surrounding the continued strength of the tech sector, which has been a key driver of market performance in recent months.

Key Reports and Fed Chair Powell's Speech

As traders look ahead, economic reports scheduled for release will play a crucial role in shaping market sentiment. The ADP jobs report and ISM Services PMI are among the most anticipated data points. These reports will provide critical insight into the strength of the US economy, particularly the labor market and the services sector.

Furthermore, market participants are closely watching Federal Reserve Chair Jerome Powell, who is scheduled to speak. Powell’s comments will be crucial in understanding the Fed's stance on interest rates and its plans for the upcoming month, especially as inflationary concerns remain a key focus for the central bank.

Market Performance Recap

On Tuesday, both the S&P 500 and Nasdaq Composite reached another record close, continuing their upward trajectory. This marks a series of strong performances for US stocks, as investors remain focused on the continued growth in tech and anticipate further positive earnings reports from major companies.

In summary, the US stock market is showing promising signs of growth, particularly driven by the technology sector. As traders await upcoming economic data and insights from Fed Chair Powell, market volatility may remain in check, with investors seeking clarity on the economic outlook and the Fed's monetary policy direction.