Dow, S&P 500, Nasdaq futures climb after mixed Big Tech earnings with Trump-Xi meet underway

US stock futures climbed Wednesday night as Wall Street digested a wave of Big Tech earnings alongside the Federal Reserve’s latest interest rate move, while waiting for the outcome of President Trump’s long-awaited summit with Chinese leader Xi Jinping, currently underway.

Dow Jones Industrial Average futures (YM=F) rose 0.2%, while S&P 500 (ES=F) and Nasdaq 100 futures (NQ=F) gained 0.3%.

The market reaction came after a packed evening of results from Alphabet (GOOG), Meta (META), and Microsoft (MSFT).

Alphabet shares surged roughly 6% after the Google parent reported stronger-than-expected quarterly results, while Meta plunged about 8% and Microsoft slipped 4% as investors parsed their earnings outlooks.

As earnings season continues, Wall Street looks towards the “Magnificent Seven” to dictate market moves. The mixed reactions from tech giant earnings have already led broader index futures in after-hours trading, with the same waves expected as Apple (AAPL) and Amazon (AMZN) release reports after markets close on Thursday.

Investors are also keeping an eye on an the ongoing meeting between Trump and China’s Xi. The high-stakes talk is expected to strengthen the relationship between the world’s two largest economies amid ongoing trade tensions.

Meanwhile, markets are still assessing the Federal Reserve’s decision to cut its benchmark rate by a quarter percentage point. However, Fed Chair Jerome Powell signaled uncertainty about another cut in December.