Nasdaq 100 and S&P 500: Tech Stocks Surge with Marvell and Salesforce Leading Gains

What’s Driving the Market Today?

U.S. stock futures gained ground on Wednesday, with technology shares propelling the market higher following strong earnings reports. Salesforce and Marvell Technology emerged as key leaders, posting double-digit premarket gains. Investors also weighed weaker-than-expected private payroll data against seasonal trends that often favor equities in December.

At 14:15 GMT, Dow Futures are trading 45013.00, up 205.00 or +0.46%. S&P 500 Index futures are at 6084.00, up 20.75 or +0.34% and Nasdaq futures are trading 21446.25, up 164.75 or +0.77%.

Key Facts and Analysis: What Traders Need to Know Right Now

Salesforce and Marvell Lift Tech Sector

Salesforce climbed over 12% after exceeding third-quarter revenue expectations, reporting $9.44 billion versus the anticipated $9.35 billion. Marvell Technology surged nearly 13% following a robust earnings beat and upbeat revenue guidance. Analysts pointed to AI demand as a primary growth driver for Marvell, with firms like JPMorgan forecasting further upside.

Strength in Other Tech Stocks

Pure Storage rallied 21% after surpassing earnings forecasts and securing a significant contract with a major tech player. The company’s CEO revealed expectations to replace 90% of the customer’s storage with flash technology. Similarly, Okta advanced 13% as it exceeded both earnings and revenue estimates, with the company projecting a strong outlook for the next quarter.

Mixed Results Across Other Sectors

Foot Locker tumbled 15% after missing earnings and revenue expectations and cutting its full-year outlook due to lower consumer demand outside peak shopping periods. Chewy slid 6% after reporting a meager profit of 1 cent per share, falling short of analysts’ expectations of 8 cents. Campbell Soup fell 3% as its quarterly sales lagged estimates, while General Motors declined 1% following higher-than-expected restructuring costs in its China operations.

Economic Data and Federal Reserve Insight

The ADP report showed private payroll growth of 146,000 in November, below economists’ estimates of 163,000. Markets are awaiting further clarity on labor trends with Friday’s jobs report. Meanwhile, Federal Reserve Chair Jerome Powell is scheduled to speak later Wednesday, with investors monitoring his comments for potential policy signals.

Market Forecast: Where Could the Market Be Headed Next?

December’s historical strength offers support for a bullish outlook, with strong tech earnings likely to sustain momentum in the near term. However, weaker labor data and Powell’s comments could create pockets of uncertainty. If AI and tech-driven gains persist, the S&P 500 and Nasdaq could achieve new highs, while broader market participation remains contingent on macroeconomic developments.

More Information in our Economic Calendar.