US stock futures rose before the opening bell on Friday, August 7, with Nasdaq 100 and S&P500 futures hitting fresh session highs amid hopes of easing tensions between US and Iran, jump in the major chip stocks during pre-market session and strong corporate earnings.
Nasdaq 100 futures rose 0.55% to $29,651, S&P500 futures was up 0.23% at $7,752, while Dow Jones Industrial Average remained in green at $54,063.
This surge comes against the backdrop of several positive cues, including global cues, and strong earnings.
Here are three reasons why US stock futures are rising today:
Strong quarterly earnings
Airbnb shares surged more than 8% during premarket trading session after the vacation rental company beat estimatres. The firm hiked its annual revenue forecast for a second time this year after it saw robust global travel demand, particularly in the US and Europe. Airbnb expects annual revenue to grow by a percentage of “at least mid teens” from the prior “low- to mid-teens” guidance. Meanwhile, Cloudflare rose 16% in premarket after the firm posted a solid full-year and current-quarter outlook.
Chip Stocks In Green
In pre-market trading, Sandisk advanced 2.6%, Micron rose 1.27%, while Advanced Micro Devices (AMD) was up 0.7%, indicating positive sentiment on chipmakers amid improved geopolitical backdrop.
US -Iran Peace Hopes
US President Donald Trump on Thursday expressed his belief that the conflict between the United States and Iran will conclude soon. Talking to reporters in the Oval Office, Trump said, "I started the very important excursion into the Islamic Republic of Iran, it was a very important excursion because they can't have a nuclear weapon. I think the war is going to end soon, I don't think they can go much longer."
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