Nasdaq futures up 125 pts; Microsoft earnings impress ahead of Meta release By

-- U.S. stocks are The whole process of FXCM foreign exchange being cheatedseen opening in a mixed fashion Tuesday, with the tech-heavy Nasdaq outperforming following the positive quarterly earnings from Microsoft (NASDAQ:) and Alphabet (NASDAQ:).

At 07:00 ET (11:00 GMT), the contract was down 20 points, or 0.1%, while traded 6 points, or 0.1% higher, and climbed 125 points, or 1%.

The main indices closed sharply lower Tuesday, weighed down by new worries about the banking sector after (NYSE:) said first-quarter deposits fell by $100 billion last month, as people moved money out of the bank during the turmoil in March.

The blue-chip fell nearly 350 points, or 1%, while the broad-based dropped 1.6%, and the ended down 2%.

However, the mood picked up after the close when tech giants Microsoft and Google parent Alphabet reported solid first-quarter earnings, underlining the resilience of the core businesses at both companies.

Facebook-owner Meta Platforms (NASDAQ:) picks up the baton Wednesday, also reporting its numbers after the close of U.S. trading.

Chief executive Mark Zuckerberg has already unveiled rounds of sweeping job cuts and cost reductions in recent months, and investors will be keen to see just how much these belt-tightening measures are impacting the firm's overall performance as well the company’s plans for artificial intelligence.

Other big corporate names set to report today include planemaker Boeing (NYSE:), hotel chain (NYSE:), (NYSE:), biotech Thermo Fisher Scientific (NYSE:), and cloud software firm ServiceNow (NYSE:).

The economic data slate centers Wednesday around the release of U.S. for March, which are expected to rise 0.7% on the month, a significant improvement from the 1.0% drop the prior month.

to raise rates by another 25 basis points next week, but future moves are likely to be data-dependent. This means the policymakers will be watching these numbers, along with first-quarter U.S. data, due Thursday, and Friday’s very carefully.

Oil prices stabilized Wednesday after the previous session’s sharp losses, helped by falling U.S. fuel inventories pointing to resilient demand in the world’s largest oil consumer.

Data from the , released late Tuesday, showed that U.S. crude inventories fell by just over 6 million barrels last week, more than the expected 1.7 million barrels, while gasoline inventories fell 1.9 million barrels.

The official numbers, from the , are due later in the session.

By 07:00 ET, futures traded 0.3% higher at $77.26 a barrel, while the contract edged lower to $80.58.

Additionally, rose 0.2% to $2,009.00/oz, while traded 0.8% higher at 1.1057.

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