Tech Rally Keeps Stocks Afloat Amid Mixed Earnings – Europe Market Wrap

Stocks edged higher on Wednesday as a rally in technology shares kept benchmarks afloat after disappointing earnings in the European banking and luxury sectors.

Technology shares stood out in the US, with contracts on the Nasdaq 100 rising 0.6% compared with a 0.1% gain for S&P 500 futures. Tesla jumped more than 10% in premarket trading after Elon Musk vowed to launch less-expensive vehicles as soon as late this year. Chipmaker Nvidia and Facebook owner Meta were quoted about 2% higher.

After a strong performance by US tech giants on Tuesday, attention will be on Meta as the next of the so-called Magnificent Seven group of companies to report.