Large Tech Rises as Traders Prepare for Fed Day- Europe Market Wrap

Global markets rose, with Nasdaq 100 index futures up more than 1%, as a burst of positive news fuelled a recovery in technology companies. The Yen rose when Japan boosted interest rates.

ASML jumped 11% as reports surfaced that the US will exempt some countries from export restrictions. Advanced Micro Devices rose in pre-market trade following an upbeat revenue estimate. Nvidia rose 5.7% as Morgan Stanley stated the selloff had created an attractive entry point.

Tech stocks have been pounded in recent days as earnings failed to meet sky-high expectations, and traders believed that the AI frenzy had peaked. The S&P 500 was expected to open 1% higher, erasing Tuesday’s decline caused by weaker cloud growth at Microsoft.

Markets are set for an action-packed day, with Fed Chair Powell expected to suggest a potential rate decrease in September and Meta Platforms reporting.