Nasdaq set for another record after strong Alphabet earnings; S&P futures are unchanged: Live updates

Nasdaq 100 futures ticked higher on Thursday after Alphabet’s latest quarterly results came in better than expected.

Nasdaq 100 futures rose 0.2%, while S&P 500 futures traded around the flatline. Futures tied to the Dow Jones Industrial Average fell 300 points, or 0.7%, bogged down by shares of IBM slipping 6% after the company’s second quarter software revenue missed expectations.

Alphabet advanced 3% in the premarket after posting a second-quarter earnings and revenue beat, bolstering gains in the S&P 500 and Nasdaq.

Gains were kept in check by declines in IBM and Tesla, down 6% early Thursday after auto revenue fell for a second straight quarter.

Investors also turned their attention to the ongoing feud between President Donald Trump and the Federal Reserve. The White House said that President Donald Trump will visit the Federal Reserve on Thursday, escalating his pressure campaign against Chairman Jerome Powell.

This is the first time in nearly two decades that an American president will make an official trip to the central bank.

Stocks are coming off a strong performance Wednesday, fueled by progress on trade talks.

The S&P 500 added 0.78% to hit its 12th record close of the year. The Dow Jones Industrial Average gained 1.14%, or 507.85 points — about four points away from a new record close. The Nasdaq Composite rose 0.61% and settled above 21,000 for the first time.

The major averages also caught a tailwind when the Financial Times reported that the U.S. was making progress towards a deal with the EU. Bloomberg confirmed the progress, citing diplomats briefed on the negotiations. This trade deal would introduce similar levies of 15% on goods coming to the U.S. from the bloc.

These tariff developments could help keep investor sentiment high from here, said Jeremy Siegel, Wharton School professor of finance and WisdomTree senior economist.

“We’re beginning to see some clarity here with these deals being made, and that’s certainly bullish. And certainly that keeps the momentum going in the stock market,” he said Wednesday afternoon on CNBC’s “Closing Bell.”