October 27, 2017 / 11:38 AM / a year ago

US STOCKS-Futures jump after strong tech earnings

* Futures up: Dow 48 pts, S&P 6.25 pts, Nasdaq 32 pts

By Sruthi Shankar

Oct 27 (Reuters) - Solid results from tech titans Amazon and Google-parent Alphabet were seen driving the U.S. stock index futures higher on Friday.

* Shares in Amazon, the world’s largest online retailer, jumped 7.61 percent in premarket trading as the company’s sales surged and profit trounced expectations.

* Alphabet shares gained 3.07 percent as robust advertising sales boosted the tech major’s revenue.

* Microsoft jumped 4.86 percent after the world’s largest software company reported further gains from its cloud computing services.

* Tech stocks have rallied this year, with the S&P technology index gaining about 30 percent this year, double the gains in the broader S&P index.

* As the third-quarter earnings season nears the halfway mark, 74 percent of the S&P companies topped expectations as of Thursday, above the 72 percent beat rate for the past four quarters.

* Data on U.S. economy will likely show that growth slowed in the third quarter as hurricanes Harvey and Irma hurt consumer spending and undercut construction activity. The GDP data is due at 8:30 a.m. EDT (1230 GMT).

* A final reading of University of Michigan Consumer Sentiment Index is likely fall to 100.9 for October. The report is due at 10:00 a.m. ET

* Oil prices steadied on Friday, with benchmark Brent crude trading just below $60 a barrel, buoyed by comments from Saudi Arabia’s crown prince backing the extension of OPEC-led output cuts.

* Among other early movers, Intel shares were up 3.34 percent after it raised full-year revenue and profit forecasts.

* Mattel plunged 18.28 percent after the toymaker said it would miss its full-year revenue forecast and decided to halt dividend from the fourth quarter.

* Expedia was down 13.13 percent after the online travel services company’s profit missed Wall Street’s consensus forecast.

Futures snapshot at 6:55 a.m. ET:

* Dow e-minis were up 48 points, or 0.21 percent, with 23,355 contracts changing hands.

* S&P 500 e-minis were up 6.25 points, or 0.24 percent, with 167,062 contracts traded.

* Nasdaq 100 e-minis were up 32 points, or 0.53 percent, on volume of 37,342 contracts.

Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur

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