Nasdaq Futures Surge on Microsoft Buzz, Semiconductor Gains

Stock futures are pointed higher this morning, bouncing back from yesterday's sharp selloff. Semiconductors and Microsoft (MSFT) buzz surrounding its Azure business is powering Nasdaq-100 Index (NDX) futures up 453 points and helping Wall Street forget about Meta Platforms' (META) looming post-earnings selloff. Dow Jones Industrial Average (DJI) futures are ready to recoup some of yesterday's losses, while futures tied to the S&P 500 Index (SPX) sport modest gains.

On the data front, U.S. GDP was weaker than expected in the second quarter, increasing just 1.5% and missing estimates of 1.8%. The Fed's preferred inflation gauge, the PCE index, added 0.1% for July and in-line with estimates.

Continue reading for more on today's market, including:

• Alternative energy stock under pressure. 
• Rivian stock is testing support before earnings.
• Plus, cybersecurity stock's high ride, CVNA snaps win streak, and NCLH's haircut. 

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.1 million call contracts and 1.3 million put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.61, while the 21-day moving average remained at 0.58. 
2. Cybersecurity name Fortinet (NASDAQ:FTNT) is up 12% premarket, thanks to better-than-expected second-quarter billings of $0.90 per share on revenue of $2.05 billion. The stock is already up 93% year-over-year, heading into today. 
3. Futures of used-car retailer Carvana (NYSE:CVNA) are off 10% before the bell, on the company's lower-than-expected full-year guidance of between $2.7 billion and $3 billion. Today's pullback is set to snap the stock's four day straight win streak and extend its 19% six-month deficit. 
4. Before today's open, Norwegian Cruise Line (NYSE:NCLH) is down 7%, after the company trimmed its full-year forecast to $1.50 per share. The stock is off 7% year-to-date going into today.
5. A large Big tech earnings batch, served next week. 

Rallying Tech Sector in Asia

Asian markets were a mixed bag today. South Korea’s Kospi shed 1.2%, even after an upbeat report from Samsung Electronics. China’s Shanghai Composite lost 0.6%, while Japan’s Nikkei and Hong Kong’s Hang Seng added 0.7% and 0.2%, respectively, the former boosted by a rallying tech sector.

Over in Europe, investors are unpacking a handful of news updates. Euro zone gross domestic product (GDP) rose by 0.4%, past the 0.2% estimates. The Bank of England, meanwhile, kept its U.K. interest rate steady at 3.75%. At last look, London’s FTSE 100 is up 0.4% after a beat-and-raise from defense contractor BAE Systems. The French CAC 40 and German DAX are 1.1% and 0.3% higher, the latter holding off a post-earnings selloff from Adidas.