US100 gains 0.8%📈

Shares of the largest U.S. technology companies are supporting gains in Nasdaq 100 (US100) futures ahead of tomorrow’s key risk events: the Fed decision (6 PM GMT, with Powell’s press conference at 6:30 PM GMT) and after-hours earnings from Meta Platforms (META.US) and Microsoft (MSFT.US). Both companies will report Q4 2025 results after the U.S. close and will likely shape expectations into what is effectively the “peak” of the current U.S. earnings season. Broader U.S. equity sentiment is also being helped by a sharply weaker dollar today.

Big Tech is clearly outperforming the wider market. Nvidia, Apple, Amazon, and Microsoft are up close to 2%, while additional momentum is coming from semiconductors. Shares of Taiwan Semiconductor and ASML are rising even more than the flagship U.S. tech names, giving the index a meaningful tailwind.
Strength in mega-cap chip stocks is more than offsetting visible weakness in software, where Oracle is down nearly 4%. The outperformance of large-cap leaders may also reflect a degree of portfolio rebalancing, after the “Mag 7” names were among the weakest parts of major U.S. indices for months.
Looking at the S&P 500 companies earnings season so far (FactSet data as of January 23, with 13% of S&P 500 reported), 75% have beaten net profit expectations and around 70% have topped revenue estimates. Current year-over-year EPS growth for the S&P 500 is running near 8%, but after Big Tech reports that figure will likely rise materially, potentially toward roughly 15% YoY.
This quarter marks the 10th consecutive quarter of year-over-year EPS growth for the index. The S&P 500 is currently valued at around 22x earnings, roughly 10% above its 5-year average and close to 15% above its 10-year average near 19.

US100 (H1 timeframe)

Source: xStation5

Sentiment across the broader equity market is generally mixed today, but BigTech supports Nasdaq 100 momentum. Source: xStation5

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
adobe_unique_id	Expiration date 364 days
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
countryIsoCode
intercom-device-id-iojaybix	Expiration date 270 days
test_cookie	Expiration date 1 hour
_cfuvid
OClmoOot	Expiration date 18262 days

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-121192761-1	Expiration date 1 hour
_gat_UA-190421227-1	Expiration date 1 hour
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
AnalyticsSyncHistory	Expiration date 29 days
__hstc	Expiration date 179 days
__hssrc
__hssc	Expiration date 1 hour
_vwo_uuid_v2	Expiration date 365 days
_gcl_au	Expiration date 89 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
guest_id	Expiration date 729 days

Cookie name	Description
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_fbp	Expiration date 89 days
fr	Expiration date 89 days
muc_ads	Expiration date 729 days
lang
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
li_sugr	Expiration date 89 days
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
MUID	Expiration date 389 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
MSPTC	Expiration date 389 days
_rdt_uuid	Expiration date 89 days

Cookie name	Description
personalization_id	Expiration date 729 days
UserMatchHistory	Expiration date 29 days
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
lang
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days

US100 gains 0.8%📈

US100 (H1 timeframe)

Join over 2 000 000 investors from around the world