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Microsoft brightens the mood on Wall Street as hopes for a rate cut rise



(Reuters) – US stock futures rose significantly on Friday, as Microsoft's cloud business, driven by signs from New York Fed President John Williams, said the Fed would lower interest rates this month , recorded an uptrend.

Traders walk on the New York Stock Exchange (NYSE) floor in New York (USA) on July 16, 2019. REUTERS / Brendan McDermid

Microsoft Corp. ( MSFT.O ) America's most valuable company gained 3.5% before entering the market after analysts' estimates after a week of mixed corporate results in the US and Europe had exceeded.

Williams's remarks that the Fed can not wait for the emergence of an economic catastrophe on Thursday afternoon were behind the positive conclusion of the previous session, helping to drive a series of market moves on Friday.

Traders have raised betting by half a percentage point to 46% for a larger cut in key interest rates, a probability of 23% a week earlier, according to CME Group's FedWatch program.

At 6:54 GMT, Dow e-minis 1YMcv1 rose 36 points, or 0.13%. The S & P 500 e-minis EScv1 rose 1 point or 0.03% and the Nasdaq 100 e-minis NQcv1 gained 9.5 points or 0.12%.

The main indices have slipped their all-time highs earlier this week as some of the first batches of second-quarter earnings releases pointed to a slowdown in growth in the shadow of US-China trade talks.

Boeing Co ( BA.N ) rose 1.7% after it was announced that due to the estimated disruptions of landing its 737 MAX passenger jets in the second quarter, a loss of 4.9 Billion after tax.

Morgan Stanley analyst Rajeev Lalwani said it is a sign that investors are pleased with Boeing's levy and production schedules ahead of next week.

Shares of the world's largest oilfield service provider Schlumberger NV ( SLB.N ) also rose 1% as they reported higher-than-expected sales and appointed insider Olivier Le Peuch as the new Chief Executive Officer.

American Express Co ( AXP.N ) had gained 1.2% before publishing its own results.

(Corrects typographical errors in the second paragraph)

Reporting by Medha Singh in Bengaluru; Edited by Patrick Graham

Our Standards: The Thomson Reuters Trust Principles.

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