Futures Pointing To A Sharply Higher Open On Wall Street

(RTTNews) - Following the strong rally seen in the previous session, stocks may see some further upside in early trading on Friday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures up by 160 points.

Continued buying interest may be generated by expectations of further stimulus following yesterday's comments from European Central Bank chief Mario Draghi and today's news that China's central bank unexpectedly lowered interest rates.

The People's Bank of China cut both the one-year lending rate and the deposit rate by a quarter-point, marking the sixth rate cut since last November.

The markets are also likely to benefit from a positive reaction to the latest earnings news, including quarterly results from three tech giants.

Shares of Microsoft (MSFT) are moving sharply higher in pre-market trading after the software giant reported better than expected fiscal first quarter results. The results received a boost from the company's cloud business.

Google parent Alphabet (GOOG) also reported above-consensus adjusted earnings for its fiscal fourth quarter, while its revenues were about in line.

Shares of Amazon (AMZN) are also likely to see early strength after the online retailer reported an unexpected profit for the third quarter. The company's sales also exceeded estimates.

American Airlines (AAL), Procter & Gamble (PG), and Whirlpool (WHR) may also be in focus after reporting their quarterly results before the start of today's trading.