Dow futures up more than 100 points after closing at record, with big tech earnings on deck

U.S. stock futures rose in morning trading Tuesday as investors await a slew of major technology earnings with the broader market at a record high.

Dow Jones Industrial Average futures were up about 114 points. S&P 500 futures gained 0.4% and Nasdaq 100 futures traded 0.6% higher.

Shares of social media giant Facebook ticked 2.3% higher in premarket trading after the company topped analysts’ earnings expectations. Facebook missed expectations for revenue and monthly active users.

United Parcel Service also saw its shares increase 2% premarket after the shipping firm posting strong beats on profit and revenue across all business segments.

In other earning news, Dow component 3M gained 2.2% premarket after beating earnings on the top and bottom lines.

General Electric rose 1.4% in premarket trading after the company issued an upward revision to its full-year earnings forecast while reporting higher than expected third-quarter profit.

“Earnings season is off to another great start, but now the big test is will the big tech names step up? With stocks at all-time highs, the bar is indeed quite high and tech will need to impress to help justify stocks at current levels,” said Ryan Detrick, chief financial strategist at LPL Financial.

Of the 119 companies in the S&P 500 that have reported earnings, 83% beat expectations, according to Refinitiv. S&P 500 companies are expected to grow profit by about 35% in the third quarter.

The blue-chip Dow and S&P 500 closed at record highs on Monday. The Dow gained 64 points. The S&P 500 gained 0.5%, helped by a 12% rally in Tesla’s stock as the electric carmaker hit a $1 trillion market capitalization for the first time.

The Nasdaq Composite was the outperformer, rising 0.9%. The technology-focused average is about 1.1% from its record high.

Technology darlings Alphabet and Microsoft traded higher heading into their earnings reports after the bell on Tuesday. Microsoft bulls are expecting a strong quarter for Microsoft, bolstered by its key Azure business. Analysts are expecting Alphabet earnings to come in 43% higher year over year.

Twitter, Advanced Micro Devices and Robinhood also report quarterly earnings after the bell on Tuesday.

Shares of Intercontinental Exchange jumped 3.7% premarket, the day after CNBC reported that Mastercard will partner with ICE’s spinoff Bakkt in a move to allow customers to integrate cryptocurrencies into their products. ICE will provide behind-the-scenes custodial services for those that sign up.

The Dow Jones Industrial Average and S&P 500 closed at record highs on Monday.