Nasdaq 100 futures rise after MSFT cloud revenue miss

Yesterday the Q2 results from Microsoft (MSFT) pretty much matched analyst estimates on the top and bottom line, but the fall in cloud revenue of around 7% was not well greeted after the closing bell. Prior to that the Nasdaq 100 had slumped to a session low yesterday, at 18,667. The rebound into the close saw the index later end the session at 18,796, with a loss of 263 points on the day. The price action after the closing bell and the results from MSFT saw the futures fall and price a reopening at below 18,600. However, since then the index future has rebounded this morning and it has priced a reopening at above 19k a little earlier today. It is off that rebound high now, but we should expect another volatile day for the index later on, remembering that it is the last trading day of the month today. We should also note that we have two more tech titans reporting just after the closing bell this evening- QualComm (QCOM) and Meta (META) and those could have an impact on the index later after the close and the Fed policy decision. The Nasdaq 100 is just now priced to reopen at around 18,955