Stocks Extend Rally as Uber Soars, But Microsoft-Delta Feud Brews

Stock indices aimed to build on Tuesday's rebound, with futures pointing higher ahead of the open. A notable market comeback unfolded in the prior session, with the Dow, S&P 500, and Nasdaq all posting gains between 0.76% and 1.04%. Sentiment was particularly bullish in Japan, where the Nikkei 225 soared 10.2% for its best day since 2008.

On the earnings front, ride-hailing leader Uber delivered an impressive Q2 performance that topped expectations. The company reported EPS of $0.47 on $10.7 billion in revenue, exceeding forecasts as monthly active users and total trips increased year-over-year.

However, tensions flared between tech giants Microsoft and Delta Air Lines regarding last month's crippling global IT outage. Microsoft alleges it offered free recovery assistance that Delta rebuffed, while criticizing the airline's recovery efforts. Delta plans to seek damages, roping in cybersecurity firm CrowdStrike as well.

The corporate spat contrasted with political news, as Vice President Kamala Harris unveiled Minnesota Governor Tim Walz as her VP running mate for 2024. Both praised the selection at their debut campaign rally.

Meanwhile, Disney announced streaming price hikes taking effect in October, with its bundled plans poised to rise by $1 to $2 per month in an apparent push to consolidate subscribers.

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