US stock futures were mixed on Wednesday, with the Nasdaq rising as Alphabet's (GOOG, GOOGL) strong earnings boosted optimism for Big Tech results ahead of crucial GDP and labor market data.

Contracts on the tech-heavy Nasdaq 100 (NQ=F) edged up roughly 0.2%, while S&P 500 futures (ES=F) hugged the flat line on the heels of a winning day for both. Dow Jones Industrial Average futures (YM=F) slid 0.2% as a fresh batch of earnings rolled in.

Tech megacaps are in the spotlight after Alphabet's quarterly results showed its high-spending push into AI is starting to pay off. Shares of the Google parent jumped almost 6% in premarket, alongside smaller gains for Amazon (AMZN), Meta (META), and Microsoft (MSFT).

The wait is on for after-hours earnings from Meta and Microsoft, next up in the five-strong parade of "Magnificent Seven" reports this week. For the stock rally, a lot is riding on how Big Tech earnings fare — which will be paramount even amid a packed two weeks of data and other market-moving news, according to analysts.

Eyes will be on updated readings on third quarter GDP and ADP private payrolls due later for signs of a slowing economy, after job openings fell to their lowest level in almost four years. Signs of further cooling in the labor market are expected to influence the Federal Reserve's next interest rate decision on Nov. 7.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

Meanwhile, earnings continue to reset the mood in a consequential week for markets. Eli Lilly (LLY) and Caterpillar (CAT) are the early morning highlights, while Starbucks (SBUX) and Robinhood (HOOD) are on the after-hours roster.