U.S. stock index futures climbed on Wednesday, after Netflix surged on posting its largest-ever fourth-quarter subscriber growth, while ASML's strong earnings drove gains in chip stocks.

Netflix jumped 10.1% in premarket trading after the streaming giant's fourth-quarter subscriber additions blew past estimates on a strong slate of shows including the final season of "The Crown" and David Fincher's film "The Killer."

"Original content has higher retention rates, making it a serious weapon in the streaming wars," Hargreaves Lansdown's lead equity analyst Sophie Lund-Yates said in a note.

"It doesn't come cheap and some would balk at Netflix's annual content budget, but it's this investment that keeps Netflix's frame gilded."

AT&T, Abbott Laboratories, and General Dynamics are some of the big-ticket companies reporting results before market opens.

On Tuesday, the S&P 500 closed at a record high for the third day, extending a bull-market run it had confirmed on Friday.

With the benchmark index trading around 20 times forward 12-month earnings estimates versus its long-term average of 16 times, as per LSEG data, the "Magnificent 7" group of megacap companies' earnings will determine if rich valuations are justified and whether Wall Street will retain recent rally or lose steam.

Tesla's result is due after the market closes on Wednesday and chipmaker Intel's on Thursday.

Magacaps such as Microsoft, Amazon.com and Meta Platforms gained around 1% each, with U.S. Treasury yields falling.

Tesla, too, rose 1.5%. A Reuters report said the company has informed suppliers it wants to start production of a new mass-market electric vehicle code named "Redwood" in mid-2025.

U.S. chip stocks including Nvidia, Advanced Micro Devices, Intel and Marvell Technology gained between 1.1% and 2.5% following European chip-making equipment maker ASML Holding's fourth-quarter earnings beat and best-ever quarterly orders.

Investors will also monitor the S&P Global's flash readings of Purchasing Managers Index (PMI) during the day.

Other data including the personal consumption expenditure (PCE) index - the Federal Reserve's preferred inflation gauge, and an advance fourth-quarter GDP print this week will be key in gauging the central bank's upcoming policy decision next week.

A resilient U.S. economy and pushback from central bank officials have led investors to reassess their bets on how quickly the Fed will cut rates this year. Traders now see an 88% chance of cut in May, as per CME Group's FedWatch Tool, versus the previous expectations in March.

At 5:27 a.m. ET, Dow e-minis were up 28 points, or 0.07%, S&P 500 e-minis were up 18.5 points, or 0.38%, and Nasdaq 100 e-minis were up 118.75 points, or 0.68%.

Among others, chipmaker Texas Instruments shed 4% after forecasting first-quarter revenue and profit below market estimates.

(Reporting by Ankika Biswas in Bengaluru; Editing by Maju Samuel)