Increase in S&P and Nasdaq futures due to Amazon

Increase in S&P and Nasdaq futures due to Amazon #Increase #Nasdaq #futures #due #Amazon Welcome to Americanah Blog, here is the new story we have for you today:

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The S&P 500 and Nasdaq 100 futures bounced back on Friday as Inc`s robust earnings for the holiday reason lifted the mood at the end of a week of volatile trading that saw mixed earnings from Big Tech firms. The world’s largest retailer jumped 11.8% in premarket trading on plans to raise the price of its annual U.S. Prime subscriptions to offset higher costs. The main U.S. stock indexes tumbled on Thursday after Facebook-owner Meta Platforms Inc’s shares plunged 26% following a dour outlook, thwarting the stock market’s attempt at a recovery on upbeat earnings from other megacap growth companies such as Google-parent Alphabet Inc and Microsoft Corp.

Meta, Netflix Inc and Alphabet rose about 1.1%. After Thursday’s loss, smaller social media companies like Snap Inc surged 45.9% after reporting better-than-expected user growth and fourth-quarter outlook. Pinterest Inc jumped 15.3% after better-than-expected quarterly earnings as retailers put out a ton of advertising during the holiday quarter. Twitter Inc, which is expected to report results on Feb. 10, rose 5.5%. At 6:08 am ET, the Dow e-minis fell 110 points (0.31%), the S&P 500 e-minis rose 2.75 points (0.06%) and the Nasdaq 100 e-minis rose 106.5 points (0.73%).

“These are eye-watering, stomach churning moves normally associated with penny stocks, and yet they are happening in companies with billion-dollar market caps,” said Michael Hewson, chief market analyst at CMC Markets UK. Despite the earnings-driven whiplash in technology stocks, all three major stock indexes are on track to end their first week of February higher, with Nasdaq and the benchmark S&P 500 eyeing their best week since December.

As of Thursday, 260 S&P 500 companies had reported earnings for the quarter, 78.5% of which beat analyst expectations, according to Refinitiv data. That compares to an average of 84% for him over the last four quarters. The Labor Department’s monthly nonfarm payrolls figures on Friday may indicate a sharp slowdown in U.S. job growth in January as COVID-19 infections swept the country.

Data will be released at 8:30 AM ET (1330 GMT). “Investors are likely to miss what is certain to be a weak jobs report,” said Bryce Dougherty, portfolio manager at Sit Fixed Income Advisors. “The slowdown in the spread of COVID-19, combined with the likelihood that the Fed will continue to carry out its rate-hiking mandate, should discourage investors from dwelling too long on his January economic data.”

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