S&P 500, Nasdaq futures rebound after Apple, Amazon earnings revive faith in Big Tech
US stock futures rose on Friday, on track for weekly wins as Wall Street embraced strong earnings from Apple (AAPL) and Amazon (AMZN) that eased doubts about prospects for Big Tech.
S&P 500 futures (ES=F) gained 0.7%, while those on the Nasdaq 100 (NQ=F) surged 1.3%. Futures on the Dow Jones Industrial Average (YM=F), which includes fewer tech stocks, wobbled along the flatline.
Amazon stock soared almost 13% in premarket trading after its third quarter results easily topped analysts’ forecasts. In particular, its cloud division, Amazon Web Services, posted a 20% jump in revenue, signaling renewed strength in enterprise demand. Apple’s (AAPL) stronger-than-expected results helped lift its shares, as did its upbeat guidance for the all-important holiday quarter.
The mood on techs has turned following a rough day on Wall Street that saw the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) lose 1% and 1.6%, respectively. Meta (META) suffered its steepest one-day drop in three years thanks to pushback over its AI spending spree.
Elsewhere in tech, Nvidia (NVDA) shares rebounded, up near 2% in premarket as the company made a fresh push into South Korea, saying it would supply as many as 260,000 of its AI chips to companies and the country’s government. Nvidia CEO Jensen Huang also said he was “hopeful” about the one-year trade truce struck between the US and China and its implications for the company being able to sell its flagship Blackwell chip in China.
Later Friday, Federal Reserve officials will step up to speak. Investors are still assessing the fallout from their meeting this week, which brought the expected interest-rate cut and revealed deepening divisions among policymakers on the path forward.
LIVE 6 updates
