Reader Comments

US STOCKS-S&P, Nasdaq futures rise on Amazon boost

by Tahlia Marcell (2022-05-09)

By Bansari Mayur Kamdar and Medha Singh

Feb 4 (Reuters) - 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.

"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.

Meta, Netflix Inc and Alphabet firmed about 1.1%.

Following losses on Thursday, 2022 calendar printable pdf smaller social media companies such as Snap Inc surged 45.9% after reporting better-than-expected fourth-quarter user growth and outlook.

Pinterest Inc rose 15.3% after its quarterly revenue beat estimates as retailers splurged on advertising during the holiday quarter, while Twitter Inc, expected to report results on Feb.

10, rose 5.5%.

At 6:08 a.m. ET, Dow e-minis were down 110 points, or 0.31%, S&P 500 e-minis were up 2.75 points, or 0.06%, and Nasdaq 100 e-minis were up 106.5 points, or 0.73%.

As of Thursday, 260 S&P 500 companies have reported results so far during this earnings season, and 78.5% of them have beaten analysts' earnings estimates, compared with an average of 84% over the past four quarters, according to Refinitiv data.

The Labor Department's monthly nonfarm payrolls numbers on Friday are likely to show U.S.

job growth slowed sharply in January as COVID-19 infections lashed the nation.

The data is due to be released at 8:30 a.m. ET (1330 GMT).

"Investors will likely look past what is sure to be a weak jobs report," said Bryce Doty, portfolio manager at Sit Fixed Income Advisors.

"Slowing COVID-19 cases combined with a Fed unlikely to be deterred from its mission to raise rates should keep investors from dwelling too long on January's economic data." (Reporting by Bansari Mayur Kamdar and Medha Singh in Bengaluru; Editing by Shounak Dasgupta)