May 18, 2021

Ukraine Breaking News

Ukraine Breaking News | The Latest News In Ukraine

S&P, Nasdaq 100 futures up after Apple and Facebook exceeded estimates

S&P, Nasdaq 100 futures up after Apple and Facebook exceeded estimates

US stock index futures rose Thursday following the extraordinary earnings results of two of the largest tech companies: Apple and Facebook.

Futures contracts linked to the Dow Jones Industrial Average gained 182 points. S&P 500 futures were up 0.7%, with the benchmark poised to set another record. Nasdaq 100 futures gained 1%.

Investors pointed to strong earnings results from both iPhone maker Apple and social media platform Facebook in explaining Thursday’s earnings.

Apple said sales increased 54% during the quarter, with each product category experiencing double-digit growth. The company also said it will increase its dividend by 7% and has authorized $ 90 billion in share buybacks. Apple shares were up nearly 3% in early trading.

Facebook’s revenue increased 48%, driven by higher-priced ads. Facebook grew over 7% in the pre-market. Qualcomm shares were up 5% in early trading after reporting a 52% increase in revenue.

Stocks of cruises surged after the CDC said departures from US ports could begin in mid-July. Carnival and Norwegian shares were up more than 2% in pre-market trading.

“The primary market trend remains positive,” said Keith Lerner, Truist’s chief market strategist. “But we expect a more agitated environment as tensions are set to persist between better economic growth and earnings prospects than the potential for higher taxes and rising interest rates as the economy normalizes,” he added.

Thursday marks President Joe Biden’s 100th day in office. On Wednesday night, he gave his first speech at a joint session of Congress where he pushed his hitherto popular agenda, which includes a $ 2 trillion infrastructure plan and a newly unveiled $ 1.8 trillion plan for families, children and students.

Thursday is the busiest day of the quarterly earnings season, with around 11% of the S&P 500 expected to provide quarterly updates.

McDonald’s released its results before the opening bell on Thursday and told investors that its sales have finally surpassed pre-pandemic levels. The Dow component also improved its system-wide sales growth prospects.

Caterpillar beat expectations and traded higher, while Merck traded lower following disappointing results. Amazon, Gilead Sciences, Twitter, US Steel and Western Digital will publish their quarterly results after the market closes.

Economic data released Thursday will give investors an update on the progress of the economic recovery.

Q1 GDP will be released at 8:30 am ET and is expected to show a 6.5% annual increase in economic activity, according to Dow Jones estimates. Initial jobless claims numbers will also be released, with economists interviewed by Dow Jones forecasting an increase of 528,000, about the same as last week. Data on pending home sales are also due.

The major averages closed in the red during normal trading on Wednesday. The Dow slipped 165 points for a loss of 0.48%. The S&P 500 hit a record high but failed to maintain those gains and closed down 0.08%. The Nasdaq Composite fell 0.28%.

The Federal Reserve said Wednesday that it will keep interest rates close to zero. The S&P slipped from its high after Federal Reserve Chairman Jerome Powell said at a press conference following the Federal Open Market Committee’s decision that there are some signs of foam in the market.

“Rates remain unchanged for now, and despite improving economic data, tapering talks remained off the table at today’s Federal Reserve meeting,” said Janus Henderson portfolio manager Bethany Payne.

“With accelerating vaccination rates, strengthening employment and expansionary fiscal policy add further support to household and business incomes, investors are now looking for signs that the central bank’s safety net may be withdrawn. sooner than expected, “he added.

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