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On Thursday evening, Nasdaq 100 futures showed a positive trend as traders assessed significant earnings reports ahead of the crucial jobs report set to be released. Futures linked to the technology-heavy index climbed 0.4%, while Dow Jones Industrial Average futures increased by 152 points, also reflecting a gain of 0.4%. The S&P 500 futures followed suit, rising by 0.4%.
A notable driver of this upward momentum was Amazon, whose shares surged over 5% after exceeding Wall Street’s earnings expectations, bolstered by robust performance in its cloud computing and advertising sectors. Similarly, Intel saw its stock rise more than 5% following its revenue surpassing analysts’ forecasts and providing optimistic guidance for future performance.
These gains came after a challenging trading day on Thursday, where the S&P 500 and Nasdaq composite indices faced declines. The downturn was largely attributed to disappointing earnings reports from tech giants Microsoft and Meta Platforms, leading to the worst performance for both indexes since early September. The Dow Jones Industrial Average also experienced a decline, dropping more than 300 points, influenced primarily by the negative sentiment surrounding major tech stocks like Microsoft, Intel, and Amazon.
Jay Hatfield, Chief Investment Officer at Infrastructure Capital Management, noted that the declines were predominantly driven by technology stocks. He suggested that investors might be adopting a more cautious approach as they navigate the uncertain landscape ahead of the upcoming elections.
Thursday marked the conclusion of a month characterized by losses, impacting a year that had otherwise shown strength in the markets. The Dow recorded a 1.3% decline, while the S&P 500 and Nasdaq composites fell by 1% and 0.5%, respectively.
As traders look ahead, all eyes are on the jobs data set to be released on Friday morning. Economists surveyed by Dow Jones anticipate a modest increase of 100,000 nonfarm jobs in October, which would represent the smallest gain in nearly four years. The unemployment rate is expected to hold steady at 4.1%, a figure that investors will be closely monitoring as it could influence market sentiment moving forward.
Related media – Associated media
