Saulius Loeb | AFP | Getty images
Equity futures jumped on Thursday night, forcing Wall Street to end the week on a high note as some of the biggest tech stocks – Facebook, Amazon, Alphabet and Apple – reported quarterly results that exceeded high expectations. .
The Nasdaq 100 futures turnover increased by 1.2%. Dow Jones Industrial Average futures earned 237 points, or 0.9%. S&P 500 futures rose 0.8 percent.
Apple reported a bloated quarter, with overall sales up 11%. Apple has also announced a 4-for-1 share split.
“Apple’s earnings report was breathtaking,” said Andrew Smith, chief investment strategist at Delos Capital Advisors. “Double-digit revenue growth in the quarter in which most of the U.S. economy was halted is extraordinary. The earnings report shows that Apple is firing all-round cylinders.
Amazon, meanwhile, sold 5.3% more as the company saw its sales rise during the coronavirus pandemic. Following the bell, Facebook shares rose more than 7% as the social media giant announced that even after the coronavirus pandemic slowed, revenue rose 11%. The company also announced stricter-than-expected sales guidelines for the current quarter.
Google’s parental results are also better than expected at 0.4%. The results of the shares were muted compared to other Big Tech names as the company’s earnings declined throughout history. Google Cloud revenue was also slightly lower than analysts expected.
“The numbers were staggering compared to expectations,” said Peter Boockvar, Bleakley’s chief investor in the advisory group. “We’ll see after their conference what cost and what doesn’t.”
With that increase, the four stocks had to add about $ 200 billion to their single-market cap, raising more than $ 5 trillion.
This year, Big Tech was the most popular Wall Street brand. Amazon and Apple grew by 65.2% and 31% in 2020, respectively. 2020 Facebook and Alphabet grew by more than 14%.
The Dow and S&P 500 fell on Thursday after the U.S. government released data showing the country’s biggest quarter-on-quarter decline. The Dow fell more than 200 points and the S&P 500 ended the day at 0.4%. U.S. GDP fell 32.9% in the second quarter, surpassing a record drop since 1921. Middle.
– CNBC member Patti Domm contributed to this report.
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