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Tech earnings lift Nasdaq-100 futures after a volatile week
Nasdaq-100 futures rose 1.2% on Friday, but the index is still set to fall more than 7% in July as geopolitical risk weighs on sentiment.
Technology stocks extended a rebound in Friday trading after stronger-than-expected June-quarter earnings. Nasdaq-100 futures rose 1.2%, following the index's 3.36% gain in the prior session, while futures linked to the Dow Jones Industrial Average and the S&P 500 climbed 0.6% and 0.5%, respectively. LiveMint Markets noted the rally remained selective, with gains largely concentrated in companies posting earnings beats.
In pre-market moves, Amazon shares jumped 13% after delivering better-than-expected results, while Apple fell 7% after its earnings disappointed. Meta Platforms edged higher after dropping 8% the previous session, and Microsoft extended gains following a surge of 15% the day before after robust earnings.
Despite the bounce, sentiment stayed cautious amid escalating geopolitical tensions in the Middle East and uncertainty around the US Federal Reserve's upcoming policy decision. LiveMint Markets also pointed to chip-sector weakness, including sell-offs among South Korean companies such as SK Hynix and Samsung Electronics, along with intensifying competition from Chinese rivals.
The report also highlighted oil strength tied to US and Iran tensions, with benchmark crude prices rising sharply over the quarter. Brent crude futures were up $1.71 to an intraday high of $88.59 a barrel, and WTI futures gained $1.40 to $85, helping Exxon Mobil and Chevron report major profit jumps, including Exxon’s 105% year-on-year net profit increase to $14.53 billion and Chevron’s 385% surge to $12.07 billion. Even with Friday’s rebound, the Nasdaq-100 remained on track for a decline of more than 7% in July, its biggest monthly drop in over a year.
Latest closeWTI crude $86.80 ▲3.8%|Brent $90.12 ▲1.2%|S&P 500 7,489.72 ▲0.7%