By Devik Jain

(Reuters) – The Nasdaq and futures of the Nasdaq were at records on Thursday thanks to a string of excellent earnings reports. Investors shrugged off Federal Reserve’s initial steps in reducing its support for pandemics.

Pre-market trading saw shares of Qualcomm Inc (NASDAQ:) Inc rise 8.1% after the chipmaker predicted better-than-expected profits and revenue for its current quarter. This was due to soaring demand in chips for smartphones, cars, and other internet connected devices.

Wall Street was cheered by the positive third quarter earnings season, as well as optimistic commentary on future growth from Corporate America. Wall Street is now able to ignore concerns about rising prices, supply chain issues and a mixed macroeconomic picture.

It was widely expected that the Fed would announce its intention to begin cutting its monthly bond purchases this month. While remaining true to the belief of the “transitory” nature inflation and waiting for job growth, it also supported sentiment.

The S&P 500 and Nasdaq notched record all-time closes for their fifth straight sessions on Wednesday, while the posted a record close for the fourth session in a row.

The data is due by 08:30 a.m. ET should show that last week’s decline in the number filing claims for unemployment benefits was 19 months. This suggests that the economy is recovering momentum. On Friday, a comprehensive report will follow on nonfarm payrolls.

Jeffrey Halley (OANDA senior market analyst) stated that “the risks are now tilted towards the (payrolls Data) finally aligning signals elsewhere in U.S. Economy, after a few month of disappointments.”

A number above 500K may cause equity markets not to pay attention to the Fed taper’s implications. Similar to the above, low printing will continue the lower-forlonger monetary party of equities well into the early hours.

6.50 am. ET were down 12 point, or 0.03%. They were up 5.75 points (or 0.12%) and up 70.5 points (or 0.44%).

Tesla Inc (NASDAQ) Inc gained 1.9%. This was a record-breaking open while the other giants of mega-cap technology were unable to match it. Microsoft Corp (NASDAQ), Alphabet Google (NASDAQ) Inc. (NASDAQ) Amazon.com (NASDAQ) and Meta Platforms were also higher.

Oil firms include Exxon Mobil (NYSE,) Chevron Corp (NYSE: ) grew 0.9% and 0.5% respectively in line with crude oil prices. [O/R]

U.S. Representative Rick Larsen indicated on Wednesday that he and his fellow House Democrats were able to complete votes on President Joe Biden’s Social Spending and Infrastructure Bills as soon as Friday at noon.