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Stock futures rally after earnings reports from Amazon, Snapchat


An exchange trader is seen working on the New York Stock Exchange floor.


Overnight trading in stock futures rose Thursday after investors digested corporate earnings reports following the Nasdaq Composite’s worst day in over a year.

The Dow Jones Industrial Average futures gained 140 points. S&P 500 futures added 1% and Nasdaq 100 futures rallied 1.8%.

After strong quarters, several technology stocks saw huge gains after hours. Amazon jumpedMore than 15% Pinterest surgedMore than 24% Snap rocketed up 60% of earnings are reported.

These moves follow a disappointing earnings report from Facebook parent MetaThe mega-captech stock fell and affected equity markets.

Facebook released its quarterly results on Thursday and “everyone gave up” and decided to sell the entire sector. Rich Greenfield from Lightshed Partners stated that it was clear the incorrect reading. It will be interesting to see how investors begin to view these companies individually rather than… the entire sector.

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The tech-heavy Nasdaq Composite suffered its worst day since September 2020 when it fell 3.7%. The S&P 500 had its worst day in nearly a year, sliding 2.4%. Dow Jones Industrial Average lost 518.17 point.

“The sharp drop in FB market cap today and the accompanying drag on the S&P500 index is … a stark reminder of the high concentration of mega-cap Tech stocks in the S&P 500 — and the vulnerabilities that such concentration brings,” Goldman Sachs’ Chris Hussey said in a note Thursday.

Meanwhile, U.S. oil prices topped $90 per barrel for the first time since 2014, heightening inflation concerns.

The economic data was also a target for investors. U.S. jobless claims came in at 238,000 last week, the Labor Department reported Thursday, slightly fewer than expected.

Now, the focus is on you. January jobs reportSet for Friday morning release Dow Jones surveyed economists and found that they expect 150,000 job gains, with some loss of up to 400,000.