(Reuters) – jumped more than 2% on Thursday as Meta Platforms shares soared after a stronger-than-expected profit, taking some pressure off growth and technology stocks that have been battered recently.

After the social network also saw user growth, the Facebook-parent rose by 17.7% during early New York trading.

Additional megcap stocks include Apple Inc (NASDAQ) Microsoft Corp (NASDAQ), Amazon.com Inc.

As investors abandoned high-growth stocks fearing rising interest rate will harm future earnings, and as Netflix Inc (NASDAQ.) suffered a shock subscriber loss, the index could suffer losses in excess of 10% for April.

Apple, which is the world’s largest company and Amazon will both report results after Thursday markets close.

After Qualcomm (NASDAQ) Inc forecasted third quarter revenue that was higher than analyst estimates, the stock price of Qualcomm (NASDAQ) Inc rose 8.4%

At 05.05 AM. ET was up 390 points or 1.17%. They were up 76.5 points or 1.84%. Nasdaq 100 electronic minis were up 322.25 points or 2.52%.