Nasdaq 100 Futures Rise as Investors Eye Earnings and Jobs Data

Nasdaq 100 futures ticked upward on Thursday evening as investors digested a series of significant earnings reports and anticipated the upcoming release of pivotal jobs data. Futures for the tech-heavy index climbed by 0.3%, with the Dow Jones Industrial Average futures rising by 15 points (0.1%) and S&P 500 futures also gaining 0.1%.

A standout performer in after-hours trading was Amazon, which saw its stock soar over 5% thanks to strong results from its cloud and advertising sectors, both of which exceeded Wall Street’s earnings expectations. Intel also made waves, with shares surging more than 7% following revenue results that beat forecasts and optimistic guidance for the coming quarters.

This positive movement came after a turbulent Thursday trading session. The S&P 500 and Nasdaq Composite both suffered notable losses, largely due to declines in Microsoft and Meta Platforms following their earnings releases, which disappointed investors. In fact, both indices recorded their largest single-day drops since early September. The Dow Jones also fell by over 300 points, led down by declines in major tech stocks like Microsoft, Intel, and Amazon.

“It’s primarily driven by technology, clearly,” explained Jay Hatfield, Chief Investment Officer of Infrastructure Capital Management, adding that the upcoming election could be prompting investors to reduce risk.

Thursday marked the end of a rocky month for the stock market, with the Dow dropping by 1.3%, leading losses among the major indices. The S&P 500 and Nasdaq declined by 1% and 0.5%, respectively, as October closed out with a downturn in an otherwise strong year.

Now, investors eagerly await the latest employment report, set to release on Friday morning. Economists expect nonfarm payrolls to show an increase of only 100,000 jobs for October, a figure that would represent the smallest monthly rise in nearly four years, with the unemployment rate projected to hold steady at 4.1%.

In addition to jobs data, traders will be keeping an eye on earnings from Chevron and Exxon Mobil on Friday. These reports will round out the busiest earnings week of the season, during which nearly one-third of the companies listed on the S&P 500 reported their results.

Disclaimer

The information provided in Finance Monthly is for informational purposes only and should not be construed as investment advice. All content, including articles, interviews, and analysis, reflects the opinions of the authors and does not necessarily represent the views of Finance Monthly.

Investing in financial markets involves risks, including the loss of principal. Past performance is not indicative of future results, and there is no guarantee that any investment strategy will be successful. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions.

Finance Monthly is not responsible for any losses or damages arising from reliance on the information contained herein. By accessing this publication, you acknowledge and accept these terms.