Finance News

The shares will bounce on Friday after the expertise giants make sturdy positive factors and the Nasdaq futures are up 1%

Stock futures rose Thursday night, preparing Wall Street to end the week at a high level as some of the biggest tech stocks – Facebook, Amazon, Alphabet and Apple – reported quarterly results that exceeded expectations.

Nasdaq 100 futures were trading 0.9% higher. Dow Jones Industrial Average futures rose 173 points, or 0.7%. The S&P 500 futures rose 0.5%.

Apple reported a blowout quarter with total sales growth of 11%. Apple also announced a 4: 1 stock split.

"Apple's earnings report was breathtaking," said Andrew Smith, chief investment strategist at Delos Capital Advisors. "The double-digit sales growth in a quarter in which most of the US economy has been shutdown is remarkable. This earnings report shows that Apple is shooting all cylinders. Apple's stock passed the symbolic threshold of $ 400 per share in after-hours trading, the a boosted the share split at a ratio of 4: 1, which was the icing on the cake for investors. "

Amazon, meanwhile, was up 5.3% when the company saw a surge in sales during the coronavirus pandemic. Facebook shares rose more than 7% after the bell when the social media giant saw sales growth of 11% despite the slowdown in the coronavirus pandemic. The company also released a stronger-than-expected sales forecast for the current quarter.

The overarching Google alphabet also delivered better results than expected, increasing the share by 0.4%. The stock's performance was subdued compared to the other big tech names, as the company's overall sales have declined in its history. Google Cloud revenue was also slightly below analysts' expectations.

"The numbers were astonishing in relation to expectations," said Peter Boockvar, chief investment officer at Bleakley Advisory Group. "We'll see what was priced in and what wasn't after their conference calls."

With these gains, the four stocks should increase their total market cap by about $ 200 billion, which is more than $ 5 trillion.

Big Tech was the star on Wall Street this year. Amazon and Apple rose 65.2% and 31% in 2020, respectively. Facebook and Alphabet grew by more than 14% during this period.

The Dow and S&P 500 both fell Thursday after the U.S. government released data that showed the largest quarterly decline in gross domestic product in the country's existence. The Dow lost more than 200 points and the S&P 500 ended the day down 0.4%. US GDP fell 32.9% in the second quarter, surpassing a record drop in mid-1921.

– CNBC's Patti Domm contributed to this report.

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