U.S. stock futures rise on relief over Facebook parent’s subscriber numbers as GDP report awaits

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US stock futures pointed to a stronger start on Thursday, boosted by results from Facebook parent Meta Platforms that weren’t as bad as anticipated.

What’s happening
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On Wednesday, the Dow Jones Industrial Average DJIA,
+0.19%
rose 62 points, or 0.19%, to 33302, the S&P 500 SPX,
+0.21%
increased 9 points, or 0.21%, to 4184, and the Nasdaq Composite comp,
-0.01%
dropped 2 points, or 0.01%, to 12489.

What’s driving markets
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The results from Meta Platforms FB,
-3.32%
weren’t well ahead of consensus, as revenue actually came in weaker than forecast, but expectations were low given the 48% decline this year in the stock.

In premarket trade, Meta shares stormed 17% higher.

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Michael Hewson, chief market analyst at CMC Markets UK, said the Meta results weren’t great, but weren’t horrible either.

Meta’s better-than-forecast subscriber numbers sets the stage for two other megacap tech stock results after the close, Amazon.com AMZN,
-0.88%
and Apple AAPL,
-0.15%,
Though the stock-market decline for Amazon hasn’t been as severe as Meta’s, its stock is just 2% above its 52-week intraday low.

Besides the tech results, investors will also be looking at the first-quarter gross domestic product numbers.

“US GDP data to show notable slowdown – and possible contraction – in first quarter as negative contributions from net trade and inventories offset steady private domestic demand,” said Chris Scicluna, head of economic research for Daiwa Capital Markets Europe.

The yen USDJPY,
+1.95%
meanwhile slumped to a fresh 20-decade low after the Bank of Japan didn’t alter its easy monetary policy stance.

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Credit: www.marketwatch.com /

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