Nasdaq 100 futures rise as investors parse latest tech earnings, await jobs data: Live updates

Published On Oct 31, 2024, 6:02 PM

Futures for the Nasdaq 100 have risen 0.3% as tech earnings are evaluated ahead of key employment data. Amazon's stock surged over 5% following strong quarterly performance, notably in its cloud and advertising sectors, while Intel’s shares rose more than 7% after surpassing revenue expectations. However, both the S&P 500 and Nasdaq experienced their worst trading sessions since early September, primarily due to disappointing earnings from Microsoft and Meta. Market performance in October is notable with all major indexes showing declines, influenced by a cautious trading approach among investors amidst upcoming critical economic reports, including October's job figures.

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Stock Forecasts

AMZNView AMZN chart on TradingView

Positive

Investors may find potential opportunities in Amazon and Intel due to their recent strong earnings reports, which exceeded expectations. Amazon's continued strength in both cloud services and advertising suggests growth potential, while Intel's good guidance position it favorably in a recovering tech landscape.

MSFTView MSFT chart on TradingView

Negative

Despite the upswing in tech futures attributed to strong earnings from key players, the overall market sentiment has been cautious. This could lead to downward pressure on stocks connected to Microsoft and Meta, especially if forthcoming economic data continues to show signs of a slowing labor market, contributing to further risk-averse behavior among investors.

CVXView CVX chart on TradingView

Neutral

Chevron and Exxon Mobil are set to report earnings, and their performance might influence energy sector stocks positively if they reflect robust earnings akin to Amazon and Intel. However, current market jitters might temper any significant boosts unless earnings drastically surpass expectations.

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