Technology stocks are preparing for gains ahead of Apple and Amazon profits 2022-04-28 06:27:00

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Technology stocks were on the verge of gains as investors encouraged profits from Meta Platforms and awaited results from

apple

And

Amazon.

AMZN -0.88%

com.

The

Facebook

FB -3.32%

The owner’s stock rose 17% in pre-market trading on Thursday after the company said it did Added more users What investors expected in the first quarter. The gains helped lift the Nasdaq 100 futures contract by 1.8%, indicating a broader rally in technology stocks.

S&P 500 futures rose 1.3% and the Dow Jones Industrial Average rose 0.7%. In the bond market, the yield on the 10-year Treasury rose to 2.850% from 2.817%. Yields and bond prices move in opposite directions.

Twitter posts added 1% after the social media company’s post higher yield and withdrew financial guidance prior to its acquisition by Elon Musk. Southwest Airlines shares rose 3.4% on expectations that the company will turn a profit for the rest of the year.

Larva

Shares fell 1.4 percent after the leading industrial company said margins fell in the first quarter.

McDonald‘s

He said earnings were higher than analysts had expected, sending shares up 2.2%.

Carlisle Group

It added 2.4% after the investment firm’s assets under management rose from the previous quarter.

The sharp rise in stock futures highlighted the uncertainty that investors face as the Federal Reserve embarks on a series of interest rate increases to quell inflation. Thursday’s rally contrasts with tech stocks fainting afterwards

Netflix

Disappointed earnings Investors earlier in April. With little clarity on how the higher rates will filter through the broader economy, money managers say trading has been thin and vulnerable to saw moves in both directions.

“I don’t think people have a lot of conviction at all,” said John Rowe, head of multi-asset funds at Legal & General Investment Management. “It’s a period of time when the underlying uncertainty is at a particularly high level.”

Mr. Rowe said stock market volatility has not continued at such a high level since the 2008 financial crisis, except for the start of the pandemic. He added that bond volatility is the highest since the financial crisis.

Investors will get a glimpse of how decades of high inflation – and the Fed’s response – will affect consumer sentiment when Apple and Amazon report quarterly results after the closing bell.

Overseas markets rebounded. The Stoxx Europe 600 Index rose 0.8%, led by auto stocks, technology companies and banks.

Standard Chartered

It jumped 15% after the UK-listed bank said its profits rose in the first quarter.

Volvo Car

He said revenue rose, sending shares of the Swedish automaker up 9.7%.

Traders worked on the floor of the New York Stock Exchange on Wednesday.


picture:

Justin Lin/Shutterstock

After that, Chinese markets regained strength stumble in fears Lockdowns in major cities would slow growth in the world’s second largest economy. The Shanghai Composite Index is up 0.6%. Hong Kong’s Hang Seng Index rose 1.7%.

The Nikkei 225 index rose 1.8% after

Bank of Japan

boost her Commitment to low interest rates Despite the high rates of inflation. The central bank said it will buy 10-year Japanese government bonds at a yield of 0.25% every business day to ensure that the yield does not exceed that level.

Commitment to easy monetary policy contrasts with the Fed’s stance, and has led to the yen falling against the dollar. The Japanese currency fell to about 130.65 yen to the dollar, the weakest level since 2002. The offshore yuan fell about 0.9%, as one dollar bought about 6.64 yuan.

The WSJ Dollar Index rose 0.9% to 96.05, its highest level since March 2020, when the early spread of Covid-19 caused pressure in global markets.

In commodities, European natural gas markets calmed after prices surged when Russia jumped stop supplies For two EU members Wednesday. Gas futures prices fell 7.7% to 99.15 euros, the equivalent of $103.96 per hour.

Brent crude futures fell 0.6% to $104.33 a barrel.

Write to Joe Wallace at joe.wallace@wsj.com The Quentin Webb in quentin.webb@wsj.com

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