Stock Market Futures Gain Ahead Of Key Inflation Data
U.S. stock futures are trading higher early Friday morning. In general, this could be due to better-than-expected big tech earnings, and key GDP data released on Thursday. Investors will get earnings data from more notable names in the stock on Friday. Such as Chevron (NYSE: CVX), AbbVie (NYSE: ABBV), Colgate-Palmolive (NYSE: CL), and many others.
The stock market was looking to log its third straight day of gains. This comes as investors react positively to earnings results from Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN). Additionally, the news adds fuel to a positively-received second quarter U.S. corporate earnings season. Specifically, almost half of the companies already reporting. According to Refinitiv, the S&P 500 has notched in a blended profit growth rate of 7.6%, with 76% exceeding profit estimates. Moving along, as of 6:07 am ET, the Dow, S&P 500, and Nasdaq futures are trading higher by 0.28%, 0.76%, and 1.20% respectively.
Amazon (AMZN Stock) Jumps After Posting Strong Earnings Beat
Starting us off, let’s look at Amazon.com, Inc. (AMZN). Shares of AMZN stock jumped more than 12% in after-hours trading on Thursday to $137 per share. This comes after the company reported its second quarter of 2022 fiscal earnings.
In the report, Amazon reported earnings per share of $0.10 on revenue of $121.2 billion. Compared with, wall street consensus estimates of $0.15 per share on revenue of $119.5 billion. Furthermore, The company reported upbeat guidance for the third quarter. In detail, it estimates third-quarter revenue of $125.0 billion to $130.0 billion. The current consensus revenue estimate is $127.8 billion.
“Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network,” stated Andy Jassy, Amazon CEO.
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Shares Of Apple (AMZN Stock) Rally After Reporting Stronger-Than-Expected Third Quarter Earnings
Next, let’s check out consumer tech giant Apple. Shares of AAPL stock rallied over 2% in Thursday’s extended trading session to $161.10 per share. This is contributed to the company reporting better-than-expected third-quarter fiscal earnings.
Diving right in, Apple (AAPL) reported earnings of $1.20 per share on revenue of $83.0 billion. The consensus earnings estimate was $1.14 per share on revenue of $82.4 billion. Furthermore, the company noted on its conference call that it estimates fourth-quarter revenue to be higher than $84.92 billion. This is in comparison with current wall street estimates of $89.92 billion for the quarter.
“This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers,” said Tim Cook, Apple’s CEO. “As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.“