Nasdaq futures rise as markets attempt to bounce back from April sell-off, Meta shares soar
Stock futures rose in overnight trading as the market started selling off in April and investors reacted positively to the earnings from the Meta Platform.
Dow Jones Industrial Average futures rose 90 points, or 0.28%. S&P 500 futures rose 0.8% and Nasdaq 100 futures gained 1.3%.
The move comes as shares of Meta jumped more than 18% hours after a slump in earnings but fell in revenue, a sign that investors could see signs of relief in the sector. technology sector is defeated. Shares are down 48% year-over-year.
Meanwhile, shares of Qualcomm jumped 5.6% in extended trading on good earnings while PayPal rose 5% despite giving weak guidance for the second quarter.
“I think a lot of people want to believe that income is going to pull us out of this, but income isn’t what gets us into this,” SoFi’s Liz Young told CNBC’s “Closing Bell: Overtime” in on Wednesday. “…But the reality is that there are so many macro headwinds still ahead of us over the next 60 days that the market is hard to impress.”
The after-hours activity followed a volatile regular session that saw the Nasdaq Composite drop to a 2022 low, as stocks appeared to bounce back from the April sell-off due to leading technology. The index is down more than 12% since the beginning of April.
In Wednesday’s usual trading, the tech-heavy Nasdaq ended at 12,488.93, after rising 1.7% at a session high. The Dow Jones Industrial Average rose 61.75 points, or 0.2%, to 33,301.93, helped by gains from Visa and Microsoft, while the S&P 500 rose 0.2% to 4,183.96.
Investors await big tech earnings Thursday from Apple, Amazon and Twitter, along with results from Robinhood. Unemployment claims will also be released on Thursday.
