U.S. stock futures rallied early Friday as investors reacted to strong quarterly results from Apple (AAPL) and Amazon (AMZN). Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 1.14%, 0.63%, and 0.04%, respectively, at 4:44 a.m. EDT on October 31.
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During Thursday’s regular trading session, all three major indexes closed lower amid concerns over the Big Tech’s increasing capital spending on artificial intelligence (AI). The Nasdaq Composite fell 1.57%, the S&P 500 lost 0.99%, and the Dow slipped 0.23%.
U.S. stock indexes remain on track to finish both the week and the month in positive territory. This week, the S&P 500 is up 0.45%, the Nasdaq has risen about 1.6%, and the Dow has gained around 0.7%. For October, the S&P 500 has risen 2%, the Nasdaq has gained about 4.1%, and the Dow has climbed 2.4%. The Dow is on track for its sixth straight monthly gain, its longest streak since 2018.
After the markets closed, Apple and Amazon reported blockbuster earnings, boosting investor confidence in the technology sector. Amazon shares jumped over 13% after posting a 20% increase in its cloud revenue, beating expectations. Apple shares rose about 3% on strong quarterly earnings and a positive outlook for iPhone sales in the December quarter.
Additionally, Netflix (NFLX) stock spiked 3.5% after announcing a 10-for-one stock split aimed at making its shares more accessible to retail investors.
On the earnings front, Exxon Mobil (XOM), AbbVie (ABBV), Chevron (CVX), and Colgate-Palmolive (CL) are set to release their results today.
Notably, the U.S. 10-year Treasury yield was up, floating near 4.11%. WTI crude oil futures were trending lower, hovering near $60.41 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,026 per ounce on Friday.
Elsewhere, in Europe, stocks opened mixed on October 31, as investors digested corporate earnings and the Bank of England’s (BOE) decision to keep interest rates unchanged.
Asia-Pacific Markets Traded Lower Today
Asia-Pacific markets traded mostly lower on Friday as investors remained cautious about aggressive AI spending and weak manufacturing data from China, which showed contraction for a seventh straight month in October.
Hong Kong’s Hang Seng index dropped 1.43%. In China, the Shanghai Composite fell 0.81%, and the Shenzhen Component lost 0.28%. Meanwhile, Japan’s Nikkei advanced 2.12%, and the Topix gained 0.94%.
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