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Apple Inc shares rose 2.4% in premarket trading after the iPhone
maker said parts shortages are easing and that demand for
iPhones is unceasing despite consumers tightening other
spending.
Amazon.com Inc shot up 12.1% after it forecast a jump in
third-quarter revenue from bigger fees from its Prime loyalty
subscriptions.
High-growth stocks also benefited from the yield on benchmark
10-year Treasury notes retreating 0.2%, with Tesla Inc,
Microsoft Corp, Alphabet Inc and Meta Platforms Inc adding
between 0.5% and 1.6%. [US/]
Investor worries of bigger interest rate increases began to ease
after the U.S. Commerce Department said on Thursday said the
American economy unexpectedly contracted for the second straight
quarter.
Data later in the day will show consumer spending, which
accounts for more than two-thirds of economic activity, likely
accelerated 0.9% in June following a 0.2% gain in May.
The so-called core PCE price index, a closely watched metric by
the Fed, likely remained unchanged in June at 4.7%.
Toward the end of a power-packed week, all three of Wall
Street's main indexes were set for their second straight weekly
gain.
At 7:07 a.m. ET, Dow e-minis were up 87 points, or 0.27%, S&P
500 e-minis were up 29.25 points, or 0.72%, and Nasdaq 100
e-minis were up 135.25 points, or 1.06%.
Shares of Chevron Corp and Exxon Mobil rose 4.0% and 2.8%,
respectively, after the oil majors posted their biggest
quarterly earnings on the back of soaring energy prices.
(Reporting by Shreyashi Sanyal and Aniruddha Ghosh in Bengaluru;
Editing by Arun Koyyur)
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