Amazon results boost U.S. futures ahead of jobs data
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[August 04, 2023] (Reuters)
- U.S. stock index futures rose on Friday as Amazon's
better-than-expected earnings trumped Apple's tepid sales forecast,
while investors awaited the July jobs report to firm up the likelihood
of a "soft landing" for the economy.
Amazon shares surged 8.8% in premarket trading after the company issued
an upbeat outlook for the third quarter, while Apple's shares fell 1.8%
as the iPhone maker forecast a continued slide in sales.
Shares of peers Microsoft, Alphabet and Snowflake rose between 1% and
6.2% after Amazon's cloud business segment beat sales estimates.
All eyes will be squarely on the July U.S. nonfarm payrolls report, due
at 8:30 a.m. ET, with a Reuters poll of economists estimating payrolls
increased by 200,000 jobs last month, after having risen 209,000 in
June, showing labor market conditions remain tight.
A Labor Department report on Thursday showed the number of Americans
filing new claims for unemployment benefits increased slightly last
week, while layoffs dropped to an 11-month low in July.
"The U.S. economy still appears to be in decent shape, concern about the
manufacturing sector notwithstanding, but the services sector has
remained resilient, with another solid ISM survey in July which saw
prices paid tick higher, and the employment component tick lower," said
Michael Hewson, chief market analyst at CMC Markets UK.
"The resilience in the prices paid component feeds into the concern that
rates are likely to remain higher for longer."
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Traders work on the floor of the New
York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023.
REUTERS/Brendan McDermid/File Photo
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The yield on the 10-year benchmark note was steady near the
nine-month high it hit due, partly, to Fitch downgrading the United
States from a AAA rating to AA+ earlier this week.
Stocks closed marginally lower on Thursday weighed down by the
latest batch of economic data and earnings downgrades.
At 05:25 a.m. ET, Dow e-minis were up 83 points, or 0.24%, S&P 500
e-minis were up 20.75 points, or 0.46%, and Nasdaq 100 e-minis were
up 97 points, or 0.63%.
Tupperware shot up 55.4% in premarket trading after it finalized an
agreement with its lenders to restructure its debt obligations in an
effort to turn around its business.
Amgen was up 1.1%, although in low volumes after it reported a
higher quarterly profit on strong sales of its cholesterol,
osteoporosis and other drugs. Its planned acquisition of Horizon
Therapeutics is delayed due to regulatory scrutiny.
Sports-betting firm DraftKings shares surged 13.7% after it raised
its fiscal year 2023 revenue guidance.
(Reporting by Shubham Batra in Bengaluru; Editing by Savio D'Souza)
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