Dow futures surge higher; Intel, Amazon earnings help ahead of PCE release
Investing.com — U.S. stock futures rose Friday, ending a difficult week on a positive note, helped by healthy earnings from both Amazon and Intel.
By 06:00 ET (10:00 GMT), the Dow Futures contract was up 60 points, or 0.2%, S&P 500 Futures traded 20 points, or 0.5%, higher and Nasdaq 100 Futures climbed 135 points, or 1%.
The major indices closed sharply lower Wednesday, with the tech-heavy Nasdaq Composite shedding 1.8%, on course for weekly losses of about 3% and on pace for its third straight losing week.
The broad-based S&P 500 index closed 1.2% lower, off 2% for the week, while the blue chip Dow Jones Industrial Average dropped 0.8%, its sixth negative session in seven, set for a weekly loss of 1%.
Amazon (NASDAQ:AMZN) offered up quarterly earnings after the close Thursday that went a long way to securing its position as the world's biggest cloud provider and online retailer.
Amazon Web Services, its cloud business segment, grew revenue 12% to $23.1 billion, while advertising revenue jumped 26% to $12.06 billion from a year earlier.
Additionally, chip manufacturer Intel (NASDAQ:INTC) delivered better-than-expected guidance for the current quarter after third-quarter earnings markedly beat analyst estimates amid signs PC demand has bottomed out.
These positive results have boosted overall confidence at the end of what has been a difficult week on Wall Street.
The earnings focus turns Friday away from the tech sector and towards the big energy companies.
Oil giants Chevron (NYSE:CVX) and Exxon Mobil (NYSE:XOM) are due to report before the opening bell, and are expected to report earnings per share of $3.60 on revenue of $51.4 billion and EPS of $2.37 on revenue of $94 billion, respectively
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