Tech titans deliver earnings beats, jobs report looms - what's moving markets
Investing.com — Tech giants Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) report higher-than-anticipated earnings even as a slowdown in consumer spending weighs on returns at both companies. Meanwhile, the release of the key U.S. labor market report for July is due out on Friday, with traders hoping that the numbers could provide some clues about the path ahead for Federal Reserve interest rate policy.
1. Futures point higher after fresh Big Tech earnings
U.S. stock futures rose on Friday, led higher by the Nasdaq 100 futures, as investors gauged results from two tech behemoths and geared up for the release of a crucial monthly jobs report.
At 05:11 ET (09:11 GMT), the Dow futures contract had gained 65 points or 0.20%, while S&P 500 futures climbed by 18 points or 0.40%, and Nasdaq 100 futures jumped by 88 points or 0.57%.
Sentiment heading into the final trading day of the week was aided by tech bellwether Apple and e-commerce group Amazon. Both reported better-than-expected earnings in the latest quarter despite headwinds from weaker consumer spending.
Meanwhile, the closely-watched U.S. nonfarm payrolls report for July is due out at 08:30 ET on Friday. The data, which may play into the Federal Reserve's next policy decisions, is expected to show that the world's largest economy added fewer jobs during the month.
2. Apple profits top estimates despite hardware sales dip
Apple posted higher-than-anticipated quarterly income thanks in part to strong services demand, but revenue still fell as consumers reined in spending on the iPhone and iPad maker's gadgets.
Net profit in the three months until the end of June increased by 2.3% from a year ago to $19.9 billion, surprising Wall Street estimates for a decline of 3.6% to
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