Stock futures were higher Friday morning as investors look to extend a recent rally that has stocks pacing towards their best month since November 2020.
Ahead of the market open, S&P 500 futures were up 0.5%, Dow futures were up 0.1%, and Nasdaq futures were up closer to 0.8%.
On Thursday, stocks rallied for a second straight day with the Nasdaq extending its two-day gains to 5% as both the tech index and benchmark S&P 500 are sitting on gains since June 16 north of 10%. Month-to-date, the S&P 500 is up some 7.5%.
Amazon shares were up as much as 10% in pre-market trade after a better-than-feared quarterly report from the tech giant. “Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network,” Andy Jassy, Amazon CEO, said in a statement following earnings.
Apple shares rose as much as 2% in pre-market trade following revenue that totaled $83 billion in its fiscal third quarter, a company record for the quarter.
“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category,” Apple CFO Luca Maestri said in a statement.
Elsewhere in markets, shares of Roku (ROKU) were tanking in pre-market trade, down as much as 22% after disappointing quarterly results as the streaming player continues to deflate from its pandemic highs reached in early 2021. Shares of Roku are down about 85% over the last 18 months.
On the economic data side, the latest PCE price index, the Fed’s preferred measure of inflation, showed prices rose 0.6% over the prior month and 4.8% over the prior year on a “core” basis.
Futures modestly softened following this data, though the market’s early week read that inflation and rate hikes are likely to moderate in the coming quarters continues to serve as the predominant theme for traders.
This post will be updated.