FAANG Earnings Prop Up Stock Futures as GDP, Jobs Data Roll In

The latest GDP reading showed a surge in economic activity

Digital Content Manager
Apr 29, 2021 at 9:20 AM
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Stock futures are higher at last check, lifted by strong quarterly reports from Big Tech giants Apple (AAPL) and Facebook (FB). Dow Jones Industrial Average (DJI) futures are eyeing a 138-digit pop, while Nasdaq-100 Index (NDX) futures are aiming for even higher gains. Meanwhile, futures on the S&P 500 Index (SPX) are modestly higher, as the index shoots for another intraday high later today. 

Also boosting investor sentiment this morning is the latest gross domestic product (GDP) reading, which surged 6.4% in the first quarter.  Plus, initial jobless claims came in at a new pandemic-low of 553,000 for the week, though the figure was still higher than the 540,000 claims Wall Street was anticipating.

Continue reading for more on today's market, including:

  • Could this be the end of the road for Goodyear stock?
  • More on Microvision stock's record high.
  • Plus, unpacking Apple's blowout quarter; digital spending boosting Facebook; and McDonald's same-store sales.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Wednesday, and 690.856 put contracts. The single-session equity put/call ratio fell to 0.43 and the 21-day moving average dropped to 0.46.
  2. Apple Inc (NASDAQ:AAPL) is up 2.7% before the bell, after the tech giant posted better-than-expected quarterly earnings and revenue. The company attributed the strong results to higher demand for its new 5G iPhone, and increased its buyback plan by $90 billion. However, Apple said the global ship shortage could negatively impact its business. Year-over-year AAPL is up 90%.
  3. Another Big Tech name surpassing analysts' quarterly expectations is Facebook, Inc. (NASDAQ:FB),which is up 8.1% ahead of the open. The company's earnings and revenue came in above estimates, thanks to a surge in digital ad spending. Still, Facebook warned Apple's (AAPL) new privacy policies could hurt its ad revenue this year. FB is set to open at a new record high this morning.
  4. The shares of McDonald's Corp (NYSE:MCD) were last seen up 0.3% in electronic trading, after the fast food chain reported a quarterly earnings and revenue win. The impressive results are a result of a 13.6% increase in U.S. same-store sales, which was also above estimates.
  5. Today also brings pending home sales data.

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European Markets Higher on Upbeat Economic Sentiment

Stocks in Asia were mostly higher after the Fed decision in the U.S., and investors eyed Apple (AAPL) suppliers following the company’s blowout report. However, the South Korean Kospi posted a 0.2% loss. Among the winners, Hong Kong's Hang Seng had the best day with a 0.8% win. Meanwhile, China's Shanghai Composite rose 0.5%, and Japan's Nikkei tacked on 0.2%.

Markets are similar in Europe, amid data showing a much better-than-expected euro zone economic sentiment reading for April, as it climbed to 110.3 compared to the previous month's 100.9. The German DAX is slipping midday, down 0.5% at last check, while London's FTSE 100 rises 0.6%, and the French CAC 40 gains 0.5%.

 

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