S&P 500 futures rise adding gains by Amazon’s strong earnings. After Q1 reports, shares of the tech business jump in expanded sessions.
S&P 500 gains on big tech stocks – Key points
Amazon’s profits exceeded forecasts in terms of its EPS and sales, providing a pleasant surprise.
After first-quarter reports, shares of the tech business jumped in the extended session.
S&P 500 futures continue to rise as the online shopping giant performs
Following the release of better-than-anticipated quarterly results. Amazon‘s shares surged up to 10% at one point in extended trade, lifting S&P 500 futures marginally.
For the initial three months of the year. The e-commerce company posted earnings (EPS) of $0.31 on revenue of $127.4 billion. Exceeding peak- and bottom-line projections in part due to resilient internet sales and strong advertising effectiveness.
EPS: $0.31 as opposed to the anticipated $0.21
Revenue: $127.4 billion vs the anticipated $124.55 billion
5 Minute Graph of Amazon
Source: TradingView
There was more good news to come. Amazon also provided a positive prognosis, saying that it anticipates Q2 net sales of between $127 billion and $133 billion. Which is somewhat above Wall Street’s estimate of $129.5 billion – that the company’s darkest days may be behind
S&P 500 gains traction – Outlook
The S&P 500 may gain more traction to go higher in the next few days. Mainly a result of large tech outperforming highly negative forecasts with positive results. Initial resistance is positioned close to the psychological 4,200 mark. Bulls could feel inspired to assault 4,310, the 61.8% Fibonacci retracement of the 2022 drop. If this technical hurdle is broken.
Technical Graph
Source: TradingView
