Dow Jones futures are down slightly Friday morning, S&P 500 futures are up slightly, Nasdaq futures are up, Amazon (AMZN) and Snap earnings are in focus, and the January jobs report is coming out.
The S&P 500 and Nasdaq Composite jumped Friday, ending their best week of the year, as continued strength in earnings reports extended the momentum of technology stocks rebounding from January's plunge.
Dow Jones Futures
Dow Jones futures are down 0.4% from fair value. Futures on the S&P 500 are up a fraction. Nasdaq 100 futures are up 0.7%, well below Thursday night's high of nearly 2%. AMZN stock is an important component of the S&P 500 and the Nasdaq.
The January jobs report will certainly have a significant impact on Dow futures and U.S. Treasury yields.
The New York Stock Exchange closed with the Dow Jones Industrial Average down 0.06%, the S&P 500 up 0.52% and the Nasdaq Composite up 1.58%.
The biggest gainer on the day for the Dow Jones Industrial Average was Salesforce.com Inc (NYSE: CRM), which closed up 3.04 percent, or 6.46 points, at 219.23. JPMorgan Chase & Co (NYSE: JPM) rose 2.60 percent, or 3.86 points, to close at 152.56, and Goldman Sachs Group Inc ( (NYSE: GS) rose 2.43 percent, or 8.72 points, to 367.60 in late trading.
The yield on the 10-year U.S. Treasury jumped 6 basis points to 1.83%, not far from its recent two-year high. The Bank of England rose for the second straight month. Meanwhile, the ECB said it will end asset purchases in March, and ECB President Christine Lagarde expressed hawkishness in comments published after the meeting, initially hinting at a possible rise.
U.S. crude oil prices rose 2.3 percent to $90.27 a barrel, topping $90 for the first time since 2014. Natural gas futures plunged on Thursday after rising sharply on Wednesday.
In addition to Meta's 26.7% drop, Amazon was down 7.7% before reporting earnings after the close.
Meta reported late Wednesday on its iconic social media platform that its profits were lower than expected after losing 1 million users a day worldwide.
The latest dramatic sell-off faced by the big tech company follows a similar liquidation of Netflix stock last month. Other tech giants such as Apple and Google parent Alphabet rallied after the results were announced.
All three major stock indices were in negative territory about 45 minutes before the close, threatening four consecutive days of gains.
Meta Platforms and the sharp drop in Netflix after last month's earnings. This could signal weakness under the surface and have a negative impact on the market, said Adam Sarhan, CEO of 50 Park Investments.
“Some of the larger technology stocks are trading almost the same way as lower-priced stocks. It’s a huge shift under the surface, from a clearly bullish market to one that may be peaking or the beginning of a bearish phase on Wall Street,” he said.