In the wake of dissapointing Big Tech earnings that pushed several of the major indices into the red, stock futures lifted higher Friday morning as Amazon (AMZN) -) led Big Tech over the earnings finish line.
Dow Jones futures rose .12%, while S&P 500 futures lifted .46%. The Nasdaq 100 futures, meanwhile, rose .91%, the strongest lift across the major indices.
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The positive push was led in part by strong results from both Amazon and Intel (INTC) -).
Amazon reported net income for the quarter of $9.9 billion, or 94 cents per share, well above Street expectations of 58 cents per share. Revenue for the quarter likewise jumped 12.6% from the year-ago period to $143.1 billion, well ahead of analyst expectations of $141.2 billion.
Amazon's cloud services sector, Amazon Web Services, raked in $23.1 billion in revenue alone.
CEO Andy Jassy highlighted the company's general embrace of artificial intelligence across just about every avenue, from AWS to advertising to customers' shopping experience.
"Every one of our businesses is building generative AI applications to change what's possible for customers, and we have a lot more to come," he said on the earnings call, adding: "We also have increasing conviction that Prime Video can be a large and profitable business in its own right."
Amazon shares jumped more than 6% in pre-market trading.
After posting adjusted earnings of 44 cents per share, double the Street's consensus, Intel shares popped in after-hours trading by more than 7%.
Though revenue fell around 8% for the quarter, the seventh consecutive declining quarter for the chipmaker, Intel told investors it expects revenue to grow in the current quarter. CEO Pat Gelsinger said that the company plans to cut costs by around $3 billion this year.
The company's Data Center and AI sector saw a sales dip of about 10% as competition mounts in the area; its Computing sector also saw a dip of around 3%. But even on the news that Nvidia (NVDA) -) is looking to develop PC chips, Intel isn't concerned.
“We take all competition seriously," Gelsinger said. "But I think with history as our guide here, we don’t see these as potentially being all that significant overall.”
And as the UAW auto strikes potentially move closer to a conclusion, trying times are still ahead for the Detroit Three. Ford (F) -), reporting an earnings miss Thursday, said that it had lost $1.3 billion due to the strikes. Once a new deal is ratified its vehicles will run around $900 more expensive than before.
Ford stock fell nearly 2% after hours.
Oil prices, meanwhile, surged Friday, Oct. 27 on the news of two U.S. air strikes on what the Pentagon said were Iranian targets in Syria late Thursday. Crude oil futures jumped 2.14% to around $85 a barrel.
Wall Street is awaiting the pre-market release of core personal-consumption expenditures, the Federal Reserve's preferred gauge for inflation.
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