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Wall Street Seen Opening On Firm Note

wallstreet up 032918 29jul22 lt

Higher U.S. futures and firm European markets thanks to some upbeat earnings announcements point to a positive start on Wall Street Friday morning.

The Dow futures are gaining 0.2%, the S&P futures are up 0.6%, and the Nasdaq futures are climbing nearly 1%.

Apple Inc (AAPL) and Amazon Inc (AMZN) have reported stronger than expected quarterly numbers.

Apple said its third-quarter profit dropped to $19.44 billion or $1.20 per share from $21.74 billion or $1.30 per share last year. Twenty-nine analysts polled by Thomson Reuters had predicted earnings of $1.16 per share for the quarter.

Amazon reported second-quarter net loss of $2.0 billion or $0.20 per share, compared with net income of $7.8 billion or $0.76 per share last year. This year's loss includes a pre-tax valuation loss of $3.9 billion included in non-operating expense from investment in Rivian Automotive, Inc.

Intel, Chevron and P&G have also reported fairly good earnings for the latest quarter.

On the economic front, data on personal spending for the month of June is due at 8:30 AM ET. The Chicago PMI reading for the month of July is due out at 9:45 AM ET.

Stocks recovered from early weakness and ended with solid gains on Thursday as weak GDP data added to optimism that the Fed will slow the pace of its interest rate hikes at future meetings.

The major averages added to the strong gains posted on Wednesday to reach their best closing levels in well over a month. The Dow jumped 332.04 points or 1% to 32,529.63, the Nasdaq shot up 130.17 points or 1.1% to 12,162.59 and the S&P 500 surged 48.82 points or 1.2% to 4,072.43.

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