Futures tracking major US equity indices extended yesterday’s rebound, supported by another strong session for chipmakers and upbeat corporate earnings. Contracts on the S&P 500 and Dow Jones Industrial Average were up about 0.5%, while Nasdaq 100 futures gained more than 1%.
Amazon jumped more than 10% in premarket trading after reporting a fifth consecutive quarter of accelerating cloud-computing revenue, easing concerns that surging AI-related investment might fail to generate adequate returns. The results and commentary reinforced the positive tone for semiconductor stocks, as investors continue to weigh the risk of a slowdown in AI infrastructure spending against the sizable potential upside of the theme.
Micron and SanDisk each rose around 5%, positioning to reverse earlier losses from this week. By contrast, Apple fell 7% amid a chip shortage that has pushed up costs and disrupted production.
In the energy sector, Exxon Mobil and Chevron delivered mixed share-price reactions following their earnings releases, which highlighted the scale of the windfall from higher energy prices driven in part by the conflict in the Middle East.
