After Apple released its most recent quarterly earnings on Friday, Nasdaq-100 futures fell.
Futures associated with the technology-heavy index fell 0.3%, while futures for the S&P 500 fell 0.1%. The Dow Jones Industrial Average-linked futures saw a 14-point, or 0.04%, increase.
Following the release of a lacklustre revenue forecast for the December quarter, Apple experienced a 3% decline in value. Despite the company’s impressive top and bottom lines in the fourth quarter of its fiscal year, overall revenues fell for the fourth consecutive quarter. In other news, Paramount Global surged 4.5% following a robust quarterly report, while Block surged 16% on an earnings beat and an increase in full-year outlook.
Additionally, traders anticipated the release of the October jobs report, which was scheduled for 8:30 a.m. ET. Compared to the massive loss of 336,000 jobs in September, economists surveyed by Dow Jones are forecasting a rise in payrolls of 170,000. Additionally, they predict that the unemployment rate will remain at 3.8%.
With investors becoming increasingly optimistic that the Federal Reserve’s rate-hiking campaign is almost done, equities are expected to rise significantly this week as of Thursday’s closing.
With a 4.4% gain, the Dow is on track to have its greatest weekly performance since October 2022. Both the Nasdaq and the S&P 500 are expected to have their best weeks since November 2022, with the former up 5.2% and the latter up 4.9% for the week.
Source (CNBC)