U.S. Futures Mixed After Stocks Extend Relief Rally, Alphabet Reports

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U.S. Futures Mixed After Stocks Extend Relief Rally, Alphabet Reports
Credit: © Reuters.

By Oliver Gray

Investing.com - U.S. stock futures rose in early APAC deals on Wednesday, after major indices extended gains for a third consecutive session as rising long term bond yields boosted financial heavyweights, while technology players rallied after-hours following strong Q4 earnings reports.

The Dow Jones Industrial Average climbed 273.38 points, or 0.8%, to 35,405.24. The S&P 500 rose 0.7% to 4,546.54. The Nasdaq Composite advanced 0.7% to 14,346.

Dow Jones Futures eased 0.1%, S&P 500 Futures added 0.3% and Nasdaq 100 Futures . gained 0.78%.

In Tuesday’s regular session, bank stocks were the most improved as JPMorgan Chase & Co (NYSE: JPM ) added 1.72%, Citizens Financial Group Inc (NYSE: CFG ) gained 2.88%, Bank of America Corp (NYSE: BAC ) added 1.73%, Citigroup Inc (NYSE: C ) lifted 2.21%, Wells Fargo & Company (NYSE: WFC ) rallied 3.35% and Morgan Stanley (NYSE: MS ) gained 2.49%.

Tech also finished higher overall as Block Inc (NYSE: SQ ) added 4.35%, Amazon.com Inc (NASDAQ: AMZN ) lifted 1.08%, Meta Platforms Inc (NASDAQ: FB ) gained 1.83% and Netflix Inc (NASDAQ: NFLX ) rebounded 7.02%.

In extended deals, market participants scooped up discounted technology stocks following strong Q4 earnings reports. Google-parent Alphabet (NASDAQ: GOOGL ) surged 8.69% after-hours following a better-than-expected quarterly results , with earnings per share coming in at $30.69 vs $27.34 expected, while revenue growth was reported at 32%, coming in at $75.33 billion vs $72.17 billion expected, according to data from Refinitiv. The company also announced a 20-for-1 stock split.

Advanced Micro Devices Inc (NASDAQ: AMD ) lifted 9% after-hours following strong results. the company reported EPS of 92 cents vs 76 cents expected, while revenue was at $4.83 billion vs $4.53 billion expected, according to Refinitiv. AMD also issued strong first-quarter and full-year revenue guidance.

PayPal Holdings Inc (NASDAQ: PYPL ) tanked 17.52% after hours as revenue came in above expectations for the fourth quarter, while issuing disappointing first-quarter and full-year guidance.

Starbucks Corporation (NASDAQ: SBUX ) also fell 1.02% after reporting quarterly earnings that came in below analyst expectations. EPS came in at 72 cents vs 80 cents expected, while revenue, however, topped estimates coming in a $8.05 billion vs. $7.95 billion expected.

Investors will be paying close attention to the Earnings Calendar as reporting season continues, with names such as Meta Platforms, T-Mobile US Inc (NASDAQ: TMUS ) and Qualcomm Incorporated (NASDAQ: QCOM ) set to release figures later in the session.

On the bond markets, United States 10-Year rates were at 1.796%.

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