(Bloomberg) — US equity futures climbed at the end of a turbulent week after Amazon.com Inc. and Intel Corp. reported solid earnings, lifting some of the gloom that settled after mixed reports from big-tech peers. Crude oil rose as the US conducted strikes on Iran-linked facilities in Syria.
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Nasdaq futures added 0.8% after a selloff that drove the index to its lowest since May. The retreat also put the S&P 500 on the brink of a “correction,” with the gauge down almost 10% from its July peak. Intel jumped 7.8% in premarket trading Friday, while Amazon was up 4.8%.
The earnings season has proved a mixed bag so far, with investors punishing misses more severely than they are rewarding beats. In the US, 78% of companies reporting beat estimates, compared with 57% in Europe, according to JPMorgan Chase & Co. strategists. But more companies than usual are flagging lower consumer demand and a deteriorating economic environment, they said, even as data Thursday suggested price pressures continue to dissipate in the US despite solid economic growth.
The focus now turns to a raft of reports today, including the Federal Reserve’s preferred measure of underlying price pressures, to solidify bets the central bank will pause next week. In addition, traders will watch earnings from oil majors including Exxon Mobil Corp. and Chevron Corp.
Resilient US growth and earnings beats by some US tech giants “bake into a long-awaited relief for stressed investors,” said Hebe Chen, an analyst at IG Markets in Melbourne. “As we approach the end of the month, investors are holding their breath for next week’s FOMC meeting, which is poised to set the tone for the remainder of the year.”
The Stoxx Europe 600 slipped as earnings continued to disappoint. French drugmaker Sanofi plunged as much as 16% after an earnings miss and downbeat outlook, while UK lender NatWest Group Plc slumped after cutting margin guidance. Universal Music Group NV,…
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