Before the Bell | Tech stock futures climb on strong Alphabet earnings

Moomoo Breakfast US wrote a column · Feb 2, 2022 05:14

By Ander

Hey, mooers! Here are things you need to know before the opening bell:

- Nasdaq futures pointed to a jump in tech stocks after Google parent Alphabet reported a surge in profit, sending its shares more than 10% higher in premarket trading.

- The Federal Reserve Bank of Philadelphia president supports a quarter-percentage-point increase in the benchmark rate in March.

Market Snapshot

$NASDAQ 100 Index(.NDX.US)$ futures jumped in early trading Wednesday, after the technology-focused average gained for the third straight day. Futures tied to the tech-focused index rose 1.3%, while $Dow Jones Industrial Average(.DJI.US)$ futures were up 53 points, or 0.15%, and the $S&P 500 Index(.SPX.US)$ gained a more robust 0.7%.

Google-parent $Alphabet-C(GOOG.US)$ rose around 10.2% in premarket trading after the company's quarterly results beat on the top and bottom lines. Alphabet also announced a 20-for-1 stock split, indicating the company might soon be included on the Dow Jones Industrial Average as well.

Source: Bloomberg

Top News

Tech stock futures climb on strong Alphabet earnings

Nasdaq futures pointed to a jump in tech stocks after Google parent Alphabet reported a surge in profit, sending its shares more than 10% higher in premarket trading.

Fed's Harker leans against 50 basis-point hike

The Federal Reserve Bank of Philadelphia president supports a quarter-percentage-point increase in the benchmark rate in March.

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Stock valuations and the 10-year Treasury yield are both back to where they were before the Covid-19 crisis.

AMC stock jumps on revenue guidance for holiday quarter

The movie-theater chain posted preliminary results that showed revenue topping analyst expectations in a fourth quarter that included the release of 'Spider-Man: No Way Home.' $AMC Entertainment(AMC.US)$

Starbucks sales rise as cost pressures increase

Staffing levels and pandemic restrictions remain challenges, the coffee chain says. Price increases helped the company's margins. $Starbucks(SBUX.US)$

Pfizer asks FDA to authorize its Covid-19 shot for young kids

The drugmakers' application to federal regulators could lead to the shots becoming available in March for children ages 6 months to under 5 years, the last age group without access. $Pfizer(PFE.US)$

Sony Group third-quarter net profit rose 11% on movie-business recovery

Sony Group Corp. said its third-quarter net profit rose 11%, thanks to stronger earnings from its movie business. $Sony(SONY.US)$

Vodafone on track to meet 2022 goals

Vodafone said its third-quarter performance was in line with expectations, with revenue of EUR11.7 billion and confirmed its earnings and cash flow guidance for 2022. $Vodafone(VOD.US)$

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