Wall Street Today | Stocks Rebound Before Meta, Amazon Earnings Impressed

The $S&P 500 Index(.SPX.US)$ rose 1.25%   while the $Nasdaq Composite Index(.IXIC.US)$ also gained 1.30%. The $Dow Jones Industrial Average(.DJI.US)$ increased almost 1%.

Market attention refocused on earnings, with three of the Magnificent Seven stocks - $Apple(AAPL.US)$, $Amazon(AMZN.US)$ and $Meta Platforms(META.US)$ -- set to report after the regular trading hours end Thursday.

Six of those seven mega-cap stocks -- $NVIDIA(NVDA.US)$, Amazon, $Alphabet-A(GOOGL.US)$, Meta Platforms, $Microsoft(MSFT.US)$ and Apple -- are expected to be the top contributors to earnings growth for the S&P 500 in the quarter ended Dec. 31, according to FactSet. Together, the six were seen posting year-on-year growth of 53.7% for the fourth quarter, FactSet said in a blog post Jan. 29.

After markets closed, Amazon shares advanced as the company reported net sales that exceeded estimates and the tech giant painted a rosy outlook for the first quarter. The company expects first quarter operating income to be between $8 billion and $12 billion, compared with $4.8 billion in three months ended March 2023.

$Parker Hannifin(PH.US)$ shares climbed to a record after the company raised its full year earnings outlook above analysts' estimates and exceeded consensus on its second quarter results. The industrial company now sees adjusted earnings for the year ending June 30 at $23.90 to $24.50 a share, according to its press release. That's higher than the $23.26 analysts polled by Capital IQ were expecting, and its previous outlook of $22.60 to $23.40, according to an MT Newswires report.

$MasterCard(MA.US)$ shares jumped to an all-time high after the credit card issuer reported fourth quarter adjusted earnings of $3.18, which exceeded analysts' estimates by 10 cents, according to FactSet.

$Etsy Inc(ETSY.US)$ shares soared on Thursday after the online crafts marketplace added a partner of hedge fund Elliott Investment Management L.P. to its board of directors. Elliott recently acquired a "sizable" stake in the company.

$Corteva(CTVA.US)$ shares rose more than 18% in recent Thursday trading after the company reported fourth quarter net sales of $3.71 billion, exceeding the $3.59 billion expected by analysts surveyed by Capital IQ.

$Cimpress(CMPR.US)$ shares soared 24% after the company said the company posted earnings of $2.14 per share in fiscal second quarter, swinging from a loss of $5.34 a year earlier. Two analysts surveyed by Capital IQ expected earnings of $1.24.