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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 24, 2025.
Brendan McDermid | Reuters
S&P 500 futures rose on Thursday evening on the heels of Wall Street seeing its third straight day of gains and Alphabet's latest quarterly results.
Futures linked to the S&P 500 were 0.3% higher, while Nasdaq-100 futures gained 0.4%. Futures tied to the Dow Jones Industrial Average hovered around the flatline.
In extended trading, shares of Alphabet jumped about 5% after the Google-parent and "Magnificent Seven" name beat on the top and bottom lines for the first quarter. By contrast, Intel shares fell more than 5% after offering disappointing guidance and revealing that it plans to slash operational and capital expenses.
The moves follow the three major averages closing solidly in the green during Thursday's session, putting them on a three-day winning streak. That was bolstered by advances in megacap technology names, which have taken a beating over the past month amid investor fears of rising global trade tensions.
Stocks have been in a trading range following the initial shock of President Donald Trump's "reciprocal" tariffs announcement on April 2 as investors await clarity on negotiations with key trading partners such as China. That country revealed Thursday that there were no ongoing discussions on tariffs, and Ministry of Commerce spokesperson He Yadong also called for the cancellation of "unilateral measures on China."
That comes in response to the White House signaling earlier this week that it may ease its stance on China tariffs, which sit at a total of 145% on imports from the country. On Tuesday, Trump said that the tariff rate will "come down substantially. But it won't be zero."
"I think that really all the market needed was just a little spark to kind of move it off some of these depressed levels, and I think that's what we're seeing," said Anthony Saglimbene, chief market strategist at Ameriprise. "I think we're still in for a period of choppiness around stock trading, and I think heading into next week, it's really going to be the big tech earnings that are going to really influence where the major averages go."
The leading indexes are on pace to end the week higher. As of Thursday's close, the S&P 500 has a week-to-date gain of nearly 4%. Meanwhile, the Dow Jones Industrial Average and the Nasdaq Composite are up more than 2% and more than 5% on the week, respectively.
Other key names like AutoNation, Colgate-Palmolive and AbbVie are set to report their quarterly results before the bell on Friday.
Investors are also looking ahead to consumer sentiment data for April, due out at 10:00 a.m. ET. Economists polled by Dow Jones are expecting the reading to show no change from the previous month at 50.8.
'Pretty decent' Big Tech earnings may extend recent market gains, Ameriprise's chief market strategist says
Satisfactory earnings results from the "Magnificent Seven" may send the market even higher over the coming days, according to Anthony Saglimbene of Ameriprise.
"I think it's very easy for investors to get lost in the headlines around tariffs, around economic uncertainty, around a potential recession," the firm's chief market strategist told CNBC. "All of that has dampened some investor sentiment, but when you look at the numbers and what's really weighing on major indexes right now, it's the Magnificent Seven. It's the companies that had elevated valuations and expectations coming into the year."
A few megacap technology names are set to report earnings next week. Meta Platforms and Microsoft are both scheduled to release their results after market close on Wednesday, while Amazon and Apple are slated for release after the bell on Thursday.
"If we get some pretty decent earnings reports over the next couple days and over the next week, that might be an actual catalyst to kind of keep some of the momentum in major averages moving a little bit higher," he continued.
Stocks closed in positive territory for a third consecutive day Thursday, supported by gains in megacap technology stocks. The S&P 500 rose more than 2% in the session, and the Nasdaq Composite and Dow Jones Industrial Average advanced nearly 3% and more than 1%, respectively.
— Sean Conlon
Upcoming news flow will drive short-term swings amid a market with elevated volatility, UBS says
News flow will continue to dictate market moves — at least in the short term, UBS wrote in a Thursday note.
"We expect volatility to remain elevated as negotiations continue, but recent developments suggest a less aggressive approach to resolving trade disputes," the firm said. "The market's strong rebound reflects growing confidence that the most adverse outcome can be avoided, though upcoming news flow will likely continue to drive short-term swings."
— Lisa Kailai Han
Alphabet, Intel among the names making moves after the bell
Check out the stocks making big moves in extended trading Thursday:
- Alphabet – Shares of the Google-parent gained about 5% after its first-quarter results topped Wall Street's expectations. Alphabet earned $2.81 per share on $90.23 billion in revenue for the quarter, while analysts surveyed by LSEG had expected $2.01 per share and $89.12 billion in revenue.
- Intel – The stock fell almost 6% after the company's outlook for the current quarter disappointed investors. Intel is calling for revenue for the period to come in at $11.8 billion dollars at its midpoint, less than the average estimate among analysts of $12.82 billion, and anticipates that earnings will be breakeven. The company also said it's planning to cut its operational and capital expenses.
- Gilead Sciences – The biopharmaceutical stock dropped more than 3% on the heels of the company's weaker-than-expected first-quarter revenue. The company rang up $6.67 billion in sales versus the $6.81 billion that analysts had penciled in, according to LSEG. Earnings for the quarter came in better than expected, however.
Read here for the full list.
— Sean Conlon
S&P 500 futures open higher
S&P 500 futures rose on Thursday night following another winning session for stocks.
Futures linked to the broad market index traded 0.2% higher just after 6 p.m. ET, and Nasdaq-100 futures climbed 0.3%. Futures tied to the Dow Jones Industrial Average fell 0.1%, meanwhile.
— Sean Conlon
English (US)