Stock market futures traded lower Thursday night to return some gains after all three major indices rallied during the regular session.
A pair of stronger-than-expected economic data releases Thursday morning helped contribute to the surge earlier in the day in markets. US gross domestic product in the third quarter increased by a record 33.1% on an annualized basis, and new weekly jobless claims improved by a higher-than-expected margin.
However, despite the one-day rally, stocks were still on track to post sharp declines for the week. At the close of Thursday, the S&P 500 was heading for a weekly decline of 4.5%, the Dow for a decline of 5.9% and the Nasdaq for a weekly decline of 3%.
Shares of heavily weighted Big Tech companies were mostly lower late in trading after leading the market higher during yesterday’s regular session. Although most reported third-quarter results that beat expectations, traders had set their expectations exceptionally high for these names following their strong streak of outperforming the broader market this year.
Facebook (FB) shares fell in recent trading after reporting a quarterly decline in users in the US and Canada, despite posting a 12% rise in daily active users globally during the period. and increase sales 22% better than expected. Ad sales also picked up Twitter (TWTR), although the company reported weaker-than-expected daily growth in active users following an increase in the previous quarter. Alphabet (GOOGL) managed to reverse a decline in ad sales during the second quarter, with shares rising more than 8% in recent trading.
On the other hand, Amazon (AMZN) also posted a significant pace in third-quarter results, as revenue grew 37% to more than $ 96 billion. It was guided towards holiday quarter sales of up to $ 121 billion, although its earnings guidance came to light as the company projected $ 4 billion in COVID-19-related costs, or twice the amount the company did. guided for the third trimester. Apple (AAPL) posted record Mac and services sales in the fiscal fourth quarter and beat estimates, but weak iPhone and China sales weighed on stocks late in the trade.
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