U.S. stock index futures rose on Friday, buoyed after upbeat earnings from Amazon offset a tech-led selloff in the previous session.
U.S. economy added 12,000 jobs in October, far less than expected; unemployment rate at 4.1%
Market Snapshot
At 8:35 a.m. ET, Dow e-minis were up 160 points, or 0.38%, S&P 500 e-minis were up 27.25 points, or 0.47%, and Nasdaq 100 e-minis were up 107 points, or 0.53%.
Pre-Market Movers
Apple reported fiscal fourth-quarter earnings that beat analysts' estimates on record fourth-quarter revenue of $94.9 billion but issued weaker-than-expected guidance for the holiday quarter. iPhone revenue in the fourth quarter of $46.22 billion topped Wall Street estimates of $45.16 billion. Revenue in China of $15 billion was down slightly from a year earlier and below analysts' expectations. The stock fell 1.6% in premarket trading.
Amazon.com rose 6.8% after the tech and online retail giant reported third-quarter earnings that beat Wall Street estimates. Amazon posted earnings of $1.43 a share, topping forecasts of $1.14, while net sales of $158.9 billion beat expectations of $157.3 billion. Sales at Amazon Web Services cloud business rose 19% to $27.5 billion in the period. Capital spending rose significantly in the quarter to $22.6 billion from $12.5 billion a year earlier and is expected to keep rising as the company builds its artificial-intelligence services. Amazon said it expects fourth-quarter net sales of between $181.5 billion and $188.5 billion compared with estimates of $186.3 billion.
Intel rose 7% after the chip maker issued a better-than-expected fourth-quarter earnings forecast after third-quarter revenue fell 6% to $13.28 billion but topped estimates of $13.02 billion. Intel posted a net loss of $16.6 billion in the third quarter that included charges from the company's cost-reduction plan. Intel said it expects adjusted earnings of 12 cents a share in the fourth quarter, higher than Wall Street estimates of 8 cents, on revenue of between $13.3 billion and $14.3 billion.
Exxon Mobil on Friday beat Wall Street's third quarter profit estimate, boosted by strong oil output in its first full quarter that includes volumes from U.S. shale producer Pioneer Natural Resources. Exxon Mobil shares rose 1.86% in premarket trading.
Chevron Corp on Friday beat Wall Street estimates for third-quarter profit, helped by higher oil and gas output, but overall earnings fell compared to the year-ago level. Chevron shares jumped 2.5% on the news.
Boeing rose 2.5% after the plane maker reached a deal for a new tentative offer for its striking workers in the Pacific Northwest. The union has slated a vote for Monday. The new deal includes 38% wage increases over four years and a $12,000 ratification bonus. Union members have rejected two deals, one that raised wages by about 25%, and another that boosted wages by about 35%.
Atlassian, the software company, jumped 20% in premarket trading following fiscal first-quarter earnings and revenue that were better than Wall Street forecasts. Revenue in the period jumped 21% to $1.19 billion, compared with expectations of about $1.16 billion.
Abbott Laboratories rose 4.9% after a jury found the company wasn't responsible for a young boy's intestinal disease, the result of a lawsuit that alleged Abbott failed to warn that its formula for premature infants increased the risk for a bowel disease.
U.S. Steel reported third-quarter earnings that beat analysts' expectations. The steel maker reported earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $319 million on sales of $3.9 billion, down from year-earlier Ebitda of $593 million on sales of $4.4 billion. Earnings declined as a result of lower steel prices. The stock was down 0.4%.
Market News
Oil Climbs 2% on Reports of Iran Preparing Strike on Israel
Oil prices rose more than 2% on Friday after reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days, though benchmarks were still set for a weekly decline.
Brent crude futures were up $1.72, or 2.4%, at $74.53 a barrel. U.S. West Texas Intermediate crude rose $1.76, or 2.5%, to $71.02.
