U.S. Stock futures rose Friday as Wall Street looked to finish the week and the month higher. The major averages were also on pace for their best month of 2022. The Dow is on track for a more than 5% gain for July, while the S&P 500 could finish higher by 7.5%. The Nasdaq Composite is up more than 10% for the month.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 71 points, or 0.22%, S&P 500 e-minis were up 25.25 points, or 0.62%, and Nasdaq 100 e-minis were up 115.25 points, or 0.9%.
Pre-Market Movers
Amazon.com – Amazon shares rallied 12.5% in premarket trading after it posted better-than-expected quarterly revenue and issued an upbeat outlook. Amazon logged an overall quarterly loss, owing largely to a $3.9 billion negative impact from its investment in electric vehicle makerRivian(RIVN).
Roku Inc – Roku stock was slammed 23.2% in premarket trading after it reported a larger-than-expected quarterly loss and its revenue missed estimates as well. Roku also issued weaker-than-expected guidance as both ad sales and sales of its video streaming devices remain under pressure.
Intel – Intel shares tumbled 11.2% in premarket action after the chip maker’s quarterly profit and revenue fell short of Wall Street forecasts. Its revenue drop from a year ago was its largest in more than a decade, and its current-quarter guidance fell short of forecasts. Intel said supply chain issues and delays in the rollout of new data center chips were among the factors weighing on results.
Chevron – Chevron rallied 3.6% in premarket trading after beating top and bottom line estimates for its latest quarter, and increasing the top end of its share buyback guidance to $15 billion from the prior $10 billion.
Procter & Gamble – Procter & Gamblemissed estimates by a penny a share, with a quarterly profit of $1.21 per share. Revenue exceeded forecasts. The shares fell 3.6% in the premarket as the consumer products giant predicts organic sales growth of 3% to 5% for the current fiscal year, the slowest since 2019 as consumers grow more cautious.
Exxon Mobil – Exxon Mobil added 2% in premarket action after the company posted a better-than-expected second-quarter profit. As with rival Chevron, Exxon benefited from higher prices for oil and natural gas as well as strong margins.
Apple – Apple gained 2.3% in the premarket, after reporting quarterly profit and revenue that exceeded Wall Street forecasts. Earnings were down from a year ago, but Apple did see iPhone sales continue to grow.
Newell – The company behind consumer brands like Sunbeam, Mr. Coffee and Crockpot reported better-than-expected earnings for its latest quarter. Its shares fell 2.9% in the premarket, however, after it issued weaker-than-expected current-quarter and full-year guidance, amid a weak macroeconomic environment.
Market News
For its full fiscal third quarter, Apple earned $1.20 a share, on $82.96B in revenue, while analysts had forecast Apple (AAPL) to earn $1.15 a share, on $82.81B in sales. Services continued to be Apple's second-biggest business driver, with revenue of $19.6B, up 12% from the year-ago period.
Amazon.com's sales increased 7.2% to $121.2 billion in the period ended June 30, operating income in the current quarter will range from break even to $3.5 billion on sales that may increase as much as 17% to $130 billion, it had a net loss of $2 billion, or a loss of 20 cents a share, compared with net income of $7.8 billion, or 76 cents a share, in the quarter a year earlier.
Major semiconductor makers on Thursday hailed passage in the U.S. Congress of a pot of federal government money for new chip factories in the United States, and said they were moving ahead on various projects that had been stalled awaiting funding.
Intel reported a second-quarter loss of $454 million, or 11 cents a share, versus net income of $5.06 billion, or $1.24 a share, in the year-ago period. Revenue declined to $15.32 billion from $19.63 billion in the year-ago quarter, for an eighth straight quarter of year-over-year declines.
Roku Inc's total net revenue rose more than 18% to $764.4 million for the second quarter ended June 30, it also reported a loss of 82 cents per share, the company projected current-quarter revenue to grow 3% to $700 million.
Exxon Mobil reported a second-quarter net income of $17.9 billion, or $4.21 per share, an almost four-fold increase over the $4.69 billion, or $1.10 per share, it earned in the same period last year.
Chevron posted second-quarter net profit of $11.6 billion, or $5.95 per share diluted, more than triple the $3.1 billion, or $1.60 per share, in the same period last year.
Sony now expects 1.11 trillion yen ($8.3 billion) in operating profit, down from 1.16 trillion yen previously. The gaming and network services group, which houses the PlayStation business, accounted for the full revision, taking a 16% cut from 305 billion yen to 255 billion yen.