Tech Leads Stock Rebound From Lows Amid Earnings: Markets Wrap
- Apple, Amazon, Alphabet, Facebook beat analyst estimates
- U.S. economy shrinks at record pace; jobless claims rise
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A rally in big technology companies lifted stocks from Thursday’s lows, tempering concern over a bumpy economic rebound. Apple Inc., Amazon.com Inc., Alphabet Inc. and Facebook Inc. jumped in extended trading as their results crushed Wall Street estimates.
Futures on the S&P 500 and Nasdaq 100 climbed after the close of regular trading. The iPhone maker also announced a 4-for-1 stock split to make the shares more accessible to a broader base of investors. Earlier Thursday, equities sank as data showed the U.S. economy had its sharpest contraction on record, while the number of Americans filing for unemployment benefits rose. President Donald Trump raised the notion of delaying the Nov. 3 election until after the coronavirus pandemic eases.