Amazon Lifts Tech Stocks, Bringing Hope of a Market Rebound
- Invesco QQQ Trust Series 1 gains 2% in postmarket trading
- Snap surges 37%, Pinterest gains 26%, Amazon adds 17%
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The Nasdaq 100 index was primed for a rebound Friday as strong earnings from the likes of Amazon.com Inc., Snap Inc. and Pinterest Inc. helped ease fears after Meta Platforms Inc.’s stock crash.
The Invesco QQQ Trust Series 1, the biggest exchange-traded fund that tracks the Nasdaq 100, jumped as much as 2.2% in postmarket trading. Amazon drove the gains, surging 19% after the ecommerce giant reported profit that beat estimates and announced that it will hike the price of a Prime membership.