QQQ Up in Late Trading as Meta Soars, Apple Falls: Markets Wrap
- Meta and Amazon climb after giving bullish forecasts
- Apple China slump deepens even as total sales grow again
The rally in big tech extended into late hours after bullish outlooks from two of the megacaps that have powered the stock surge from the bottom: Meta Platforms Inc. and Amazon.com Inc. Their gains outweighed a slide in Apple Inc.
A $244 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) climbed, following an advance in regular trading. Meta gave a forecast for revenue growth that beat estimates while announcing it will pay its first-ever quarterly dividend of 50 cents a share and authorize an additional $50 billion in buybacks. Amazon reported strong sales and gave an operating income outlook that surpassed forecasts. Apple saw a deepening slump in China during the holiday quarter, even as total iPhone sales were stronger than expected.