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U.S. stock-index futures rose on Friday, following better-than-expected earnings reports from some of the biggest tech companies and market leaders, including Facebook (FB), Amazon (AMZN), Alphabet (GOOG) and Apple (AAPL).

Global Stocks:

(company / ticker / price / change ($/%) / volume)

Apple (AAPL) target raised to $470 from $400 at Cowen

Amazon (AMZN) target raised to $4000 from $3600 at Telsey Advisory Group

Exxon Mobil (XOM) reported Q2 FY 2020 loss of $0.70 per share (versus earnings of $0.61 per share in Q2 FY 2019), worse than analysts’ consensus estimate of -$0.60 per share.

The company’s quarterly revenues amounted to $32.605 bln (-52.8% y/y), missing analysts’ consensus estimate of $38.157 bln.

XOM fell to $40.98 (-2.13%) in pre-market trading.

FXStreet notes that the S&P 500 Index has yet again held above key support at 3205/3198, which reduces the topping threat somewhat, although economists at Credit Suisse still lean towards a breakdown below this level on balance.

“S&P 500 moved higher on Thursday as the market saw a sharp intraday reversal back higher after yet again holding support from its rising 13-day exponential average, now at 3225 as well as the range lows at 3215/3198. This leaves the market still trapped in its range and whilst we remain of the view the threat of a correction lower remains in place, this threat is somewhat reduced given the market’s ongoing resilience above key supports.” 

“We need to see a close below 3225 to see the topping threat increase again, although only below 3205/3198 would finally see this confirmed, with support then seen initially at 3173. Above 3265/66 would instead open the door to a retest of the ‘reversal day’ high and price resistance at 3279/81.”

“Ultimately we need to see above 3279/81 to ease the threat of a corrective setback for an extension of the rally with resistance seen next at 3288 and the more importantly at the top of the February price gap at 3328/38.”

Merck (MRK) reported Q2 FY 2020 earnings of $1.37 per share (versus $1.30 per share in Q2 FY 2019), beating analysts’ consensus estimate of $1.05 per share.

The company’s quarterly revenues amounted to $10.872 bln (-7.6% y/y), beating analysts’ consensus estimate of $10.524 bln.

MRK rose to $81.20 (+2.80%) in pre-market trading.

Chevron (CVX) reported Q2 FY 2020 loss of $1.59 per share (versus earnings of $2.27 per share in Q2 FY 2019), worse than analysts’ consensus estimate of -$0.89 per share.

The company’s quarterly revenues amounted to $13.949 bln (-64.1% y/y), missing analysts’ consensus estimate of $21.707 bln.

CVX fell to $84.00 (-2.63%) in pre-market trading.

Caterpillar (CAT) reported Q2 FY 2020 earnings of $1.03 per share (versus $2.83 per share in Q2 FY 2019), beating analysts’ consensus estimate of $0.72 per share.

The company’s quarterly revenues amounted to $9.997 bln (-30.7% y/y), beating analysts’ consensus estimate of $9.397 bln.

CAT rose to $141.00 (+3.12%) in pre-market trading.

Ford Motor (F) reported Q2 FY 2020 loss of $0.35 per share (versus earnings of $0.28 per share in Q2 FY 2019), better than analysts’ consensus estimate of -$1.16 per share.

The company’s quarterly revenues amounted to $16.622 bln (-53.5% y/y), beating analysts’ consensus estimate of $15.629 bln.

F rose to $6.92 (+2.67%) in pre-market trading.

Apple (AAPL) reported Q3 FY 2020 earnings of $2.58 per share (versus $2.18 per share in Q3 FY 2019), beating analysts’ consensus estimate of $2.07 per share.

The company’s quarterly revenues amounted to $59.685 bln (+10.9% y/y), beating analysts’ consensus estimate of $52.555 bln.

The company’s board of directors also approved a four-for-one stock split to make the stock more accessible to a broader base of investors.

AAPL rose to $408.50 (+6.17%) in pre-market trading.

Amazon (AMZN) reported Q2 FY 2020 earnings of $10.30 per share (versus $5.22 per share in Q2 FY 2019), beating analysts’ consensus estimate of $1.62 per share.

The company’s quarterly revenues amounted to $88.912 bln (+40.2% y/y), beating analysts’ consensus estimate of $81.269 bln.

The company also issued upside guidance for Q3, projecting revenues of $87-93 bln versus analysts’ consensus estimate of $86.36 bln and operating income of $2.00-5.00 bln versus analysts’ consensus estimate of $2.90 bln.

AMZN rose to $3,218.01 (+5.44%) in pre-market trading.

Alphabet (GOOG) reported Q2 FY 2020 earnings of $10.13 per share (versus $14.21 per share in Q2 FY 2019), beating analysts’ consensus estimate of $8.23 per share.

The company’s quarterly revenues amounted to $38.297 bln (-1.7% y/y), beating analysts’ consensus estimate of $37.342 bln.

GOOG rose to $1,543.06 (+0.76%) in pre-market trading.

Facebook (FB) reported Q2 FY 2020 earnings of $1.80 per share (versus $1.99 per share in Q2 FY 2019), beating analysts’ consensus estimate of $1.38 per share.

The company’s quarterly revenues amounted to $18.690 bln (+10.7% y/y), beating analysts’ consensus estimate of $17.361 bln.

FB rose to $248.20 (+5.84%) in pre-market trading.