US STOCKS-Nasdaq futures scale peaks on megacap tech boost, strong earnings

Reuters

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    * Futures up: Dow 0.49%, S&P 0.49%, Nasdaq 0.48% 

    By Devik Jain
    July 23 (Reuters) - Nasdaq futures hit a record high on
Friday, helped by megacap technology stocks and strong earnings
from social media companies Twitter and Snap, with investors
eyeing business activity data later in the day.
    Twitter Inc  TWTR.N  gained 6.3% in premarket trading after
it reported upbeat revenue growth, as the social media platform
rolled out ad-targeting improvements to help brands reach
potential customers.  urn:newsml:reuters.com:*:nL1N2OY2G2
    Snapchat-owner Snap Inc  SNAP.N  jumped 17.3% after it beat
Wall Street estimates for users and revenue in the second
quarter, notching the highest growth rates since late-2017.
 urn:newsml:reuters.com:*:nL1N2OY2H1
    Strong results from the social media firms set a positive
precedent for Facebook Inc  FB.O , which rose 2.8% ahead of its
second-quarter results next week.
    Other major tech names, including Amazon.com  AMZN.O , Apple
Inc  AAPL.O , Microsoft Corp  MSFT.O , and Google-owner Alphabet
Inc  GOOGL.O , were up between 0.4% and 1.4%.
    The second-quarter reporting season barreled ahead, with 104
companies in the S&P 500 having reported so far. Of those, 88.5%
have beaten consensus estimates, the highest since 1994,
according to Refinitiv data.
    Wall Street investors have shifted between growth stocks and
economy-sensitive "value" names this week, after concerns about
the spread of the Delta coronavirus variant roiled markets and
sparked a flight to the perceived safety of bond markets on
Monday.
    Still, the major indexes were set for their fourth weekly
gain in five weeks on boost from a batch of strong earnings
reports, while the blue-chip Dow Jones Industrial Average  .DJI 
and the benchmark S&P 500 index  .SPX  inched closer to their
record highs hit last week.
    Meanwhile, the focus would also be on IHS Markit's
manufacturing and services sectors report for July, due at 09:45
a.m. ET. 
    At 6:48 a.m. ET, Dow e-minis  1YMcv1  were up 170 points, or
0.49% and S&P 500 e-minis  EScv1  were up 21.5 points, or 0.49%.
    Nasdaq 100 e-minis  NQcv1  were up 72 points, or 0.48%,
trading above 15,000 points for the first time. 
    Intel Corp  INTC.O  fell 1.9% after the chipmaker said it
still faces supply chain constraints and gave an annual sales
forecast that implied a weak end of the year.  urn:newsml:reuters.com:*:nL4N2OY37J
    Industrial conglomerate Honeywell International  HON.O  rose
0.8% after posting a 32% rise in quarterly profit, helped by
improving demand for aircraft parts.  urn:newsml:reuters.com:*:nL4N2OZ1MT
    Schlumberger NV  SLB.N  rose 1.5% after it reported a rise
in its second-quarter profit.  urn:newsml:reuters.com:*:nL4N2OZ1OY
    

 (Reporting by Devik Jain in Bengaluru; editing by Uttaresh.V)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))

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