Amazon Soars on Upbeat Earnings, S&P 500 Futures Add to Positive factors as Huge Tech Delivers

AMAZON EARNINGS REPORTS KEY POINTS:

• Amazon’s earnings shock to the upside, beating on each EPS and income expectations
• Shares of the tech firm soar in prolonged buying and selling following first-quarter outcomes
• S&P 500 futures prolong positive aspects because the e-commerce big delivers

Most Learn: Nasdaq 100 Blasts Larger as Meta’s Earnings Increase Tech, Apple in Focus Subsequent Week

Amazon’s shares soared as a lot as 10% at one level in prolonged buying and selling after asserting better-than-expected quarterly outcomes, sending S&P 500 futures barely increased.

On the main points, the e-commerce firm reported earnings per share of $0.31 on income of $127.4 billion for the primary three months of the yr, beating each top- and bottom-lines estimates, pushed partially by resilient on-line purchasing and robust promoting efficiency.

Right here is how the corporate carried out relative to Wall Road’s expectations:

• Earnings per share: $0.31 versus $0.21 anticipated
• Income: $127.4 billion versus $124.55 billion anticipated

Supply: DailyFX Earnings Calendar

AMAZON 5-MINUTE CHART

Supply: TradingView

The excellent news didn’t finish there. Amazon additionally supplied a constructive outlook, indicating that it expects internet gross sales of between $127.00 billion and $133.00 billion for the second quarter, barely forward of Wall Road’s projections of $129.5 billion, an indication that the worst could also be over for the agency.

With large tech delivering upbeat numbers in comparison with extraordinarily pessimistic expectations, the S&P 500 could choose up further momentum to push increased within the coming days, with speedy resistance situated close to the psychological 4,200 stage. If this technical barrier is taken out, bulls may change into emboldened to launch an assault on 4,310, the 61.8% Fibonacci retracement of the 2022 hunch.

S&P 500 FUTURES TECHNICAL CHART

Supply: TradingView