Nasdaq Leaps 3.3pc In Tech Rally After Meta Results

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2023-02-03 HKT 05:37

Share this story

facebook

  • Meta surged nearly 25 percent after reporting a smaller drop in annual sales than anticipated. Photo: AFP

    Meta surged nearly 25 percent after reporting a smaller drop in annual sales than anticipated. Photo: AFP

Large tech shares soared on Thursday as better-than-expected results from Facebook parent Meta Platforms fuelled hopes about forthcoming earnings from Apple and other giants.

The tech-rich Nasdaq finished up 3.3 percent at 12,200.

The Dow Jones dipped 0.1 percent to 34,053, while the S&P 500 jumped 1.5 percent to 4,179.

Shares of Google parent Alphabet and Amazon piled on more than seven percent, while Apple gained 3.7 percent in Thursday's session ahead of earnings releases from all three companies.

Investors are hopeful after Meta surged nearly 25 percent after reporting a smaller drop in annual sales than anticipated, as the company announced that the number of daily users on Facebook hit two billion for the first time.

Analysts also praised Meta's cost-cutting measures, which is "reawakening the company as it returns to its profitable roots," said Briefing.com.

Investor sentiment was also boosted by hopes that the Federal Reserve will soon end its interest rate hiking cycle after announcing a smaller increase on Wednesday amid progress on inflation.

Fed Chairman Jerome Powell's "dovish tone" on Wednesday sets the US central bank up for "one or two more quarter-point rate rises left in this rate hiking cycle," said Oanda's Edward Moya.

Investors are looking ahead to Friday's government jobs report, expected to show the US economy added 190,000 jobs last month and that unemployment edged up to 3.6 percent from 3.5 percent. (AFP)

RECENT NEWS

US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

US Stocks End Mixed As Tech Shares Are Sold Off

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more

Amazon 'plans Prime Video Streaming Service With Ads'

Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more