Results rolling in from the world’s biggest technology companies are providing vindication for stock market bulls who’ve been bidding their shares up furiously for five weeks.
Index futures surged in post-market trading after strong results from Facebook Inc., Microsoft Corp., and others, putting the Nasdaq Composite on track to erase losses for the year. After settling 2.6% higher Wednesday, June futures on the S&P 500 were up another 0.4% to 2,954 as of 6:02 p.m. in New York. Nasdaq 100 contracts added 0.6% after climbing 3.6% in the previous session.
The gains extended a rally that has restored trillions of dollars in share value since March. Combined with rock-solid balance sheets, the tech giants’ online focus has kept their businesses intact in the work-from-home age, repudiating skeptics who said high valuations would leave them vulnerable when the bull market ended.
Tesla Inc., also a member of the Nasdaq 100 Index, added to investors’ exuberance. The stock jumped 9% after earning its first-ever profit in the first quarter of a year. Chipmaker Qualcomm Inc. and cloud-software company ServiceNow Inc. were among other technology companies whose stocks gained after reporting earnings on Wednesday afternoon.
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