Tech Titans Ignite Market Rally with Upbeat Forecasts

The S&P 500 and Nasdaq futures experienced a lift on Friday as upbeat forecasts from tech giants Apple and Amazon helped ease market anxieties. The announcements came after a significant drop in the indexes, marking the sharpest decline in over three weeks.

Amazon shares soared 12.45% in premarket trading after the company predicted higher-than-expected quarterly sales fueled by a surge in its cloud revenue, recorded at the fastest growth rate in nearly three years. Meanwhile, Apple climbed 2.1% following favorable projections for iPhone sales during the holiday quarter, exceeding Wall Street expectations.

Despite the positive outlooks, investor concerns lingered over aggressive spending on artificial intelligence by Big Tech without immediate payout in earnings. This came amidst mixed results from the Federal Reserve's rate adjustments and premarket movements, including significant gains for Warner Bros Discovery and Netflix.