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S&P 500 futures rise after strong Apple, Amazon reports as Wall Street heads for winning week

Stock futures rose early Friday morning as Wall Street looked to complete the week higher, fueled by strong quarterly reports from key tech companies.

S&P 500 futures climbed 0.63%, while Nasdaq 100 futures added 1.29%. Futures linked with the Dow Jones Industrial Average were flat.

Futures were supported by gains in extended trading by two of the market’s biggest stocks. Shares of Amazon and Apple moved higher after showing strong sales growth in cloud computing and iPhones, respectively, within their latest quarters.

The move around in futures occurs the heels of a second-straight rally for stocks. The Dow is currently up nearly 2% for the week, as the S&P 500 the Nasdaq Composite are up 2.8%.

Those gains attended despite a three-quarters of a share point hike from the Federal Reserve on Wednesday and a negative GDP reading on Thursday.

“The marketplace is dealing with a hope that slowing economic growth will create a more dovish Fed continue, even if it is a little further out. So that it would seem sensible if you ask me that weaker rates expectations continue would create a little buoyancy in the equity markets,” said Lauren Goodwin, economist and portfolio strategist of NY Life Investments.

However, Goodwin cautioned that the unusual economic environment and the any period of time prior to the next Fed meeting ensure it is difficult to predict the central bank’s path from here.

Investors are certain to get updated talks about an integral inflation reading and second-quarter employment costs on Friday, that could be key data points for the Fed since it considers its next move.

Investors are also navigating a mixed batch of earnings reports this week. Shares of Roku sank a lot more than 20% in after hours trading following the company missed estimates and warned of a slowdown in advertising. Chipmaker Intel dropped 7% following its quarterly results fell lacking expectations.

On Friday, key earnings include Chevron, Exxon Mobil and Procter & Gamble.

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