Amazon Lifts Tech Stocks, Bringing Hope of a Market Rebound
(Bloomberg) -- The Nasdaq 100 index was primed for a rebound Friday as strong earnings from the likes of Amazon.com Inc., Snap Inc. and Pinterest Inc. helped ease fears after Meta Platforms Inc.'s stock crash.
The Invesco QQQ Trust Series 1, the biggest exchange-traded fund that tracks the Nasdaq 100, jumped as much as 2.2% in postmarket trading. Amazon drove the gains, surging 19% after the ecommerce giant reported profit that beat estimates and announced that it will hike the price of a Prime membership.Â
Read more: Amazon Profit Tops Estimates, Fueled by Cloud Unit; Shares Jump
Snap soared 56% and Pinterest jumped 17% after their earnings indicated that Meta's results didn't augur a broader slowdown in social media. To be sure, those gains came on the back of a huge selloff in the regular session that saw Meta post the biggest collapse in value in U.S. stock-market history. Snap closed down 24% and Pinterest lost 10%, while the broader Nasdaq 100 fell 4.2%, the most since September 2020.
Read more: Meta Erases $252 Billion in Value, Biggest Wipeout in History
Even with Thursday's after-hours rebound, Amazon and Snap shares were only back to levels they last traded at in mid-January, showing the magnitude of the recent selloff.
The postmarket rally affected several other companies that didn't report results, including Etsy Inc. (+7.1%), DoorDash Inc. (+7.3%), Snowflake Inc. (+4.2%) and Airbnb Inc. (+2.9%).
©2022 Bloomberg L.P.
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