Proactive Investors - All but one of the Nasdaq's 20 largest stocks were on the front foot on Thursday, ahead of earnings from tech mega-caps Apple Inc (NASDAQ:AAPL, ETR:APC), Amazon.com Inc (NASDAQ:AMZN, ETR:AMZ) and Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) and after a large falls the day before.
Following one of the heaviest one-day declines since September, US stocks generally rebounded as figures showed a cooling labour market ahead of Friday's official jobs report.
"With the disappointment over Alphabet (NASDAQ:GOOGL) and Microsoft’s numbers very much front of mind the hope is that tonight’s numbers from the rest of the 'Magnificent 7' and call a halt to two days of decline on the Nasdaq," said analyst Michael Hewson at CMC Markets.
Among the Mag7 tech giants, Nvidia and Microsoft (NASDAQ:MSFT) led the rally, up 2.2% and 1.8% respectively, followed by Amazon and Meta at just over 1%. Apple, Alphabet and Tesla (NASDAQ:TSLA) all rose less than 1%.
Earnings from Apple after the bell after the stock market closes are expected to show the effects of weak consumer demand in China.
The iPhone maker's valuation topped $3 trillion last year, in July and again in December, but the shares have retreated 6% since.
As for Amazon, the online retailer and cloud services provider is predicted to deliver a more robust set of numbers, boosted by a strong retail performance over the holiday period.
Likewise Meta, with the Facebook (NASDAQ:META), Instagram and WhatsApp parent expected to report impressive growth in revenue and profit, with Wall Street analysts expecting the company to report an almost 180% jump in earnings per share and a 20% increase in revenue.