The V-shaped recovery has officially concluded, with eminis hitting 4,383 this morning, touching reaching their all time high from the second week of July (technically that was 4,384) as markets propel higher on earnings optimism despite mixed economic data and worries over Covid variant. At 7:30 a.m. ET, Dow e-minis were up 170 points, or 0.49% and S&P 500 e-minis were up 21.5 points, or 0.49%.
Nasdaq 100 e-minis were up 72 points, or 0.48%, trading above 15,000 points for the first time. Nasdaq futures hit a record high on Friday, helped by megacap technology stocks and strong earnings from social media companies Twitter and Snap, with investors eyeing business activity data later in the day.
Twitter gained 6.3% in premarket trading after it reported upbeat revenue growth, as the social media platform rolled out ad-targeting improvements to help brands reach potential customers. Snap Inc. (SNAP) climbs 17% in premarket trading with the social-media firm’s 2Q results and guidance well ahead of analyst expectations, affirming its position as a top pick in digital advertising, and notching the highest growth rates since late-2017. Strong results from the social media firms set a positive precedent for Facebook Inc, which rose 2.8% ahead of its second-quarter results next week. Other major tech names, including Amazon.com, Apple Inc, Microsoft Corp, and Google-owner Alphabet Inc, were up between 0.4% and 1.4%.