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U.S. stocks were rising after strong earnings from Meta lifts tech

AuthorLiz Moyer
Published 04/27/2023, 09:45 AM
Updated 04/27/2023, 11:36 AM
© Reuters.

Investing.com -- U.S. stocks were rising after stronger-than-expected earnings from Meta Platforms lifted tech stocks.

At 11:34 ET (15:34 GMT), the Dow Jones Industrial Average was up 247 points or 0.7%, while the S&P 500 was up 1.1% and the NASDAQ Composite was up 1.7%.

Facebook parent Meta Platforms, Inc. (NASDAQ:META) shares jumped 14% after the tech giant provided a better-than-expected forecast for current quarter earnings. CEO Mark Zuckerberg said artificial intelligence technology was improving traffic to its social media platforms and helping to boost advertising revenue.

Drug maker Eli Lilly and Company (NYSE:LLY) shares also rose 1.8% after raising its full-year earnings forecast, and Merck & Company, Inc. (NYSE:MRK) beat expectations for the first quarter. Shares of Comcast Corp. (NASDAQ:CMCSA) rose 8%, boosted by theme park and broadband results.

In economic data, the first quarter gross domestic product rose 1.1% annualized, slower than the 2% expected by analysts. And jobless claims fell to 230,000 last week. Lower than the 248,000 expected.

Despite the slowdown, futures traders are still expecting the Federal Reserve to raise interest rates by another quarter of a percentage point when it meets next week.

Later today, Amazon.com, Inc. (NASDAQ:AMZN) will report after the market closes as analysts await word on its cloud computing business.

Oil was rising. Crude Oil WTI Futures were up 0.5% to $74.61 a barrel, while Brent Oil Futures were up 0.3% to $77.92 a barrel. Gold Futures were down 0.1% to $1,993.

Latest comments

building a home
I can't wait until AAPL sinks like the lead-weighted body does in water of your favorite Wall Street manipulator...hypothetically. These tech companies are living on borrowed time. None of them have actually innovated in 15-20 years. Better enjoy this mental retardation while it lasts.
more typical bear market action.....
Meta investors with too much meth lol
Meta investors can afford better than meth, which is a red states' thing.
And just like that all the worries for banks, debt, hikes, inflation and everything else are vanished. Meta and MSFT are miracle companies, they alone set the state of economy 🤣🤣
Overvalued stocks now even more overvalued.
6 days of lows recover in 1 day. wow. simply wow.
What a drama. Karma and goblin will come to the manipulator.
that why noone can't predict the market even mixed news bal bla bla
this time it worked out for me, I was so deep in red last 2 days, I had one position expiring today and one tomorrow both were worthless and suddenly I made a killing. To be honest, I expected today to be red again for S&P, nasdaq alone would be green like yesterday. I dodged a big bullet.
Who lifted up Meta? Where the ads income came from?
China
"In Meta adverts, an astonishing $517,687,901 has been spent by government and political organisations since November 2018. The big spenders include Donald J. Trump and Joe Biden, among others."  --  www.sortlist.com/datahub/reports/meta-advertising-index/
"Trump of president" ranks 8th for social-media-advertisers:  www.statista.com/statistics/1250193/social-media-advertisers/
Watch what Wall Street does with their money more than what they say.
Coke & ho
Zuckerberg should declare as Economic Emperor since his company can determine the US market rallies......
Yes, Mark is king.
What a Fraud
Meta has a great advertising engine, alongside Google. This matters even more in recessions as targeting becomes more important to capture decreasing spend. LinkedIn ($MSFT part) too for corporate spend and hiring.
wow is this a joke. meta is powerful than US gdp
So our entire economy is hinged on drugs and social media? Oh, ok
sounds like the Democrat party
  Non-Democrats use drugs & social media plenty.
Far left & far right people use social media significantly more the the center.
All is well. all is green. long live meta!
ha ha.. meta is powerful than us gdp
  GDP growth that's positive.
 yes positive means no recession so far.
wow. all stocks doing well based on 1 company delivered good earning. all fine in one company results and in one day. anything happen in US market. biggest funny and joking market
Meta released its quarterly results, not 1-day results.
Like he meant that, dumbo
Like he did mean that but you just have to stick to one's english spelling. Go learn some foreign language yourself first.
META is doing well...so the US and the World is now a wonderful place. Stocks up!
Strong earnings… Compare the YoY to see if there is indeed a growth lol
Wow !!! USA lives grows and lives with only 1 company. Company that profited after being the "king of layoffs". They have already been making layoffs since Nov 2022.
So looks like inflation is not a thing to worry about (despite today's latest not very nice consumer price data lol) and also nothing to worry about banks despite infection there is just spreading. All that matters is keeping up the fake illusion of 'everything just fine' and only one to suffer from this is your average consumer. Consumer goods sooo cheap and only getting cheaper lmao
Exactly. The most important thing is that META hit the "meta" with job cuts since November 2022.
Phew! so we can forget about inflation, slow economic growth and rate hikes. Thanks!
META is the "meta" of today... tomorrow... next weak... next month... That's what really matter.
META lifts the entire market after a big GDP miss. So powerful.
Don’t worry, FED’s Bullard will soon jump in to help short sellers.
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