Stock futures rose Friday as Wall Street looked to finish the week and the month higher.
S&P 500 futures climbed 0.7%, while Nasdaq 100 futures added 1%. Futures tied to the Dow Jones Industrial Average gained 66 points, or 0.2%.
Wall Street was set to post strong weekly gains. The Dow is now up nearly 2% for the week, while the S&P 500 the Nasdaq Composite are up 2.8%.
The major averages were also on pace for their best month of 2022, after hitting bear market lows in June. The Dow is on track for a more than 5% gain for July, while the S&P 500 could finish higher by 7.5%. The Nasdaq Composite, while still in bear market territory, is up more than 10% for the month.
Futures were supported by gains from two of the market’s biggest stocks. Amazon shares popped 12% after the e-commerce giant reported stronger-than-expected sales for the previous quarter, while Apple climbed 2.6% after posting better-than-expected iPhone revenue.
Chevron and Exxon Mobil also posted better-than-expected results for the previous quarter, sending their shares higher.
However, the latest batch of corporate results has been mixed.
Shares of Roku sank more than 20% after the company missed estimates and warned of a slowdown in advertising. Chipmaker Intel dropped 7% after its quarterly results fell short of expectations.
These moves come after a three-quarters of a percentage point hike from the Federal Reserve on Wednesday and a negative GDP reading on Thursday.
“The market is taking on a hope that slowing economic growth is going to result in a more dovish Fed moving forward, even if it’s a little further out. So it would make sense to me that weaker rates expectations moving forward would result in a little buoyancy in the equity markets,” said Lauren Goodwin, economist and portfolio strategist of New York Life Investments.
However, Goodwin cautioned that the unusual economic environment and the long period before the next Fed meeting make it difficult to predict the central bank’s path from here.
Investors will get updated looks at a key inflation reading and second-quarter employment costs on Friday, which could be key data points for the Fed as it considers its next move.