Dow Jones Futures: Amazon, Snap Skyrocket After Facebook Slams Market

Dow Jones futures rose overnight, along with S&P 500 futures and especially Nasdaq futures, with Amazon.com (AMZN) and Snap earnings in focus and the January jobs report on tap.

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The stock market rally sold off Thursday, as Facebook parent Meta Platforms (FB) crashed, dragging down techs, especially social media plays.

Two of those Facebook rivals, Snap (SNAP) and Pinterest (PINS), reported earnings Thursday night along with Amazon and Ford. So did cybersecurity leader Fortinet (FTNT) as well as Prudential Financial (PRU) and The Hartford (HIG).

Amazon stock surged on earnings, while Snap stock and PINS stock spiked higher on their results after Thursday’s Facebook-fueled sell-offs.

Ford Motor (F) skidded on mixed results. Fortinet stock rose modestly. PRU stock and Hartford stock advanced slightly, not far from buy points.

FTNT stock is on IBD Long-Term Leaders.

Jobs Report

The Labor Department will release its January jobs report at 8:30 a.m. ET on Friday. Economists expect to see payrolls up by 150,000 vs. December’s 199,000. But markets are likely gearing up for a possible negative reading, after the ADP Employment Report estimated private payrolls tumbled 301,000 last month.

Labor’s jobs report is based on a mid-month survey, when the omicron labor impact may have been at a peak.

Initial jobless claims suggest the labor market is already bouncing back. New filings for unemployment benefits fell to 238,000 in the week ended Jan. 29, vs. 261,000 in the Jan. 22 week, 290,000 in the Jan. 15 week, 231,000 in the Jan. 8 week and 207,000 as of Jan. 1.

Dow Jones Futures Today

Dow Jones futures rose 0.6% vs. fair value. S&P 500 futures climbed 1.1%. Nasdaq 100 futures jumped 1.9%. AMZN stock is a big S&P 500 and Nasdaq component.

The January jobs report will surely have a big impact on Dow futures and Treasury yields.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Stock Market Rally

The stock market rally started off weak and kept getting worse, closing near session lows.

The Dow Jones Industrial Average fell 1.45% in Thursday’s stock market trading. The S&P 500 index slumped 2.4%. The Nasdaq composite plunged 3.75%, with the big-cap Nasdaq 100 off just over 4%. The small-cap Russell 2000 retreated 1.9%.

Meta stock plunged 26% to an 18-month low.

The 10-year Treasury yield jumped 6 basis points to 1.83%, not far from recent two-year highs. The Bank of England raised rates for a second straight month. Meanwhile, the European Central Bank said it would end asset purchases in March, with ECB President Christine Lagarde striking a hawkish tone in post-meeting comments, offering the first hints of possible rate hikes.

U.S. crude oil prices rose 2.3% to $90.27 a barrel, moving above $90 for the first time since 2014. Natural gas futures tumbled…