Nasdaq futures rise above 2% as Meta shares gain

Nasdaq futures rise above 2% as Meta shares gain

Nasdaq futures rise above 2% as Meta shares gain

Meta Platforms shares rose after a stronger-than-expected result, taking some weight off growth and technology firms that have been hammered recently, according to Nasdaq 100 futures.

In the early New York trade, the Facebook parent gained 17.7% after the social platform also saw user growth.

Investors ditched high-growth firms on expectations that increasing interest rates could endanger future earnings, and after Netflix Inc (NFLX) reported a startling subscriber loss, the Nasdaq Composite index is on track to lose almost 10% in April.

Qualcomm (QCOM) Inc gained 8.4% as the chipmaker raised its revenue projection for the third quarter, beating analyst expectations.

The spread between three-month euro-dollar cross-currency swaps reached a new high. After the dollar climbed to within striking range of its greatest levels in two decades, borrowing prices for US dollars in currency futures markets soared dramatically on Thursday.

On Thursday, oil prices rose marginally but fluctuated between positive and negative territory as investors assessed tightened Russian supplies and the potential of declining gasoline demand in China.

The price of Brent crude futures was up 0.2 percent. Concerns over constrained global oil supply and another fall in US distillate and gasoline stockpiles boosted both contracts by 30 cents on Wednesday. On Thursday, the contracts were trading in the $3 a barrel range.

As the country grapples with Western sanctions, Russian oil production could drop by as much as 17%. Market sentiment was pushed down by concerns over decreasing demand.

As COVID-19 outbreaks are gradually kept under control, Sinopec (SHI) Corp’s key parameters for refined petroleum products to improve in the second quarter. In both years, the IMF predicts 3.6 percent growth.

The global economy may grow more slowly than forecast three months ago, according to analysts. A worldwide slowdown caused by rising commodity prices, as well as an intensification in the Russia-Ukraine conflict, might intensify oil demand concerns.

Gold prices sank to a 10-week low on Thursday as demand for greenback-priced gold was harmed, and the metal’s attraction as an inflation hedge was weakened by an imminent Federal Reserve increase in interest rates. Gold was lower by 0.1 percent on the spot market.

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