AKAN, AAPL, RDDT, RIVN Stocks In Focus
U.S. stock markets recorded their best month since 2020 on Thursday, fueled by a rise in technology shares and increased optimism for artificial intelligence stocks.
- Dow Jones futures gained 0.18% overnight, the S&P 500 futures were up 0.20%, and the Nasdaq 100 futures climbed 0.11% higher.
- Apple shares climbed higher in overnight trading after the company posted second-quarter earnings and revenue that beat Street expectations.
- U.S. jobless claims in the week ended April 25 declined more than expected, with layoffs cooling despite slow job growth.
U.S. stock futures climbed higher in Thursday’s overnight trading session amid strong earnings results from some Big Tech names, temporarily muting concerns over the war in Iran.
Dow Jones futures gained 0.18% overnight, the S&P 500 futures were up 0.20%, and Nasdaq 100 futures climbed 0.11% higher as of 8.57 p.m ET.
Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), Invesco QQQ Trust (QQQ), and the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose in after-hours trading. Meanwhile, retail sentiment on Stocktwits for all three trended in the ‘bullish’ territory at the time of writing.
How Did US Markets Fare?
On Thursday, the S&P 500 and Nasdaq Composite hit record highs, closing 1.02% and 0.89% higher, respectively. Meanwhile, the Dow Jones Industrial Average added about 790 points to close up 1.62%.
| Index | Move | Close |
| Dow Jones Industrial Average | 1.62% | 49,652.14 |
| S&P 500 | 1.02% | 7,209.01 |
| Nasdaq Composite | 0.89% | 24,892.31 |
US Market Drivers
U.S. stock markets recorded their best month since 2020 on Thursday, fueled by gains in technology shares and rising optimism for artificial intelligence stocks.
Apple Inc. (AAPL) was the latest among the “Magnificent Seven” stocks to post quarterly results, with shares climbing about 2% higher in overnight trading after the company posted second-quarter (Q2) earnings and revenue that beat Wall Street expectations. Shares of Alphabet Inc. (GOOG, GOOGL) soared to record highs after the company reported robust quarterly earnings on Wednesday, boosting AI optimism. Amazon.com Inc. (AMZN) extended gains for a second day on strong results.
Memory companies SanDisk Corp. (SNDK), Western Digital Corp. (WDC), and Caterpillar Inc. (CAT) also reported earnings.
Meanwhile, tensions in the Middle East drag on even as U.S. President Donald Trump faces a deadline on Friday under the War Powers Resolution to end the war against Iran or to get Congressional approval to extend the conflict. Iran is holding its ground on its nuclear strategy and has reportedly said on Thursday that renewed attacks from the U.S. would elicit a response of “long and painful strikes” on America.
On the economic front, U.S. jobless claims in the week ended April 25 declined more than expectations with layoffs cooling despite slow job growth. Markets will be watching for key releases on Friday related to the health of the manufacturing sector.
Trending Stocks To Watch
Akanda Corp. (AKAN): Shares of cannabis company Akanda are on track for their best weekly performance on record after it gained more than 88% on Thursday over optimism about the potential reclassification of marijuana from a Schedule I to Schedule III drug. The company’s shares continued the rally overnight, surging more than 40% at the time of writing.
Apple Inc. (AAPL): The iPhone maker posted second-quarter (Q2) results on Thursday, with revenue and earnings beating expectations. Apple also provided robust Q3 guidance that was well ahead of consensus estimates, pushing its shares up more than 2% in the after-hours session.
Reddit Inc. (RDDT): Social media company Reddit’s shares surged by over 12% in extended trading hours after the company’s first-quarter (Q1) results zoomed past Street expectations. The company also provided strong forward guidance, signaling increased advertising demand driven by a growing user base.
Rivian Automotive Inc. (RIVN): The EV maker’s shares tumbled by over 4% in the overnight trading session after it failed to provide sufficient fresh details about its new R2 electric SUV. The company, however, posted a narrower loss than Wall Street expected and said it plans to increase initial production at a new factory in Georgia.
Broader Market Trends
Oil futures continued to rise in Thursday’s overnight trading as the conflict in the Strait of Hormuz has failed to abate. Brent crude futures expiring in July were up around 1.23%, trading at around $111.80 a barrel, while WTI crude futures expiring in June were up about 0.61% to $105.71 a barrel at the time of writing.
Treasury yields on the benchmark 10-year were at 4.39%, while gold traded around $4,618.07 an ounce.
Asian markets opened mixed on Friday, with the Nikkei 225 and SSE Composite indexes climbing higher at the open, while KOSPI was trading lower at the time of writing. Australian stocks also climbed higher at the open.
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