US stock futures bounce on Apple boost; Nonfarm payrolls awaited By Investing.com

Investing.com– U.S. stock index futures rose in evening deals on Thursday tracking better-than-feared earnings from tech behemoth Apple Inc, although sentiment remained on edge ahead of key payrolls data.

Apple’s earnings, which came after the market close, added to a positive session on Wall Street, which saw the technology sector bounce back from two days of losses after the Federal Reserve said interest rates will remain higher for longer. 

rose 0.3% to 5,107.50 points, while rose 0.6% to 17,150.0 points by 19:15 ET (23:15 GMT). rose 0.6% to 38,608.0 points. 

Apple surges 6% on better-than-feared earnings, buyback 

Apple Inc (NASDAQ:) rose 6% in aftermarket trade, adding to gains in the tech sector after the Cupertino, California-based giant posted earnings which were not as bad as markets were fearing. 

Specifically, declines in its revenue and earnings were not as deep as expected, although revenue from iPhone sales still missed expectations. This came amid softening demand and increased competition across its major markets, specifically China. 

But Apple’s services revenue still beat expectations, while the firm forecast a return to revenue growth in the June quarter. 

Apple’s shares were also boosted by a record $110 billion stock buyback, while the firm also increased its dividend payout. 

Gains in Apple herald extended gains in Wall Street indexes after a positive session on Thursday. But they were still trading down for the week. 

The rose 0.9% to end at 5,064.20 points on Thursday. The jumped 1.5% to 15,840.96 points, while the rose 0.9% to 38,225.66 points. 

Still, all three indexes were trading down between 0.1% and 0.7% for the week, as fears of higher-for-longer interest rates weighed.

Nonfarm payrolls present next challenge 

Despite a strong session on Thursday, sentiment in stock markets still remained on edge ahead of key data, due on Friday.

The reading is widely expected to factor into the Federal Reserve’s outlook on interest rates, and comes after a Fed meeting earlier this week, where the central bank warned that interest rates will remain high for longer in the face of sticky inflation.

Sustained strength in the labor market gives the Fed more impetus to keep rates high, although the central bank also said it will not raise rates any further.

Friday’s nonfarm payrolls data comes after the reading beat expectations for five straight months.  

Block surges on Q1 beat, Coinbase, Cloudflare sink

Among other major after-market movers, payments firm Block Inc (NYSE:) surged 7% after its first-quarter earnings topped estimates. The firm also revealed that it had been steadily investing in .

Cryptocurrency exchange Coinbase Global Inc (NASDAQ:) fell 2.2% even as its quarterly earnings beat expectations, as pressure came chiefly from a sustained slump in cryptocurrency prices.

Cybersecurity firm Cloudflare Inc (NYSE:) slid 13% after weak guidance overshadowed strong quarterly earnings.