Nasdaq futures shoot higher as FAANG companies beat earnings estimates

• Apple, Amazon Facebook and Alphabet all beat estimates on Thursday.
• The Nasdaq futures contract is now nearly 2% higher.

Apple, Alphabet, Amazon and Facebook earnings news

All of the large-cap Nasdaq companies reported this evening in the US aftermarket hours. As you can see from the information below they where all above the analyst estimates. 

Apple (NASDAQ:APPL) Q2 20 Earnings: – Revenue: USD 59.69B vs exp USD 52.30B – EPS: USD 2.58 vs exp USD 2.07 – iPhone Revenue: USD 26.42B vs exp USD 21.32B – Products Revenue: USD 44.53B vs exp USD 38.36B – Reports 4-For-1 Stock Split

Alphabet (NASDAQ:GOOG) Q2 20 Earnings: – Revenue Ex-TAC: USD 31.60B vs exp USD 30.45B – EPS: USD 10.13 vs exp USD 8.21 – YouTube Ads Revenue: USD 3.81B vs exp USD 3.76B – Google Properties Revenue: USD 25.1B vs exp USD 24.55B – Quarterly Decrease In Revenues 2% Y/Y

Amazon (NASDAQ:AMZN) Q2 20 Earnings: – Net Sales: USD 88.9B vs exp USD 81.24B – EPS: USD 10.30 vs exp USD 1.46 – Sees Q3 Net Sales USD 87.0B To USD 93.0B vs exp USD 86.51B – Created Over 175,000 New Jobs Since March

Facebook (NASDAQ:FB) Q2 20 Earnings: – Revenue: USD 18.69B vs exp USD 17.31B – EPS: USD 1.80 vs exp USD 1.39 – Monthly Active Users: 2.70B vs exp 2.63B – Daily Active Users: 1.79B vs exp 1.74B

Nasdaq futures 1-hour chart

The cash market has closed, so here is a look at how the Nasdaq futures market reacted to the earnings releases. The trendline on the chart had been broken once before and then after a dip below, there was another break of the level. The last hourly candle represents a 1.76% move higher.

Not only was there a pattern break the 55 Exponential Moving Average has been broken once again. The indicators are also looking bullish once again. The Relative Strength Index is back in the positive overbought area. The MACD histogram is also in the green with extending bars and the signal lines are back above the zero level.

Elliott Wave analysts might be wary of the 76.4% retracement zone which the price is currently at right now on the chart. Overall the trend is still very much an uptrend on the higher timeframes. These earnings could be the confirmation the market needed for the bull trend to resume. 

Nasdaq cash market additional levels