Nasdaq futures jump after strong Meta results; GDP data awaited

Nasdaq futures

NASDAQ 100 is trading down 0.05% at 13003.36

Nasdaq futures jumped almost 2% on Thursday, as a surge in Meta Platforms shares after its strong results eased pressure on growth and technology stocks that have been battered on concerns about rising interest rates.

The Facebook-parent rose 17% in premarket trading after it reported a stronger-than-expected profit and the social-networking site eked out user growth.

Other megacap stocks such as Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN) and Tesla (NASDAQ:TSLA) Inc rose between 1.4% and 2.2%.

Meanwhile, a Commerce Department report at 8:30 a.m. ET is expected to show U.S. economic growth likely slowed sharply in the first quarter as a wave of COVID cases curbed activity, but retained sufficient underlying strength to keep the expansion on track.

According to a Reuters survey of economists, GDP growth likely increased at a 1.1% annualized rate last quarter after clocking 6.9% growth in the fourth quarter.

The Ukraine war, China’s COVID lockdowns and surging inflation have weighed on the outlook for global economy, sparking volatility across markets in April.

On technical fronts NASDAQ 100 RSI stood at 36.89 and currently it is trading below all MA. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : NASDAQ 100 – SELL: 13285.26, TARGET: 13102.72, STOP LOSS: 13345.71

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