All but one of the Nasdaq's 20 largest stocks were on the front foot on Thursday, ahead of earnings from tech mega-caps Apple Inc (NASDAQ:AAPL, ETR:APC), Amazon.com Inc (NASDAQ:AMZN, ETR:AMZ) and Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) and after a large falls the day before.
Following one of the heaviest one-day declines since September, US stocks generally rebounded as figures showed a cooling labour market ahead of Friday's official jobs report.
"With the disappointment over Alphabet and Microsoft’s numbers very much front of mind the hope is that tonight’s numbers from the rest of the 'Magnificent 7' and call a halt to two days of decline on the Nasdaq," said analyst Michael Hewson at CMC Markets.
Among the Mag7 tech giants, Nvidia and Microsoft led the rally, up 2.2% and 1.8% respectively, followed by Amazon and Meta at just over 1%. Apple, Alphabet and Tesla all rose less than 1%.
Earnings from Apple after the bell after the stock market closes are expected to show the effects of weak consumer demand in China.
The iPhone maker's valuation topped $3 trillion last year, in July and again in December, but the shares have retreated 6% since.
As for Amazon, the online retailer and cloud services provider is predicted to deliver a more robust set of numbers, boosted by a strong retail performance over the holiday period.
Likewise Meta, with the Facebook, Instagram and WhatsApp parent expected to report impressive growth in revenue and profit, with Wall Street analysts expecting the company to report an almost 180% jump in earnings per share and a 20% increase in revenue.