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Stocks Rise Ahead of Jobs Data

U.S. stocks posted significant gains on Friday as tech giants posted promising earnings reports and markets braced for the release of the U.S. jobs report later in the day. S&P 500 futures were up 0.5%, with those on the tech-heavy Nasdaq 100 rising as much as 1%. Futures on the Dow Jones Industrial Average remained relatively unchanged.

Among the strongest risers on Friday was Amazon.com, jumping by 7.1% after far exceeding its quarterly profit expectations. Meta Platforms skyrocketed by 17% in premarket trading while Snap Inc. gained 5.8%. Apple Inc. slipped marginally after its earnings in China faltered.

In this month’s US jobs report, Bloomberg economists are expecting to see the US unemployment rate rise from 3.7% in December to 3.8%. A cooling labor market could encourage the Federal Reserve to consider an interest rate cut sooner than expected.

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