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Facebook Leads As Tech Stocks Spearhead Early Rebound

Facebook (FB) and American Express (AXP) led Thursday’s premarket trading, as global markets staged a solid rebound and stock futures in the U.S. looked to add a third straight advance.

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Futures for the Dow Jones industrial average added 0.3%. S&P 500 futures swung up 0.5% above fair value. Nasdaq 100 futures powered up 0.8%.

Facebook set up an early lead among S&P 500 and Nasdaq 100 stocks, bouncing 3.9% in premarket trading as the stock fights to climb into positive territory for the week. IBD Leaderboard stock Amazon.com (AMZN) popped 1.5%, with Netflix (NFLX) and Alphabet (GOOGL) up about 1% each.

Amazon ended Wednesday about 13% off its mid-March high, and still extended 16% after a flat base breakout in January.

Global Stock Markets Rebound, U.S. Layoffs Surge

Wednesday’s bearish start, strong finish combination flashed bullish signals as the market attempts to construct its rebound.

The S&P 500 undercut its 200-day moving average for the third time in three sessions on Wednesday. It then found support and rebounded into a narrow gain for the week. The Dow’s pullback stopped short of its 200-day level, also moving higher for the week.  The Nasdaq — still showing a loss so far for the week — has found support over the past three sessions just above its 200-day line.

Across global stock markets, Frankfurt’s DAX led a morning rally in Europe, surging 1.9%, vs. a 1.8% gain for Paris’ CAC-40 and a 1.3% advance for the FTSE 100 in London.

In China, the Hong Kong and Shanghai exchanges were dark as the country celebrates its Ching Ming festival. On Japan’s Tokyo stock exchange, the Nikkei 225 surged 1.5% on Thursday. that lifted the benchmark onto positive ground for the week, and back above its 10-week moving average for the first time since early February.

Investors will have an eye out for Friday’s March payrolls report from the Labor Department. And February trade balance data due from the Commerce Department at 8:30 a.m. ET may also get a closer look than usual, in light of the ongoing trade dispute between the U.S. and China.

Layoffs announced by U.S. private employers surged to 60,357 in March, according to the monthly Job Cuts Report from Challenger, Gray & Christmas. That was the highest tally since April 2016, up more than 70% vs. February and 39% above year-ago levels.

American Express, Jumps; Changyou, Sohu Soar

American Express popped 1.4%, the Dow’s top gain. The stock has been clinging to support at its 200-day moving average, ending Wednesday 2% below its 50-day line and less than 9% below its mid-January high.

China-based stocks showed early strength, with Changyou.com (CYOU) up nearly 10% in premarket trading. The online games provider announced a special dividend of $9.40 per American depositary share. China-based Sohu.com (SOHU), which holds a majority stake in Changyou, rose 4.9% in premarket trading.

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