Amazon's earnings report boosted technology stocks with hopes of a market rebound

On Feb. 4, the Nasdaq 100 was expected to rebound as strong earnings reports from companies such as Amazon, Snap and Pinterest helped ease concerns arising from the crash in Meta's stock price.

Invesco QQQ Trust Series 1, the largest exchange-traded fund that tracks the NASDAQ 100 index, jumped 2.1 percent in after-hours trading. Earlier, e-commerce giant Amazon released a bright financial report, prompting its stock price to soar by more than 18%, and the company also announced that it would increase the price of Prime members.

Meanwhile, Snap shares surged 47 percent and Pinterest jumped 26 percent after both companies' earnings reports showed that Meta's results didn't signal a broader slowdown in the social media business.

Of course, these gains came after a massive sell-off during regular trading hours, during which Meta saw the biggest drop in U.S. stock market history, causing Snap shares to close down 24 percent, Pinterest down 10 percent, and the Nasdaq 100 down 4.2 percent, its biggest drop since September 2020.

The after-hours rally affected several other companies that did not report results, including Etsy (up 10 percent), DoorDash (up 9 percent), Snowflake (up 5.4 percent) and Airbnb (up 3.3 percent). (Golden Deer)