The stock market showed signs of positivity on Friday, with U.S. stock futures edging higher, driven by encouraging jobs report data and better-than-expected earnings from leading tech companies.

As the day began, the Dow Futures contract rose by 45 points (0.1%), S&P 500 Futures climbed 15 points (0.3%), and Nasdaq 100 Futures surged 80 points (0.5%).

Investors’ attention was focused on the release of the monthly jobs report at 08:30 ET, which was anticipated to reveal the creation of 200,000 new positions in July. While this figure was slightly lower than the previous month, it indicated a steady growth trajectory. Average hourly earnings also saw a marginal decline to 0.3% from 0.4%, but the unemployment rate remained steady at 3.6%, signaling a robust labor market.

The tech sector, fueled by the promise of artificial intelligence advancements and hopes of a more accommodative Federal Reserve, has been a driving force in the recent market rally. Investors closely monitored the quarterly earnings results from tech giants like Apple and Amazon.

Apple’s earnings exceeded expectations, bolstered by strong demand for its services. However, revenue saw a dip as consumer spending on the company’s gadgets decreased. On the other hand, Amazon’s cloud computing division displayed better-than-expected growth, sparking optimism for a potential turnaround.

With approximately 79% of S&P 500 companies having reported their earnings, around 80% of them surpassed Wall Street’s projections, indicating resilience and growth in the corporate sector.

The energy sector also saw positive movements, as oil prices continued their upward trajectory. Thanks to output cuts by Saudi Arabia and Russia, global supplies tightened, propelling the prices to reach a sixth consecutive week of gains. By 06:30 ET, U.S. crude futures jumped 0.8% to $82.20 a barrel, while the Brent contract climbed 0.8% to $85.78.

In contrast, gold futures experienced a minor decline of 0.1% to $1,966.85 per ounce, while the EUR/USD currency pair showed a marginal increase, trading at 1.0945.

As the market rally continued, investor sentiment remained positive, driven by strong economic data and robust earnings reports from various sectors. The tech sector, in particular, has been a key driver of optimism, with advancements in artificial intelligence and the hope of a more accommodative monetary policy from the Federal Reserve.

The eagerly awaited monthly jobs report was a major point of interest for investors. While the report showed a slight decline in job creation compared to the previous month, it still indicated a steady recovery in the labor market. The unemployment rate remained steady, pointing to the resilience of the job market despite ongoing pandemic challenges.

Tech companies like Apple and Amazon played a crucial role in boosting market confidence. Apple’s quarterly earnings surpassed expectations, driven by strong demand for its services. However, the company faced a decline in revenue due to decreased consumer spending on its gadgets. On the other hand, Amazon’s cloud computing division displayed robust growth, sparking optimism among investors.

Market observers noted that around 79% of S&P 500 companies had already reported their earnings, and the majority of them exceeded Wall Street’s projections. This indicated that the corporate sector was demonstrating resilience and growth, contributing to overall market optimism.

The energy sector also experienced positive movements, with oil prices continuing their upward trend. This was mainly attributed to output cuts by major producers like Saudi Arabia and Russia, which tightened global supplies. As a result, oil prices saw a sixth consecutive week of gains, providing further confidence to investors.

Amidst the overall optimism, gold prices experienced a minor decline, while the EUR/USD currency pair showed a slight increase. These fluctuations were relatively minor compared to the positive market trends.

Overall, the market sentiment remained positive as investors responded positively to the strong economic data, robust earnings reports, and global energy trends. The market rally signaled hope for a sustained recovery, despite ongoing challenges posed by the pandemic. Investors eagerly watched market developments and earnings releases to assess the trajectory of the economy and make informed investment decisions.