US stocks surged on Friday, as upbeat earnings from Apple lifted spirits and a weaker-than-expected jobs report revived bets that the Federal Reserve could cut interest rates sooner than thought. Dow Jones Industrial Average futures jumped 1.3%, or more than 450 points, while S&P 500 futures rose 1.1%. Contracts on the tech-heavy Nasdaq 100 were up roughly 1.6%. All three gauges are poised to build on sharp closing gains from Thursday.
According to the CME FedWatch tool, traders saw a roughly 50-50 chance of a cut at its July meeting, up sharply from Thursday. Meanwhile, Apple was the star of the corporates Friday, as its quarterly profit beat expectations and it surprised investors with better revenue out of China than estimated in the face of reports of flagging iPhone sales.
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