Tech Triumphs: Nasdaq and S&P 500 Surge as Netflix Shines

Shares of Netflix soared in premarket trades after surpassing subscriber growth estimates. Apple and Nvidia also saw gains, boosting the Nasdaq and S&P 500 futures. However, CVS Health dipped following a CEO change. Financial and economic data trends suggest a continued overall market rally.

Shares of Netflix climbed significantly in premarket trading after the company surpassed Wall Street expectations for subscriber growth, projecting continued success through year-end. This boost pushed technology shares higher and supported futures gains for both the S&P 500 and Nasdaq on Friday.

Other tech giants also contributed positively, with Apple advancing 2%, reflecting strong iPhone sales in China, and Nvidia following suit with a 1.2% rise. The semiconductor sector saw a lift from TSMC's strong results, enhancing investor optimism.

Despite these gains, CVS Health experienced a nearly 10% decline after announcing a leadership change, overshadowing broader market trends. Analysts remain cautiously optimistic about the sustained rally, noting possible vulnerabilities due to high valuations and unmet earnings expectations.

(With inputs from agencies.)