Nasdaq Seen Rallying on Apple, Facebook Results

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Stock-index futures indicated the tech-heavy Nasdaq could open higher by more than 1% after heavyweights Apple and Facebook revealed strong quarterly results.

Today's Markets

As of 8:20 a.m. ET, Dow Jones Industrial Average futures climbed 30 points, or 0.18%, to 16490, S&P 500 futures rose 7 points, or 0.37%, to 1880 and Nasdaq 100 futures rallied 52.3 points, or 1.5%, to 3606.

The heavy selloff on the Nasdaq two weeks ago seems quaint now as the index rebounds. Apple (NASDAQ:AAPL), the world's biggest tech company, posted stronger-than-expected quarterly results and boosted its dividend. Its shares jumped more than 7%, and are likely to help send the Nasdaq sharply higher. Facebook (NASDAQ:FB), the world's biggest social network, also weighed in with a beat.

Looking at Dow components, Caterpillar (NYSE:CAT) revealed a big quarterly beat. Verizon Communications (NYSE:VZ) logged mixed results, and 3M (NYSE:MMM) missed views.

United Parcel Service (NYSE:UPS), the shipping giant that is also seen as an economic bellwether, posted a quarterly miss, blaming "unusually harsh weather."

Microsoft (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN), Visa (NYSE:V) and a slew of other big companies are set to report after the closing bell.

Traders will also get a duo of economic reports. Economists expect 310,000 people to have filed for first-time jobless benefits last week, up from 304,000 the week prior. Meanwhile, orders for long-lasting goods are forecast to have jumped 2% in March on a month-to-month basis.