Nasdaq 100 futures surged after hours Thursday after encouraging earnings from Amazon.com and Google parent Alphabet.
Shares of Amazon.com briefly climbed more than 4 percent in extended trade after reporting earnings per share and revenue well above expectations.
Alphabet shares rose more than 4.5 percent in after-hours trade after posting earnings that also topped expectations on both the top and bottom line.
The Nasdaq composite closed at a record Thursday. The Nasdaq 100 hit a fresh intraday record, but failed to end the day above its record close set on Monday. That shouldn't be a problem Friday if these gains continue when official trading begins.
"These companies have been the gold standard for technology and ... for the broader market," said Quincy Krosby, market strategist at Prudential Financial. "To continue at this pace, economic data is going to have to be stronger overall."
Tech stocks are the top performers in the S&P 500 year-to-date, followed by consumer discretionary, which includes Amazon.
Nasdaq 100 futures Thursday performance
Source: FactSet
Not all big tech stocks rose in after-hours trade.
Microsoft shares dipped about 3 percent in extended trade after revenue missed. Intel shares were more than 3.5 percent lower in extended trade after revenue missed slightly.
Apple, the biggest market-cap stock in the S&P 500, traded little changed in extended hours.
"The focus in the earnings season has definitely been on revenue growth," Krosby said. "Companies that did well, offering a surprise in revenue growth, have been rewarded by the market. Those that [just] meet revenue growth are punished by the market. At these valuations you need to see demand for your product."
Watch: Alphabet reasonably valued relative to growth
