(Reuters) -S&P 500 and Nasdaq futures gained on Friday after upbeat forecasts from Apple and Amazon helped soothe nerves a day after the indexes logged their steepest drop in more than three weeks.

Amazon’s shares surged 11.5% in premarket trading after the company forecast quarterly sales above estimates on the back of its cloud revenue rising at the fastest clip in nearly three years.

Apple rose 2.3% as its forecasts for holiday quarter iPhone sales and overall revenue surpassed Wall Street expectations.

With all but Nvidia among the so-called “Magnificent Seven” having reported quarterly results, investors got a fresh look at how aggressively Big Tech is spending on artificial intelligence. The group – which makes up roughly 35% of the S&P 500’s weight – plans to funnel billions into

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