How major U.S. stock indexes fared Friday

Daniel Fowler
August 2, 2020

The Dow is down 41.57 points, or 0.2%.

Stocks that most need the economy to get back to "normal" and the pandemic to subside were dropping, including many in the travel industry.

Besides, S&P 500 gained as much as 0.8 per cent despite a hesitant opening of the day following a breakthrough earnings' report from Apple Inc. alongside other tech titans, while Dow flashed up 0.40 per cent over vaccine optimisms and played down worries over Trump's contentious remark regarding a delay in November 3 election.

Apple Inc surged 6% in premarket trading, setting the stock on course to open at a record high, as it delivered year-on-year revenue gains across every category and in every geography.

Google parent company Alphabet also posted better-than-expected quarterly figures - but Cloud revenues came in slightly weaker than expected. Eastern time, while strength for tech stocks had the Nasdaq composite up 0.8%. The country has sunk into recession.

The United States has suffered its worst economic decline on record as the economy contracted at an annual rate of 32.9 per cent in the second quarter of the year, amid mounting COVID-19 fallout, the US Commerce Department reported Thursday.

European and Asian markets closed broadly lower.

The four companies are among the top five in market capitalization, representing about 20 percent of the S&P 500's total. The big companies in the S&P 500 are on track to report a almost 38% drop for the second quarter from a year earlier, according to FactSet. On the other hand, falling crude oil prices continue to weigh on energy shares.

MGM Resorts fell 5.1%, and Norwegian Cruise Line lost 3.4%. "There is a risk we may see a correction in August, although it doesn't have to be as severe as the one we saw in March, for things have since improved and monetary conditions are even more accommodative".

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Qualcomm rose 15.2% after it also reported stronger-than-expected quarterly results, while announcing it had resolved a dispute with Huawei and signed a new license agreement.

Futures tracking the Nasdaq 100 index jumped almost 1% on Friday as tech titans Apple, Amazon.com and Facebook managed to deliver impressive quarterly earnings despite the COVID-19 pandemic that has crushed the wider US economy.

Expectations were already high for each of the giants.

The S&P 500 was up 0.4% in late trading after flipping between small gains and losses earlier. Amazon is up more than 65%.

CMC Markets' Michael Hewson said: "Rising uncertainty about the USA economy, heading into the upcoming November election also appears to be weighing heavily on the U.S. dollar which has continued to fall heavily in Asia trading, falling to a fresh three year low, against the euro as well as a basket of currencies".

The economy cratered to its worst quarterly performance on record during the spring, and worries are high that continuing waves of coronavirus infections may halt what had been a budding recovery for it.

Nasdaq Composite gains more than 1% on rising tech shares. That's up by 12,000 from a week earlier. NY time.The Stoxx Europe 600 Index decreased 0.9%.The MSCI Asia Pacific Index slid 1.5%. The yield on the 10-year Treasury ticked down to 0.53% from 0.54% late Thursday.

Benchmark U.S. crude dropped $1.35 to settle at $39.32 per barrel. Brent crude, the worldwide standard, added 0.1% to $43.31 per barrel.

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