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(For a blog in the U.S. inventory market, click or type LIVE/ in a news window)
– Hiking Futures: Dow 0.09%, S-P 0.15%, Nasdaq 0.83%
By Medha Singh and Devik Jain
July 31 (Reuters) – Hundreds of Nasdaq futures rose nearly 1% on Friday when the titans of the Apple generation, Amazon.com and Facebook managed to generate impressive quarterly gains despite the COVID-19 pandemic that crushed the overall U.S. economy.
Apple Inc. jumped 6% in pre-market commerce, which set up inventory to open to a record as it generated year-over-year profit gains across all categories and regions.
Amazon.com Inc. rose 5.4% after posting the largest profit in its 26-year history, while Facebook Inc earned 6% in better-than-expected revenue.
Trade in Alphabet Inc was more moderate as quarterly sales fell for the first time in 16 years as a public company.
An increase in the percentage costs of the 4 companies, which account for about one-fifth of the SP 500 price, as well as a competitive fiscal and financial stimulus, prompted the Nasdaq to record historic highs and directed the SP 500 to its 4th consecutive gain per month.
The benchmark is now around 4% of its February high, but weak macroeconomic knowledge and emerging COVID-19 instances are making investors cautious again.
Thursday’s figures showed the biggest contraction in U.S. gross domestic product. Since the Great Depression, while the emerging weekly demand for unemployment advised an incipient recovery in the market of stagnant hard labour.
Investors betting on greater stimulus from the U.S. government. Before the expiration of federal unemployment of $600 per week they gain advantages also disappointed when the Senate suspended the weekend and will return monday.
On the economic front, fundamental knowledge of non-public customer spending, the Fed’s measure of inflation, is expected to rise to 0.2% in June. The report is scheduled for 8:30 a.m. ET.
At 0613 ET, Dow e-minis rose 23 points, or 0.09%, S-P 500 E-minis up 4.75 points, or 0.15%, and the 100 Nasdaq e-minis rose 90 points, or 0.83%.
Ford Motor Co rose 2.7% after reporting enough money for the year, even though it predicted a year-round loss.
Drug manufacturer Gilead Sciences Inc fell 3.5% to weaker-than-expected quarterly results, damage from weak sales of its hepatitis C and flagship HIV treatments. (Reporting through Medha Singh and Devik Jain in Bangalore; Edited via Shounak Dasgupta)