Nasdaq surges on megacap earnings

Provided by CNBC

Apple, Microsoft and Amazon are also among the most popular stocks held by users of Robinhood, one of the retail trading platforms that have had a surge in activity this year, drawing in new everyday investors to take part in the stock market rally that began in March.

Exxon Mobil Corp. and Chevron Corp. posted the worst losses in a generation after the pandemic and a global crude glut combined to batter nearly every part of their businesses.Caterpillar Inc.'s cost cuts helped it make up for slowing sales, but concern of second waves of the coronavirus weighed on the prospects for the rest of the year.Gilead Sciences Inc.'s "remdesivir guidance is hard to believe", a Raymond James analyst said after the biotech company raised its forecast.Pinterest Inc. said revenue in July jumped as advertisers and users returned to the social-sharing service.

"The results were just fabulous, just so strong", said Tim Ghriskey, chief investment strategist at Inverness Counsel in NY.

"The results were just fabulous, just so strong", he said. "These are extremely profitable companies and they produce products that people want".

Almost three out of four stocks fell in the S&P 500.

Apple surged to overtake Saudi Aramco as the world's most valuable company.

An extra $600 in weekly unemployment benefits from the US government expired with July's end, and Congress continues to argue about how to provide more support for the economy.

"It seems like they are far apart and supposedly they are working at it and there is a lot of name calling and as usual there is a lot of bad blood between these two parties and they have to come to some compromise, clearly, but they are not there, that's for sure", said Ghriskey.

However, despite the solid tech report cards, expiring emergency unemployment benefits, losses in stocks linked to the reopening of the economy and concerns around a potential sell-the-news-type effect following said earnings, Dow Jones S&P 500 gains were somewhat muted before the opening bell.

It was a choppy session with each major index up and down.

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The Dow is down 41.57 points, or 0.2%. The company reported after Thursday's close quarterly revenue of USA $59.7 billion, up by 11 per cent year on year, with quarterly earnings per diluted share of United States $2.58, up by 18 per cent.

This concentration was further strengthened on Friday when Apple, Amazon and Alphabet, Google's parent company, continued their steady march towards recent stock market highs, following bumper earnings on Thursday.

USA deaths from COVID-19 appeared to be rising at their fastest rate since early June, and the Midwest looked like the current epicentre of the pandemic.

Still, the S&P notched its fourth weekly gain in the past five and fourth straight month of gains, with lift from massive fiscal and monetary stimulus measures to buttress the USA economy during the pandemic.

Oil majors Chevron Corp shed 3.5% after reporting an $8.3 billion loss on asset writedowns from plummeting fuel prices, while ExxonMobil Corp dropped 1.3% after a second consecutive quarterly loss.

Caterpillar Inc reversed premarket gains and fell 3.2% after the heavy equipment maker signaled more pain from an uncertain economic outlook.

The Nasdaq is up 1,772.67 points, or 19.8%.

The Nasdaq is up 382.10 points, or 3.7%.

About 11.01 billion shares changed hands in USA exchanges, compared with the 10.53 billion daily average over the last 20 sessions.

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