US OPEN: Wall Street opens higher on upbeat Tech earnings

13:48 31 July 2020
• NASDAQ  rise over 1%
• Apple , Amazon  and Facebook earnings above expectations
• Gilead Sciences stock below major support

US indices  opened higher on Friday, with the tech-heavy Nasdaq index leads market gains after upbeat results from the likes of Apple , Amazon  and Facebook.
Meanwhile, US lawmakers are still arguing over the form of another stimulus package, mainly the $ 600 weekly unemployment benefit, which expires on Friday. Yesterday Republican proposal to reduce it to $200 a week was rejected.
S&P500 (US500) is stuck between major support at 3240.8 pts and the recently broken upward trendline. If sellers manage to break below the $3240.8 handle, a way for a bigger downward move will be open. On the other hand, once buyers regain control, the resistance 3338.6 pts may be at risk. Source: xStation5
 
Gilead Sciences (GILD.US)stock fell 2% after the market close. Pharmaceutical company reported second quarter earnings of $1.11 per share excluding some items on revenues of $5.14 billion while analysts polled by Refinitiv, expected earnings of $1.45 per share on revenues of $5.31 billion.
Gilead Sciences (GILD.US) – launched today’s session with a bearish price gap. Stock broke below key support level at $70.00 per share. Should down beat moods prevail, resistance at $66 per share may come into play. Source: xStation5
 
Facebook (FB.US) stock jumped 6% in extended trading after the company’s posted better than expected second-quarter figures. The social media giant earned $1.80 per share on revenues of $18.69 billion, well above analysts' expectations  of $1.39 per share on revenues of $17.40 billion. Facebook revenue rose 11% in Q2.
 
Caterpillar (CAT.US) – reported quarterly earnings of $1.03 per share, well above analysts' expectations of 64 cents a share. Revenue also came in above market forecasts despite the fact that sales tumbled from a year ago due to a pandemic-related slump in demand.
 
Merck's (MRK.US) beat market expectations by 33 cents a share, with quarterly profit of $ 1.37 per share. Revenue also came in above expectations thanks to 29% increase in sales of its cancer drug Keytruda. Company raised its full-year forecast.
 
Chevron (CVX.US) posted a quarterly loss of $ 1.59 per share, while analysts expected loss of $0. 92 cents per share. Revenue also came in below estimates due to  lower oil and gas prices and decrease in fuel demand caused by the pandemic.
 
Apple (AAPL.US) stock rose 5% in extended trading after tech giant posted better-than-expected quarterly results. Company earned  $2.58 per share on revenues of $59.69 billion, while Wall Street expected earnings of $2.04 per share on revenues of $52.25 billion. Apple approved a four-for-one stock split.
 
Alphabet (GOOGC.US)— Shares of Google’s parent company rose 1% in extended trading after the company published its second-quarter financial results. Company earned $10.13 per share on revenues of $38.30 billion, well above analyst’s expectations of $8.21 per share on revenues of $37.37 billion.
 
Amazon (AMZN.US) stock rose 4% after the closing bell following upbeat second-quarter financial results. E-commerce giant posted second quarter earnings of $10.30 per share on revenues of $88.91 billion, well above analysts’ expectations of $1.46 per share on revenues of  $81.56 billion. CEO Jeff Bezos said Amazon will spend at least $2 billion in the third quarter on personal protective equipment and costs related to the coronavirus and wage increases.
 
Ford (F.US)— stock climbed 1% in extended trading after company quarterly results surprised on the upside. The automaker lost 35 cents per share excluding some items on revenues of $16.62 billion while market expected a loss of $1.17 per share on revenues of $15.95 billion. The company reported an adjusted pretax loss of $1.9 billion, which ended up being more than $3 billion better than predictions.

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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