D&D Note (7.30.2020) ~ Stocks Mixed On GDP With Tech Standout Gainer Ahead Of Earnings ~
The major indices all gapped down to open todays session. The NASDAQ rebounded into the green in the afternoon ahead of Big Tech earnings from Apple, Amazon, Alphabet, and Facebook.
Apple – Beat with record results and plans 4-for-1 stock split.
Amazon – Beat with earnings at $10.30 a share vs. expected $1.46 a share.
Alphabet – Beat but had first revenue decline in company history.
Facebook – Beat with 11% revenue growth.
The DOW and S&P paired losses in the afternoon but closed in the red.
Weighing on the markets at the open was a record drop in U.S. GDP by 32.9% in the second quarter. Also putting pressure on markets was continued jobless claims coming in up by around 16 million from last week.
The ongoing debate in Congress over the next relief bill also weighed down stocks today.
The FED yesterday as expected maintained the Fed Funds Rate between 0-0.25%.
DOW down -0.85%
S&P 500 down -0.38% (3246.22)
NASDAQ up 0.43%
VIX up 2.74% to 24.76
Oil down -2.67% to $40.17 a barrel.
Gold down -0.38% to $1945.90 an ounce.
The FDA has said they would clear a potential vaccine for Covid-19 if it’s at least 50% effective.
The WHO says the global surge in virus cases appears to be caused by young people.
Former GOP presidential candidate Herman Cain has died of Coronavirus.
Global Virus cases: 17.13 million+
Global Virus deaths: 669,256+
U.S. Virus cases: 4.47 million+
U.S. Virus deaths: 151,674+
~ Dave James / Principal Trader and Market Strategist
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