Facebook, Apple, and Amazon are leading the tech sector after announcing better than expected earnings. However, as we head into the close, all three major indexes have dipped into the red for the day.
As far as the weekly numbers go, the S&P 500 will likely eke out a weekly gain of roughly +.5%. The DOW, on the other hand, will suffer it’s second straight weekly loss standing at -1.3% while the NASDAQ, on the back of the big earnings blowout by the big three, will post a weekly gain of +2.4%.
Facebook (FB) reported earnings of $1.80 vs. $1.39 per share with a revenue of $18.7 billion vs. $17.4 billion.
Apple (AAPL) reported earnings of $2.58 vs. $2.04 per share with a revenue of $59.69 billion vs. $52.25 billion. iPhone revenue came in at $26.42 billion vs. $22.37 billion and services revenue stood at $13.16 billion vs. $13.18 billion.
Amazon (AMZN) reported earnings of $10.30 vs. $1.51 per share with revenue of $88.9 billion vs. $81.24 billion as sales exploded due to COVID-19.
Bitcoin is looking to post its third strongest monthly gain of the year with an increase of roughly +23% for July. On a weekly level, Bitcoin will post a gain of +17%
The US dollar continues to be put under pressure by gold losing -1% on the week marking it’s sixth straight week losses. However, gold is trading at record high levels, hitting an intra-day high of 2005.40 in early trading of the December contract. For the week, gold will post a weekly gain of +2.9%.
Crude oil is now trading below $40 a barrel, losing -3.6% on the week as a surge in COVID-19 cases here in the United States has put a damper on demand with extensive travel restrictions playing a significant role.
Key Levels To Watch Next Week:
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
