There is nothing that can make life more convenient than technology. Frontrunners in the Nasdaq list pulled companies upward while Wall Street’s other two indices went down.
Standard and Poor’s 500 fell by 12.22 points or 0.38%, to 3,426.22. However, it was up by 4.71% on month to date. The Dow 30 has gained 1.94% month to date but experienced a setback of 223 points, 0.85% on Thursday, closing at 26, 313.65.
Despite US stocks finishing in red for the day, the Nasdaq Composite is up 0.43%, totaling to a 5.26% increase for July. Thanks to its four most prominent technology and e-commerce firms– the primary drivers of the upward trajectory.
The four technology giants, Apple, Amazon, Facebook, and Alphabet Inc., garnered a combined market capitalization of $200 billion, increasing their total value from $4.9 trillion to $5.1 trillion.
The US GDP’s fall of 32.9% has driven many stocks lower in the second quarter. Adding to the bad harvest, Republicans and Democrats still struggle to reach a settlement on the next stimulus package, noting a $2 trillion difference in their respective proposals.
The Big Four are Unstoppable
There is nothing that can ruin the momentum of the biggest technology firms in the Nasdaq list. The Nasdaq’s big four surpassed analysts’ revenue estimates for the second quarter.
With a forecasted $2.04 earnings per share, Apple Inc. reached $2.58. Its current trade value per share is at around $380, leading its board to go for a four-for-one stock split, by the end of August. This will give new investors a chance to buy Apple shares at around $100, depending on stock performance. Apple Inc. added $74.4 billion in its market cap in the latest quarter.
Similarly, Amazon added almost the same amount as Apple Inc. to its market cap. It recorded a $10.30 per share versus an expected $1.46 per-share price. Its revenue for the latest earnings season hit 88.91 billion.
With a $7.6 billion revenue, Alphabet Inc. recorded a $10.13 per share from $8.21 predicted price, while Facebook shares traded at $1.80 from $1.39 per-share forecast, settling for revenue growth of 11% or $42.6 billion.
Earnings reports came after the House of Antitrust Committee summoned the Chief executives of the four biggest firms, amid investigations on their growing influence in the American economy. However, investors seem unconcerned about the turnout of the proceedings.
The tetrad, together with other Nasdaq list drivers Microsoft and Tesla, made up the Nasdaq-100’s value this month. The future is brighter as the four stocks gained on trading after hours.
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