US Stocks Finished Friday and July on High Notes

US Stocks Finished Friday and July on High Notes

#stocks #bigtech #revenue #earnings #virus #ecommerce #spending #investors #GDP #NYSE

$DIA $SPY $QQQ $RUTX $VXX

Stocks closed Friday and July on high notes, with the Bulls still in charge.

The NAS Comp outperforming after of better than expected corporate earnings results from big tech firms like Facebook (NASDAQ:FB) and Apple (NASDAQ:AAPL), which both marked record closing highs.

Friday’s session saw each of the major US indexes closing out a 4th straight month of gainers.

The S&P 500 rose about 5%, the DJIA increased 2% and the NAS Comp outperformed, rising more than 6.5% on the month.

Amazon (NASDAQ:AMZN) stood out reporting net income that 2X’d over last year to $5.2-B, and net sales that grew 40% during the Quarter, with virus chaos-related spending on e-Commerce platforms strongly benefiting the company.

Apple (NASDAQ:AAPL)brought in revenue of $59.7-B in Q-2 to Top estimates by $7-B, as both hardware product and services revenue surged over last year. Apple announced a 4-1 stock split in a move that would make shares more accessible to retail investors.

The estimates-topping results from Big Tech companies stood in contrast to US economic data earlier Thursday, which affirmed the worst Quarterly drop in US economic activity on record during Q-2 and showed a 2nd straight increase in weekly unemployment insurance claims. The reports suggest that the recovery from the C-19 coronavirus chaos will likely be drawn out.

Friday, the major US stock market indexes finished the month at: DJIA+114.67 at 26428.32, NAS Comp +157.46 at 10745.35, S&P 500 +24.90 at 3271.12

Volume: Trade on the NYSE was heavy with 1.3-B/shares exchanged

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias for the wk and month ending 31 July 2020.

  • NAS Comp +19.8% YTD
  • S&P 500 +1.3% YTD
  • DJIA -7.4% YTD
  • Russell 2000 -11.3% YTD

Looking Ahead: Investors will receive Construction Spending for June and auto and truck sales for July Monday. 

Have a healthy weekend, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.