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