Stocks Open Higher After Big Tech Earnings Beat Expectations

TOPLINE

The stock market opened mostly flat on Friday, even after Apple, Amazon, Facebook and Google all reported better-than-expected second quarter earnings results.

KEY FACTS

Crucial quote

“These earnings from big tech and communication names are simply amazing,” says Ryan Detrick, chief investment strategist for LPL Financial. “Yes, estimates were low and we all assumed they would beat, but this is another sign that the strong have only gotten stronger.”

Surprising fact

Gold prices topped $2,000 per ounce on Friday, a new record high. Investors have continued to pile into safe haven assets like gold amid the economic uncertainty caused by the coronavirus pandemic.

What to watch for

Emergency federal unemployment benefits, which were being paid out at $600-per-week, are set to expire Friday. Congress and the White House remain deadlocked over an agreement, which means that there could be significant delays before a new program is up and running.

Further reading

Dow Plunges Over 200 Points Amid Record Drop In GDP (Forbes)

Dow Jumps 150 Points After Federal Reserve Leaves Rates Unchanged Near Zero (Forbes)

Here’s Why Your Unemployment Benefits Could Be Delayed For Months (Forbes)

Dow Falls 200 Points After Senate Republicans Unveil Coronavirus Relief Bill (Forbes)

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