Technology Drags the Market Along
Last week we heard from some of the major technology leaders in the markets and they blew-out their numbers! While Covid is impacting many businesses the FANG group is roaring along. Apple (AAPL) announced a 4:1 split and closed Friday at $425.04, an incredible gain. Google (GOOGL) was weak and dropped some but we expect a rebound. Microsoft (MSFT) also lagged Friday but this morning is up substantially to $209.30, a gain of 2.09% from Friday's close.
Apple, Amazon and Facebook all posted far-better-than-expected profit results Thursday night. Apple, blew-out overall and iPhone sales. The major equity averages ended July with solid gains and posted their fourth straight positive month. The S&P 500 gained 5.5% in July, while the Dow and the Nasdaq Composite rose 2.3% and 6.8%, respectively.
Traders and economists will be looking at the July jobs report this week, the Labor Department is scheduled to release this data on Friday, since the number of people filing for unemployment benefits has been edging higher.
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