1. Stock futures up just slightly despite Big Tech blowout earnings
Futures tied to major U.S. equity indexes were higher by just a tad Friday morning even after the tech giants reported stellar earnings. Dow Jones Industrial Average futures climbed 40 points, or 0.1%, implying an opening gain of about 55 points. S&P 500 futures gained just 0.1%. Nasdaq 100 futures, tracking the predominantly tech-focused index, outperformed and rose 0.8%.
Through Thursday’s close, the Dow is down 0.59%, on pace for its second straight negative week. The S&P 500 has gained almost 1% this week, and the Nasdaq Composite rallied more than 2%.
2. Amazon, Apple and Facebook earnings crushed Wall Street expectations
Apple posted a historically strong quarter, with revenue jumping 11% amid strong online sales during the pandemic. Shares gained 7% in premarket trading. Amazon, which beat earnings expectations and reported double-digit revenue growth year over year, saw its shares climb 6% before the bell. Meanwhile, Facebook reported 11% revenue growth even amid the pandemic slowdown, sending shares up nearly 7% premarket.
Alphabet’s results were slightly disappointing, however. The Google parent-company reported its first revenue decline in history. The company beat most expectations with the exception of its Cloud division. Its shares were flat premarket.
Thanks to those largely strong results, these four giants collectively added roughly $200 billion to their market values with their premarket gains set to push them over the $5 trillion mark total.
Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference at Steve Jobs Theater in Cupertino, California, June 22, 2020.
Brooks Kraft | Apple Inc. via Reuters
3. Congress fails to agree on the next stimulus deal
U.S. Speaker of the House Nancy Pelosi, joined by Senate Minority Leader Chuck Schumer, speaks to reporters in the U.S. Capitol in Washington, July 29, 2020.
Erin Scott | Reuters
4. Caterpillar shares rise after better-than-expected results
An employee assembles an excavator at the Caterpillar Inc. manufacturing facility in Victoria, Texas.
Callaghan O’Hare | Bloomberg | Getty Images
5. Euro zone GDP plunged by a record 12.1%
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