The gains for tech helped to mask sharp weakness for companies that most need the economy to reopen and the pandemic to subside, such as in the travel industry.
Expedia Group slumped 4.6% after it reported weaker results for the latest quarter than Wall Street expected.
Energy stocks fell the most among the 11 major S&P sectors after Chevron Corp reported an $8.3 billion loss on asset writedowns and ExxonMobil Corp recorded a second consecutive quarterly loss.
Investors betting on more USA government stimulus, before an extra $600-per-week federal jobless benefit expires on Friday, have also been disappointed as the Senate adjourned for the weekend and will return on Monday.
"If it doesn't happen in short order, there's going to be a lot of disappointment and unease", he said. "It would take only a few weeks before millions of people are cash strapped".More news: FDA could soon authorize COVID-19 treatment with antibody plasma
A strong year for the biggest 5 United States stocks in spite of the worst economic crisis the nation has actually dealt with in years has actually even more broadened their impact on equity markets.
Without the trio, the S&P 500 would have been down about half a percent in morning trading.
San Francisco, July 31 (SocialNews.XYZ) A pandemic-hit period, ad boycotts and probes over anti-competition practices, data privacy and security did not stop the four Big Tech firms (Amazon, Apple, Facebook and Alphabet with a combined market cap of almost $5 trillion) from posting healthy profits in the June quarter. They're three of the biggest companies in the world, making up almost 13% of the S&P 500 themselves, so their movements hold great sway over indexes.
Google's parent company, another behemoth in the market, also reported stronger profit than analysts had forecast, but its stock stumbled.
Riding on surging online sales during the pandemic as people stayed home, Amazon reported a 40 per cent increase in net sales to $88.9 billion, compared with $63.4 billion in the same period past year. It's a far cry from 20 years ago when tech stocks were seen as the riskiest investments.More news: Hurricane Isaias on track for eastern Canada
Apple, Microsoft, Amazon, Alphabet and Facebook now represent more than a fifth of the S&P500 Not considering that the 1980 s have the most significant 5 business had such a big share of the index, according to S&P Dow Jones Indices. Continued, massive amounts of aid from the Federal Reserve has been another linchpin.
The company reported a net income of $6.96 billion in Q2. "What's really holding up the equity markets is this idea that 'Yes, it's a awful situation now, but the outlook for 2021 and beyond is markedly better'".
The yield on the 10-year Treasury ticked up to 0.55% from 0.54% late Thursday. It touched its lowest level since March 9, the day it dropped to its record intraday low just below 0.34%.
The monthly active users (MAUs) hit 2.7 billion while daily active users (DAUs) rose 12 per cent to 1.79 billion (as of June 30).
The benchmark index is now about 4% shy of its February all-time high, but faltering macroeconomic data and rising COVID-19 cases in the US are making investors cautious again. Brent crude, the worldwide standard, added 0.1% to $43.31 per barrel.More news: Pandemic effects could be felt for 'decades to come': World Health Organization chief