S&P 500 top movers: Facebook and Apple surge higher on upbeat earnings figures

Major equity indexes in the US in the positive territory on Friday but turned south as investors look to book their profits on the last day of the mon  |  31/07/2020 18:33
  • Wall Street's main indexes trade in the negative territory on Friday.
  • Apple and Facebook lead tech rally on upbeat earnings reports.
  • Under Armour falls sharply on dismal outlook for second half of 2020.

Major equity indexes in the US in the positive territory on Friday but turned south as investors look to book their profits on the last day of the month. As of writing, the S&P 500 Index (SPX) was down 0.6% on a daily basis at 3,227 points. Despite this daily slide, the SPX clings to modest weekly gains and looks to close July more than 4% higher.

S&P 500 top movers

Facebook (FB) reached a record high of $255.85 after the opening bell on Friday after the company reported that the revenue increased by 11% to $18.69 billion on a yearly basis in the second quarter. Additionally, monthly active users (MAU) increased by 12% to 2.7 billion as of June 30th. As of writing, FB was up 7.5% on the day at $252.10 as the top-performer. 

Meanwhile, Apple Inc (AAPL) announced a 10.9% increase in revenue to $59.59 billion, which surpassed the market expectation of $52.25 billion by a wide margin. Moreover, the company reported quarterly adjusted earnings of $2.58 per share for the quarter ended in June. At the moment, AAPL is gaining 7% on the day at $411.45.

On the other hand, following the second-quarter earnings report, an Under Armour Inc (UAA) executive noted that they will face further challenges with respect to consumer demand said revenue could be down as much as 20% to 25% in the second half of the year. UAA was last seen trading at $10.38, losing 8.5% on the day as the worst performer.

Share

Popular News

Show More Popular News

TheFXApp's Views

TheFXApp analyses will provide both fundamental and technical comprehensions on finance
and other asset classes for TheFXApp viewers

Back

Login to TheFXApp Account

Your TheFXApp account gives you access to the tools that we offer our customers including our
Technical Studies & Sentiment for your accounts.

Forgot Password?

Don't you have a TheFXApp account? With a few easy steps you can easily register to TheFXApp

Create a TheFXApp's Account

Your TheFXApp account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

register_ty

Thank you!

Welcome to TheFXApp family!

You have succesfully completed the registration.
We will send you an e-mail to give you some
instructions and our Terms and Conditions!
Our account representatives will be contacting you as
soon as possible. If you have any further questions
please do not hesitate to mail us via info@thefxapp.com