Nasdaq Surges 150 Points As Apple Posts Upbeat Results

Nasdaq Surges 150 Points As Apple Posts Upbeat Results

U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 150 points on Friday.

The Dow traded up 0.24% to 32,607.29 while the NASDAQ rose 1.23% to 12,312.06. The S&P also rose, gaining, 0.83% to 4,106.07.

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Leading and Lagging Sectors


Consumer discretionary shares rose 4% on Friday. Meanwhile, top gainers in the sector included F45 Training Holdings Inc. FXLV, up 11% and Amazon.com, Inc. AMZN up 12%.


In trading on Friday, consumer staples shares fell 1.1%.


Top Headline


Apple Inc AAPL reported better-than-expected results for its fiscal year third-quarter, helped by strong iPhone and iPad sales. iPhone revenue of $40.67 billion came in better than analysts’ estimates of $39.2 billion.


Equities Trading UP


Getty Images Holdings, Inc. GETY shares shot up 92% to $20.18 after nearly 99.4% of shares were redeemed by CCNB shareholders.


Shares of ToughBuilt Industries, Inc. TBLT got a boost, shooting 24% to $7.27. The company entered into an agreement with Ace Hardware USA to sell 35 products across 5,500 stores.


AXT, Inc. AXTI shares were also up, gaining 21% to $8.47 after the company reported better-than-expected Q2 EPS.


Equities Trading DOWN

Avaya Holdings Corp. AVYA shares tumbled 52% to $1.0109 after the company cut Q3 revenue guidance. Craig-Hallum downgraded Avaya from Buy to Hold.


Shares of Holley Inc. HLLY were down 34% to $8.37 after the company lowered its FY22 sales guidance below analyst estimates.


Nutriband Inc. NTRB was down, falling 29% to $5.51.

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Commodities

In commodity news, oil traded up 4.1% to $100.43, while gold traded up 0.2% to $1,772.60.


Silver traded up 0.8% to $20.03 on Friday while copper rose 1.3% to $3.5190.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 rose 1.3%, London’s FTSE 100 rose 1.1% while Spain’s IBEX 35 Index rose 1.1%. The German DAX gained 1.7%, French CAC 40 rose 2% and Italy’s FTSE MIB Index gained 2.4%.

The Eurozone economy grew 0.7% on quarter during the three months to June, compared to a revised 0.5% expansion in the first quarter, while annual inflation rate in the Eurozone accelerated to a fresh record high of 8.9% in July from 8.6% in June.

The unemployment rate in Germany rose to a nine-month high of 5.4% in July, while the country’s economy stalled in the second quarter. Italy’s gross domestic product grew by 1% quarter-on-quarter during the three months to June. The annual inflation rate in Italy fell to 7.9% in July from the 36-year high level of 8% recorded in the prior month.

The annual inflation rate in Spain increased to 10.8% in July, while gross domestic product expanded by 1.1% on the quarter during the three months to June. Annual inflation rate in France accelerated to 6.1% in July. The France’s economy expanded 0.5% on quarter in Q2.


Economics


The personal consumption expenditure price index rose 1% month-over-month in June, recording the largest growth since September 2005. Personal spending increased 1.1% from a month ago in June.


The employment cost index rose 1.3% for the second quarter.


The Chicago PMI fell to 51.1 points in July from 56.0 points in June.


The University of Michigan consumer sentiment climbed to 51.5 in July from a record low level of 50 in June.


The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.


Data on farm prices for June will be released at 3:00 p.m. ET.
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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 92,917,650 cases with around 1,054,420 deaths. India confirmed a total of at least 43,979,730 cases and 526,250 deaths, while Brazil reported over 33,752,370 COVID-19 cases with 678,150 deaths. In total, there were at least 579,939,780 cases of COVID-19 worldwide with more than 6,415,210 deaths.

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