Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California.
Brooks Kraft/Apple Inc/Handout via Reuters
Dow Jones Industrial Average rises 114 points
The Dow Jones Industrial Average rose 114.67 points, or 0.44%, to 26,428.32. The S&P 500 rose 0.77% to 3,271.12. The Nasdaq Composite finished the day up 1.49% to 10,745.27.
The market also wrapped up the month of July with decent gains. The 30-stock benchmark gained 2.38% this month, while S&P 500 rose 5.51% for its fourth consecutive positive month. The tech-heavy Nasdaq outperformed, climbing 6.82%.
Big Tech blowout earnings
Four of the biggest American tech companies all reported earnings or revenue that crushed Wall Street expectations. Apple posted a historically strong quarter, with revenue jumping 11% amid strong online sales during the pandemic. Amazon and Facebook both reported double-digit revenue growth. Alphabet posted better-than-expected earnings, but the Google parent-company reported its first revenue decline in history.
Shares of Apple jumped 10.47%, Facebook rose 8.17%, while Amazon popped 3.70%. Alphabet, however, dropped 3.28%.
Coronavirus relief bill stalled
The current $600 weekly federal unemployment benefit is expiring Friday, but lawmakers made little progress toward the next coronavirus relief deal. White House Chief of staff Mark Meadows said Friday Democratic leaders have rejected four offers regarding the bill. He added the White House will have additional discussions with Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelsoi, which will likely be extended into Saturday.
What happens next?
Monday marks the first trading day of August. On the data front, investors will monitor U.S. Manufacturing Purchase Manager Index (PMI) to gauge the pace of the recovery in the sector. Clorox and Virgin Galactic also report quarterly earnings on Monday.
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