Alphabet (GOOGL) made the biggest splash, spiking more than 12 percent to new record highs. The search giant benefited from a stay-at-home boom in online advertising. But a lot more is going on.
We’re finishing the busiest and most important week of earnings season. The five most-valuable U.S. companies issued results. Here’s a quick breakdown:
The Nasdaq-100 rose 4.2 percent between Friday, October 2, and Friday, October 9. It was the index’s third straight positive week, and its best performance since early July. Its gain was also twice the advance of the broader S&P 500 index.
Technology stocks just had their worst month since March, but some big events could draw attention back to the group in October.
The US tech sector fell sharply during the month of May after U.S. regulators announced they would pursue antitrust action against large technology companies. The big FAMGA, specifically Facebook (ticker: FB), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), and Amazon (AMZN) shares dropped off the cliff. Additionaly, Alphabet (Google’s parent company) is still unable to rise out of the valley as investors continue to worry about the large size of fines that Alphabet will have to pay, and the enormous impact it will have on its operating income.
Take the good news first: Apple (AAPL) is starting to move beyond its reliance on smart phones and shifting into longer-lasting businesses. Revenue from services and wearables both rose more than expected, while record buybacks helped lift per-share earnings.