Apple led a busy week of earnings by crushing estimates as users clambered for new iPhones. Most other companies also had strong results — especially chip makers and industrials.
The video-game retailer entered the session with a year-to-date gain of over 1,600 percent, propelled by a short squeeze of epic proportions. Seconds after 10 a.m. ET, it reached a high of $483. GME then reversed and plunged 77 percent to $112.25 by 11:25 a.m. before bouncing.
We’re finishing the busiest and most important week of earnings season. The five most-valuable U.S. companies issued results. Here’s a quick breakdown:
The NYSE FANG+ index ($NYFANG)
is up 2.7 percent in afternoon trading, its biggest gain since late January. That’s driving a big rally in the Nasdaq-100. Meanwhile the Nasdaq-100’s volatility index ($VXN.X) is crashing as fear leaves the market.
Microsoft (MSFT) is making serious efforts to enter the world of “cloud computing,” the business of large companies using third-party servers and software instead of running their own data centers. It’s a broad shift that’s been occurring in the world of tech for most of the decade.
We’re talking about digital advertising, a field long dominated by Alphabet (GOOGL) and Facebook (FB). While those two companies control more than half the market, they’ve shown signs of peaking at the very same time AMZN is taking off.
Apple (AAPL) has appreciated 22 percent since the end of June. That makes it the second-best performer in the SPDR Technology Fund (XLK), with only Advanced Micro Devices (AMD) faring better.