The Dow Jones futures add over 80 points as the Industrial Average attempts a rebound from yesterday’s sharp losses. Better than expected corporate earnings reported from top technology companies after the closing bell yesterday, improved sentiment.
Facebook reported an 11% rise in revenue; Apple posted a stellar quarter, boosted by strong online sales during the coronavirus lockdown with revenue jumping 11%. Amazon (AMZN), also beat the consensus expectations. Alphabet also beat expectations but announced the first revenue drop in its history.
Today, Caterpillar reported earnings of $1.03/share, beating the consensus of $0.64. Merck reported a quarterly profit of $1.37/share, surpassing the expectations by 0.33/share. Chevron, on the other hand, reported a loss of $1.59/share, worse than expectations.
Yesterday’s losses in Dow Jones attributed to the disappointment from the GDP and unemployment data. The second-quarter U.S. GDP contracted by 32.9% slightly better than analyst’s expectations for a contraction of 34.1%. The Initial Jobless Claims rose for a second straight week and reached 1434K.