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Market Update 7.31.2020

Market Update 7.31.2020

July 31, 2020

It is Friday July 31 at 6am.

As I write this quick update, I can’t help but notice the contrast of the Tech CEO’s Congressional Testimony this week versus the big four (Apple, Amazon, Facebook, Google) actual earnings announcements yesterday. Congressmen and Congresswomen lined up against the big four to level all sorts of charges of bad behavior ranging from stealing individuals data to killing smaller competitors in the open marketplace. The participants of this Congressional hearing did their best to malign and make look foolish every one of these tech CEO’s. The congressional participants did their best to paint these companies as at best monopolistic predators and at worst downright evil. Yet despite this, all four announced excellent earnings results during this corona driven market slow down. To say we are living in unusual times may be the understatement of the century.

I am happy to report that Apple declared a 4 for 1 stock split and all three other stocks are up very nicely pre-market. All major averages remain above their short, intermediate and long term trend lines and so this positive technical back drop gives me more reason for market optimism.

Apple yesterday announced financial results for its fiscal 2020 third quarter ended June 27, 2020. The Company posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent. Incredible results given the fact that their stores remained closed for most of this period.

So it appears we will close out July on a high note. And remember, if you have any questions regarding anything financial, we are here to help.

The information provided is for educational purposes only and not intended to be investment advice. Each individual's situation is unique. Past performance is not a guarantee of future results.