- Wall Street's main indexes trade in the negative territory on Friday.
- Apple and Facebook lead tech rally on upbeat earnings reports.
- Under Armour falls sharply on dismal outlook for second half of 2020.
Major equity indexes in the US in the positive territory on Friday but turned south as investors look to book their profits on the last day of the month. As of writing, the S&P 500 Index (SPX) was down 0.6% on a daily basis at 3,227 points. Despite this daily slide, the SPX clings to modest weekly gains and looks to close July more than 4% higher.
S&P 500 top movers
Facebook (FB) reached a record high of $255.85 after the opening bell on Friday after the company reported that the revenue increased by 11% to $18.69 billion on a yearly basis in the second quarter. Additionally, monthly active users (MAU) increased by 12% to 2.7 billion as of June 30th. As of writing, FB was up 7.5% on the day at $252.10 as the top-performer.
Meanwhile, Apple Inc (AAPL) announced a 10.9% increase in revenue to $59.59 billion, which surpassed the market expectation of $52.25 billion by a wide margin. Moreover, the company reported quarterly adjusted earnings of $2.58 per share for the quarter ended in June. At the moment, AAPL is gaining 7% on the day at $411.45.
On the other hand, following the second-quarter earnings report, an Under Armour Inc (UAA) executive noted that they will face further challenges with respect to consumer demand said revenue could be down as much as 20% to 25% in the second half of the year. UAA was last seen trading at $10.38, losing 8.5% on the day as the worst performer.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.