S&P 500 top movers: Facebook and Apple surge higher on upbeat earnings figures

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.

Eren Sengezer FXStreet

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.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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