US after the bell tech' earnings weigh on Asian bourses

Ross J Burland FXStreet

Following the after the bell earnings reports from the likes of Amazon.com Inc. and Apple Inc., US futures are down amid fresh concerns about the outlook for technology giants.

Technology heavyweights Facebook, Apple, Google-parent Amazon and Alphabet had a positive day on Thursday ahead of earnings reports, adding a collective $230bn to their market value.

The come back followed two days of selling over which the six biggest tech companies (Apple, Microsoft, Amazon, Alphabet, Facebook and Tesla) lost about $270bn.

The concerns over a global surge in coronavirus cases and an elusive rescue package from US congressional talks stuck in the mud weighed.

However, Facebook jumped over 5%, with Apple and Alphabet each up nearly 5%, and Amazon adding nearly 3%. Twitter, also reporting on Thursday, surged 8%.

However, contracts on the Nasdaq 100 and S&P 500 dropped in Asia following a string of reports with the iPhone maker down more than 4% in after-hours trading.

Apple, which hit a $2tn market cap over the summer, shed $70bn in value. Tesla dropped $13bn. Amazon shed roughly $30bn, while Microsoft which reported weak revenue guidance on Tuesday, lost $70bn.

Japanese shares were also down over 1%, accompanied by more modest declines in Hong Kong and Australia.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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