The Nasdaq broke its two-day losing streak, jumping 0.22% overnight after Apple (NASDAQ: AAPL) released stunning aftermarket results.
It was a similar story for the S&P 500 and Dow Jones, which both added 0.7% after US GDP expanded at an annualised rate of 6.4% during the quarter.
Apple smashes expectations
Apple reported a 54% increase in second-quarter sales to US$89.6 billion, close to 10% above even the loftiest expectations. The result was driven by strong sales growth in the new 5G iPhone lines along with iPad and Mac sales.
iPhone sales surged 66%, however, analysts are becoming wary that the current global chip shortage may impact sales in future quarters.
The company earned US$24 billion in cash flow in the quarter alone, upped its dividend by 7% and is planning another $90 billion in share buybacks.
Facebook reaches new heights
Facebook (NASDAQ: FB) similarly hit a record high after announcing a 48% increase in first-quarter sales, as advertisers and retailers return to the platform en masse.
Revenue climbed to US$26.2 billion and monthly active users were up 10%. Price per ad increased by 30% and the number of ads delivered was up 12%.
Facebook stock finished the day 7.3% higher, with its market cap now sitting just shy of the trillion-dollar mark.
US stock market movers
Here’s how other popular US stocks fared overnight:
- Qualcomm (NASDAQ: QCOM) up 4.5%
- Kraft Heinz (NYSE: KHC) up 3.9%
- Alphabet (NASDAQ: GOOGL) up 2.1%
- Tesla (NASDAQ: TSLA) down 2.5%
- Ford (NYSE: F) down 9.4%
- eBay (NASDAQ: EBAY) down 10.0%
Amazon (NASDAQ: AMZN) and Twitter (NASDAQ: TWTR) stock are making headlines after releasing aftermarket earnings reports.
Amazon stock is up 3.0% in after-hours trade, while Twitter shares are down 11.3%.
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open lower despite the positive lead from US markets. For all the latest, check out Rask Media’s ASX 200 morning report.