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US stock market report – Apple & Facebook crush expectations

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:

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.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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