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US stock market report: Big Tech goes bang as Alphabet & Apple report

US stock markets were mixed overnight with the Dow Jones falling 0.4% due to a lack of technology constituents and the Nasdaq jumping 0.7% in the session.

The positive move came after the Federal Reserve delivered another update suggesting the economy had ‘made progress’ but was not yet sufficiently strong to allow a tapering of the US$120 billion per month bond purchases.

Alphabet hits it out of the park

The highlight by far was Alphabet (NASDAQ: GOOGL), which is the holding company for Google, with its share price heading 3.2% higher.

Alphabet’s share price rise was driven by an incredibly strong result as profits nearly tripled for the quarter to US$18.53 billion from US$6.96 billion in 2020.

This came on the back of a 62% increase in quarterly revenue, moving above $60 billion for the first time.

A return to online activity saw Google ad revenue jump 69% with YouTube an unexpected growth driver, growing 84% in the quarter alone.

Similarly, cloud computing and support jumped 54% to US$4.63 billion in a series of stunning results that reiterate the power and quality of these big tech names.

Apple’s mic drop

Apple (NASDAQ: AAPL) delivered a ‘mic drop’ moment after reporting its strongest June quarter ever, with profits doubling to US$21.74 billion and revenue exceeding US$81 billion, both 10% ahead of forecasts.

As usual, iPhone revenue makes up around half the business, with sales jumping 36% on the back of a new 5G release in 2020.

Every other business sector including Mac computers, iPad and Services also grew at around a 10% clip. Despite beating expectations, Apple stock finished 1.2% lower.

US stock market movers

Here’s how other popular US stocks traded overnight.

  • Pinduoduo (NASDAQ: PDD) up 15.5%
  • Advanced Micro Devices (NASDAQ: AMD) up 7.6%
  • Boeing (NYSE: BA) up 4.2%
  • Mastercard (NYSE: MA) down 1.8%
  • Starbucks (NASDAQ: SBUX) down 2.9%
  • Spotify (NYSE: SPOT) down 5.7%

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is heading towards a positive open on Thursday. For a round-up of the latest ASX news, 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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