Nasdaq Gains on Big Tech Despite Record GDP Drop

A handful of FAANG stocks are set to report earnings after the close today

Deputy Editor
Jul 30, 2020 at 4:29 PM
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The Dow closed the day 225 points lower, after gross domestic product (GDP) showed a record drop while jobless claims rose for a second week. The S&P 500 also ended in the red, while the Nasdaq managed to rise as investors await earnings out of several FAANG names and other tech giants. Elsewhere, the lack of progress in a second stimulus package weighed on the market, as well as U.S. President Donald Trump suggesting a delay of the presidential election. 

  • Mobile gaming stock could hit double-digits. 
  • Bulls move in on broadcasting giant
  • Plus, fast-food stock slid with sales; semiconductor stock soared to new highs; and UPS lands a surge in options volume. 

The Dow Jones Industrial Average (DJI - 26,313.65) dropped 225.9 points, or 0.9% for the day. Procter & Gamble (PG) rose to the top of the Dow, finishing 2.4% higher, while Exxon Mobil (XOM) fell to the bottom, losing 4.9%.

Meanwhile, the S&P 500 Index (SPX - 3,246.22) fell 12.2 points, or 0.4% for the day, and the Nasdaq Composite (IXIC - 10,587.81) rose 44.9 points, or 0.4% for today's session.

The Cboe Volatility Index (VIX - 24.76) added 0.6 point, or 2.7%, for the day.

Closing Indexes Summary July 30

NYSE and Nasdaq Stats July 30

  1. Food and Drug Administration (FDA) Commissioner Dr. Stephen Hahn says that a quick coronavirus vaccine that is 100% effective is unrealistic. He goes on to reveal the minimum requirements.  (CNBC)
  2. While it's no secret that the oil sector has been hit hard by the global pandemic, there were still two winners amid the otherwise bleak crude earnings.(Marketwatch)
  3. Fast-food name dips despite positive quarterly report. 
  4. Analysts chime in on this semiconductor stock after earnings.  
  5. Earnings beat delivers record highs for UPS. 

Corporate Earnings July 30

Unusual Options Activity July 30

Data courtesy of Trade-Alert

Gold, Oil Retreat From Recent Gains

Oil futures ended below $40 a barrel for the first time in three weeks, as worries about energy demand increased. September-dated crude fell $1.35, or 3.3%, to settle at $39.92 a barrel. 

Gold futures fell today for the first time in 10 sessions, following a rally of record highs and a retreat from bullion. Gold for August fell $11.10, or 0.6%, to settle at $1,942.30 an ounce. 

 

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