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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.

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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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