Day Traders Diary

7/30/20

The major averages closed mixed following earnings reports and economic data this morning with the big tech giants reporting after the bell. The Dow Jones Industrial Average finished down over 200 points while the S&P 500 dipped 0.4%. The Nasdaq closed in the green ahead of earnings reports from Apple, Amazon, Alphabet and Facebook, representing nearly $5 trillion in market capitalization.

The Big Tech reports come after each stock has posted massive year-to-date gains. Facebook and Alphabet are both up more than 13% in 2020. Amazon has surged 64.2% in that time and Apple is up 29.5% this year.

Data from the U.S. government showed gross domestic product plunged by a record 32.9% in the second quarter. The number was not as bad as feared, however, as economists surveyed by Dow Jones had expected a 34.7% decline.

On the economic front, the U.S. government showed gross domestic product plunged by a record 32.9% in the second quarter. The number was not as bad as feared, however, as economists surveyed by Dow Jones had expected a 34.7% decline.

Meanwhile, U.S. weekly jobless claims came in at 1.434 million, roughly in line with estimates. However, continuing claims, or those who have been collecting for at least two weeks, totaled 17.018 million, up from about 16 million last week.