Apple & Nasdaq 100 hit record highs – Daily Financial News Summary For August 3, 2020

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Monday kicked off the week on a high note. The Dow Jones was up 0.89%, the Nasdaq grew 1.47%, and the S&P 500 climbed 0.72%. Meanwhile Gold hit the $1,986.30 per ounce mark. The Stoxx Europe 600 Index gained 2.1%. The Nasdaq 100 reached its record high.

Looking back at July’s market performance, the major averages completed their fourth consecutive monthly gain in July, with the S&P 500 growing 5.5% and the Nasdaq gaining over 6%. The Dow gained 2.4% last month.

Data compiled by FactSet showed that, through Friday, 84% of S&P 500 companies have beaten earnings expectations. If the trend continues, it could be the highest since the company started tracking this metric back in 2008.

Tech stocks continued to rally, with Apple setting an all-time high after last week’s strong performance and news of their upcoming split. Microsoft also saw gains while it plays tug of war with the U.S. government on its planned acquisition of social media phenom TikTok’s United States business operations. Trump said TikTok will have to close its U.S. operations by Sept. 15 — unless there’s a deal to sell the social media network’s American operations. Apple saw shares rise 5.6%, while Microsoft closed the day 2.5% higher.

In other tech news, Twitter disclosed that it expects to lose as much as $250 million as a result of the July 15 bitcoin scam security breach after they received a complaint on Monday from the Federal Trade Commission. The stock fell 1% in after-hours trading.

The Institute for Supply Management’s manufacturing PMI rose to 54.2 in July, beating a Dow Jones estimate of 53.8, thereby giving stocks an optimistic boost.

Looking forward this week, many analysts, traders, and economists alike are all awaiting the July jobs report, which the Labor Department is set to release on Friday.

As the number of people filing for unemployment benefits has been growing last month, this report will make an impact. According to Dow Jones, about 1.264 million new jobs are expected, well below the 4.8 million added in June, and the unemployment rate is expected to fall to 10.6% from 11.1%.

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