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Bob Carey
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  US Stock Markets Ended July 30, 2021
Posted Under: Weekly Market Commentary

 
The S&P 500 index once again closed at an all-time high on Monday last week. However, the equity index fell the rest of the week to close with a return of -0.35%. Some disappointing earnings announcements in Tech+ names and increasing concerns about the Delta variant of COVID pushed down equities to close last week. Earnings season was in full swing as 48% of the weight in the S&P 500 announced quarterly results, including the five largest names. Apple Inc. announced revenues of $81.4b compared to analyst estimates of $73.8b and generated over $19b in free cash flow last quarter. They credited their iPhone sales as many people refreshed their phones to take advantage of new 5G technology. Microsoft Corp. announced earnings and revenue ahead of analyst estimates for 2Q. Their cloud computing platform, Azure, had robust revenue growth of 51%. However, the company warned the Azure growth is going to be 'relatively stable' moving forward. Amazon.com Inc. announced earnings ahead of estimates, but 2Q revenue below analyst estimates. Further, they announced weaker revenue guidance for 3Q as they warned about a trend of their vaccinated customers returning to traditional retail for some of their purchasing needs. The cloud computing platform, AWS, continued to have strong performing results with $14.8b in sales besting analyst estimates. Facebook Inc. also announced earnings and revenue ahead of sell-side estimates. However, they announced monthly active users for 2Q was 2.9b, which was only 7.3% user growth continuing a decelerating growth trend which weighed on their shares. Alphabet Inc., the parent of google.com, released earnings and revenue ahead of analyst estimates. YouTube ad revenue topped $7b for the first time and their cloud revenue came in over $4.6b both besting expectations. They credited their investment in AI & cloud computing for helping drive improvements in their operations. Looking ahead to next week, COVID concerns and more earnings announcements are likely to drive equity market results. Health care names will grab the headlines as Eli Lilly & Co., Moderna Inc., Amgen Inc., CVS Health Corp. and Zoetis Inc. are all expected to announce quarterly results.
Posted on Monday, August 2, 2021 @ 8:33 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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