Stock markets in the United States are likely to get a boost this Friday as the country’s major tech corporations posted positive earnings reports for the past quarter. The Nasdaq jumped more than 100 points or 1%, and stock futures rose on Thursday in anticipation of larger gains to end the week. Dow Jones Industrial Average futures gained 167 points, and S&P 500 futures climbed a similar 0.5%.
Tech stocks dominate
Google’s Alphabet bet earnings estimates but posted its first decline in revenue in company history as companies tightened their advertising budgets, according to CNBC. Tech stocks continued to keep markets buoyed up despite the global economic decline. U.S. economic activity, however, recorded its worst quarterly drop on record for the quarter with a GDP slump of 32.9%. Major indices across Asia were mixed on Friday following the economic contraction in the West. In China, stocks were slightly higher in early trading, with the Shanghai composite up about a percent while the Shenzhen component gained 1.45%. Japan’s Nikkei 225 fell 1.32% in morning trade, the South Korean Topix index shed 1.38%, and the stock market in Australia declined 1.42%.
Forex roundup
In the world of forex, gloomy economic data and the possibility of a delayed November presidential election in the U.S. has further weakened the greenback against a basket of major global currencies. Senior market analyst at Washington based Western Union Business Solutions, Joe Manimbo, commented; Cable gained 0.43% to $1.130, its highest level since March, and analysts are predicting a further strengthening for GBP. The Euro pair also set a new 22 month high of $1.180, before pulling back slightly, and the Yen has strengthened to 104.24, its highest level for over four months.
