US stocks edge higher as traders weigh tech earnings blowout against spiking virus cases


  • US stocks edged higher on Friday as blowout tech earnings outweighed climbing coronavirus cases.
  • Shares of Facebook,Apple, and Amazon surged following earnings beats reported Thursday after the bell.
  • Coronavirus cases continue to climb, threatening to derail the economic recovery from the pandemic recession.
  • Read more on Business Insider.

US stocks edged higher on Friday as traders weighed blowout earnings reports from major technology companies against climbing coronavirus cases.

Shares ofFacebook, Apple, and Amazon jumped after reporting quarterly earnings that beat analyst expectations and showed tech sector’s resilience in the face of recession. Alphabet also beat Wall Street expectations for quarterly earnings but reported its first ever revenue decline, sending shares lower.

Elsewhere in earnings, Caterpillar reported higher-than-expected EPS and revenue, sending shares higher. Chevron, the oil giant, slipped after reporting its worst quarterly loss in at least 30 years.

Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Thursday:

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Meanwhile, coronavirus cases continue to climb in the US. New cases jumped by more than 70,000 on Thursday, bringing the total to more than 4.4 million, according to data from Johns Hopkins University. Thus far, more than 152,000 Americans have died from the virus.

Investors continue to watch economic conditions to track the recovery from the pandemic recession. US gross domestic product slumped by a record 33% in the second quarter, according to figures released Thursday. The same day, initial jobless claims increased for the second straight week, snapping a stretch of declines since March.

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Congress and the White House again failed to come to an agreement on coronavirus relief on Thursday night. The additional $US600 weekly unemployment insurance benefit expired at the end of July, slashing income for millions of out-of-work Americans.

Gold increased to a record high, and oil gained. West Texas Intermediate crude rose as much as 1.6%, to $US40.55 per barrel. Brent crude, the international benchmark, gained 1.2%, to $US43.44 per barrel, at intraday highs.

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