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Amazon.com, Inc. (AMZN) - free report >>
Apple Inc. (AAPL) - free report >>
Equity Markets Pulling Profits After Big Tech Earnings
Big Tech quarterly results and price actions were mixed. Google (GOOGL - Free Report) and Facebook both surged off the engagement tailwind. Apple (AAPL - Free Report) saw modest gains as services drive a progressively larger portion of its income. Microsoft’s (MSFT - Free Report) essential enterprise cloud services have left the firm virtually unscathed by the pandemic. Amazon (AMZN - Free Report) share were trading at all-time highs going into earnings. All investors needed was the EPS miss we saw to start pulling profits.
S&P 500 bounced off a resistance level at around 2,940 on Wednesday. The equity markets had traded up to levels that were unsustainable in this economic environment. I am looking for us to pull back to 2,650 before I start buying stocks again.
Check out my article The Market Rally Is Exhausted After Big Tech Earnings, for more information on the matter.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>