Tech stocks rose in market on Friday after earning big four post blowout

Saul Loeb | AFP | Getty Images

Wall Street was considered one of the biggest tech stocks for the market rally at the end of the week – Facebook, Amazon, Alphabet and Apple reported quarterly results that beat high expectations.

The Invesco QQQ Trust, which tracks the Nasdaq 100 index, jumped more than 1% in after-hours trading. The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, was 0.9%.

Facebook shares plunged more than 7% after the social media giant reported 11% revenue growth amid fears of a coronavirus epidemic. The company also released stronger-than-expected sales guidance for the current quarter.

Meanwhile, Amazon traded 5.3% higher as the company saw its sales during the coronovirus epidemic. Apple also reported a blowout quarter, with an 11% increase in total sales. Apple also announced a 4-for-1 stock split.

“The number was amazing relative to expectations,” said Peter Bokover, chief investment officer at Blakeley Advisory Group. “We will see after its conference call what it is worth and what it is not.”

Google-parent Alphabet also posted better-than-expected results, sending the stock up 0.4%. The stock’s performance was muted relative to other Big Tech names, as overall revenue declined in the company’s history. Residuals for Google Cloud were also lower than what the analyst had expected.

With those gains, the four stocks were scheduled to add nearly $ 200 billion to their total market cap, bringing it to more than $ 5 trillion.

Big Tech debuts on Wall Street this year. Amazon and Apple are up 65.2% and 31% in 2020 respectively. Facebook and Alphabet have grown by over 14% over that time period.

Both the Dow and the S&P 500 fell on Thursday after the US government released data showing the largest GDP contraction on record for the country. The Dow fell more than 200 points and the S&P 500 ended the day down 0.4%. US GDP contracted by 32.9% during the second quarter, with a record decline since mid-1921.

– CNBC’s Paytm contributed to this report.

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