Amazing quarterly reports of US IT giants - Alphabet, Apple, Facebook, Amazon, and Microsoft – made the S&P 500 and NASDAQ indices grow. The former grew by 0.8% to 4211.47 points during a week and the latter – by 0.5% to 14082.55 points.
Elon Musk's company reported the results of Q1, 2021. Tesla's quarterly profit increased 27 times and reached an all-time high of $438 million. However, Tesla shares dropped by 4.53% due to vague forecasts.
Amazon’s advertising business has been on the rise with every passing year. In 2020, the company’s commercial advertising revenue added 52.5%, while its market shares increased up to 10.3 %. eMarketer experts say that the corporation wins new market positions from Google and other smaller companies.
Alphabet, the parent company of Google, won over Oracle in court. The arguement started in 2010. The shares of Google and Oracle reacted positively. The plaintiff wanted $9 billion of compensation. The Supreme Court of the USA claimed Alphabet innocent.
US President Joe Biden announced an investment of $2.3 trillion in the national economy. This made the shares of US IT giants grow, pulling market indices after itself. The S&P 500 got over 4,000 points for the first time in history.
On March 30rd, and online education platform Coursera had a successful IPO. Its capitalization reached $4.3 billion. On the next day, the stock price of Coursera (NYSE: COUR) reached a high of $49.53 at the first trading session, demonstrating growth by 22.8%.
The shares of large banks are falling. However, the shares of Morgan Stanley and Goldman Sachs that initiated the sale on March 26th lost almost nothing and are growing already. The SEC is investigating the situation.
The last week of March and the beginning of April in financial markets and other assets might be somewhat emotional due to the planned session of OPEC+ and a flow of US employment statistics.
Morgan Stanley and Goldman Sachs sold shares for $19 billion overnight. This huge and emergency liquidation provoked a market slump and falling of the stock price of Chinese IT giants and American media holdings by $35 billion total.
Adobe Systems' quarterly report exceeded the expectations of experts. The company boasted record profits and voiced ambitious plans for the current quarter and financial year. However, its shares dropped by 2% after the report.