U.S. stock market leaders Apple Inc and Amazon.com reported results after the S&P 500 closed out its best month since January 1987, driven by expectations the economy will soon start recovering from crushing restrictions enacted to curb the coronavirus pandemic.
On the last day of the S&P 500's best month in 33 years - after one of its worst in March - highly anticipated results from Amazon and Apple offered some insight into the coronavirus pandemic's impact on two of the largest companies in the world.
First to report was Amazon, which warned on Thursday that it could post a loss in the second quarter as it tacked on about $4 billion in costs related to the global health crisis.
CEO Jeff Bezos said the entirety of that $4 billion or more would be spent to keep up with a surge in online orders and to keep employees safe, as critics have accused Amazon of taking inadequate measures to protect warehouse workers from falling ill.
Shares of Amazon sank more than 5% in after-hours trade.
Next, Apple reported sales and profit that beat Wall Street expectations.
CEO Tim Cook said sales in China - a major market for Apple - were "headed in the right direction" as that country reopens.
But Cook said it was impossible to forecast overall results for the current quarter because of uncertainty created by the virus, so it broke with its usual practice of releasing guidance - the latest company to do so amid the pandemic.
Shares of Apple were down more than 1% after an initial pop in extended trading.
"Mulan" is now available to watch on Disney Plus as part of a regular subscription without an extra fee. The movie originally debuted as a Premier Access title. The cost of the movie is $29.99. That's in addition to the price of a Disney Plus membership. On October 6, Disney also made "Mulan" available for purchase from Amazon, Vudu, FandangoNow, and other digital retailers. Disney Plus costs $6.99 per month, or $69.99 per year for an annual plan.
Climate activists piled up giant cardboard delivery boxes outside the finance ministry in Paris on Friday, protesting against Amazon's expansion in France as the online retailer launched a delayed "Black Friday" sales drive. Ciara Lee reports.
Lukas Jackson/Reuters US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal. The Nasdaq composite closed at all-time highs, while the S&P 500 lost its record close in the final hour of trading. New weekly claims for unemployment insurance totaled an unadjusted 712,000 for the week that ended Saturday. Economists surveyed by Bloomberg expected a reading of 775,000.
The S&P 500 climbed to a record high close on Wednesday, and the Nasdaq Composite Index dipped as investors weighed upbeat vaccine developments and a potential coronavirus fiscal package against a bleak private jobs report. Conway G. Gittens reports.
The S&P 500 is up 13 percent year-to-date, recovering from a steep nose-dive earlier this year, which could present many investors near retirement age with the best chance to lock-in their gains for the year, Rhian Horgan of retirement planning app Silvur told Reuters Business Correspondent Conway G. Gittens.
The S&P 500 and Nasdaq Composite indexes closed at record highs on Tuesday, as investors applauded renewed stimulus talks in Washington and bet a COVID-19 vaccine will be available soon. Conway G. Gittens has all the Wall Street action.
Apple on Tuesday launched four versions of its new flagship iPhone 12 with faster 5G connectivity in hopes of sparking an upgrade cycle that will keep sales booming through the end of the year. Conway G.Gittens has more on what's coming.
Apple CEO Tim Cook unveils the new Apple iPhone 12 with 5G. The phone featuresa new display technology, 'ceramic shield', which has four times better dropperformance. Another new feature is 'smart data mode' which helps save batterylife.
Credit: PA - Press Association STUDIO Duration: 00:45Published
It looks like Apple's next-gen 5G iPhone 12 may launch on time after all. A new report from Bloomberg notes that despite recent reports indicating otherwise, Apple is still on track to release its new..