Episode 27: Big Tech Rocket

Hi Pandocap family,  Happy Friday.  As we kicked off on Monday we knew it was going to be a busy week.  

We saw the big tech giants reported positive earnings like Apple, Amazon ,and Facebook and it drove tech higher.  One day after Big Tech’s marathon congressional hearing on whether they are too powerful, the four largest tech companies collectively added roughly $200 billion in value thanks to their blowout quarterly results.

While the unexpected highs were a surprise, what we still see is how second-quarter GDP plunged the worst-ever 32.9% amid virus-induced shutdown.  Truly shocking, the two streams happening now with big tech smashing gains and the economy suffering over the continued shutdown.  

We are still pending on what the unemployment benefits will be and additional stimulus. On Wednesday, President Trump told reporters that the White House wants to move quickly to approve a partial extension of unemployment benefits and an extension of a federal eviction moratorium, which expired today. 

Markets wrapped all up today as we head into the weekend.

Dow up slightly at 26,428.32

S&P up slightly at 3,271.12

Nasdaq leading as we end the week up at 10,745.27

Next week is our big interview with Mitzi Madrid Diaz of Morgan Stanley that we will launch next Friday.  We are thrilled to bring her perspective on the capital markets to you.

Have a great weekend and see you next week.