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US Market Shows Uptrend Rally Led by Salesforce, FAANG

US Market Shows Uptrend Rally Led by Salesforce, FAANG

On Wednesday, US market exchanges, NASDAQ and S&P 500 encountered record gains after the advances in FAANG shares and Salesforce.com reporting better earnings, urging traders to firm their bets on the market.

S&P 500 surged 1.03%, followed by NASDAQ composite, which gained 1.73% to evidence the record-breaking gains. Dow Jones Industrial Average advanced 83 points or 0.3%. The top performers were Facebook, Amazon, Netflix, Alphabet, and Apple, together known as FAANG, where the video platform, Netflix, stole the show with more than 11% gain amid the traders’ bet on a tech rally.

Apple, after positive reports by Wedbush, surged to $600 high from $515 after the hopes for massive demand for its 5G iPhone due to launch later in 2020. Social media giant, Facebook, bagged 6% up despite Apple’s announcement regarding the iPhone’s next operating system having the ability to stop in-app ads, which accounts for more than 50% earnings of its network advertising business.

Meanwhile, on Tuesday, HP enterprise (Hewlett Packard) and Salesforce Incorporation posted better than forecasted financial reports, further supporting the market surge. While the HP was 3% up, with revenue accounting 6.83B and an EPS of 32 cents, Salesforce was massive 26% up after reporting shockingly impressive EPS of $1.44, as compared to the expected 67 cents given by a team of analysts and experts. The result was led by growth in e-commerce and working from the home culture in lockdown.

Meanwhile, the US pharma, Moderna, advanced more than 6%, after reporting that the vaccine, mRNA-1273, which is the company’s official COVID vaccine candidate in the race, posted optimistic results in a test conducted on patients of 56 years and older.

All the positive news was majorly supported by investors’ and traders’ strong sentiments on the market.

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