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The Dow Jones was up just 0.06% with under an hour remaining of trading on Wall Street, while the S&P 500 gained 0.12%. Both indices had fallen into negative territory for a short period before bouncing.
The NASDAQ 100 was up 0.6%, having been up strongly for most of the day. The technology-focussed index was led by Facebook, which rose 6% after yet another impressive day. Facebook today announced the launch of ‘Facebook Mobile Games Publishing’, a pilot programme for smaller developers to gain access to wide distribution in exchange for a cut of revenue.
Facebook has risen by close to 50% so far in July. Tech-giant Apple has also been having a strong month, gaining close to 14% in July, and breaking above $450 for the first time since the beginning of June after rising 1.7% today.
We are now deep into the US corporate earnings season , with well over half the companies in the S&P 500 having already reported. Based on data from Reuters, around two-thirds of those have beaten earnings expectations, which is a solid performance. Nearly 55% have beaten revenue forecasts, though, which is a much better performance than we have seen over the last four quarters.
Tomorrow should be a busy day, with the ADP employment report offering some insight into how Friday’s official employment data might look, US GDP data and the outcome of the latest FOMC meeting.