Amazon.com Inc (NASDAQ: AMZN) reported blowout profits, topping sales estimates and issuing strong guidance. The latest results included the titan's biggest earnings beat since its 2020's fourth quarter as it successfully returned to double-digit growth.
Due to the artificial intelligence frenzy, the magnificent seven stocks have done extremely well in 2023. The magnificent seven stocks are Apple Inc (NASDAQ: AAPL), Amazon.com, Inc.
July 2023 was a good month for S&P 500, with a sizable 6-7% gain. Part of this can be attributed to July's tendency to finish positive 80% of the time over the past two decades. Some factors like positive options flow, and SPY (ARCA: SPY) breaking a resistance level played a big role. However, trends have been changing recently.
Caterpillar Inc.'s stock price soared significantly on Tuesday, starting the day with a 2.83% increase and ending with an impressive 8.86% gain.
The company's strong Q2 performance, with actual earnings per share (EPS) of 5.55, exceeded market expectations by a considerable margin.
On Wednesday, Qualcomm Incorporated (NASDAQ: QCOM) delivered its latest earnings report with third quarter earnings topping estimates but revenue and guidance for the fourth quarter coming up short of expectations.