According to a new report that was published late last night, the NASDAQ 100 index, dominated by U.S. technology stocks, may set a record high next week, helped by good earnings from Apple on Tuesday.
According to Reuters, "Technology shares led the U.S. stock market's recovery this week from its worst correction in four years in August, thanks to gains in Alphabet, Amazon and Microsoft, after the three companies reported better-than-expected earnings results.
The NASDAQ 100 index, including Apple, is just 1.5 percent below its year high and 4.0 percent from its record high back in March 2000. Even Intel and Microsoft have seen their stocks recover more than 30 percent since Aug. 25, while Amazon and Facebook rose 28 percent and 23 percent, respectively.
But the 'underperformer' among these companies has been Apple, up only 14.8 percent from its Aug. 25 close, less than the NASDAQ 100's 15.1 percent gain in that time.
On Tuesday, though, Apple is expected to report $51.1 billion in revenue, a 21.3 percent increase compared to the same quarter of last year. Earnings are seen at $1.879 per share."
Michael James, managing director of equities trading at Wedbush Securities in Los Angeles told Reuters that "The bar has been raised a bit on its earnings report from where it was a week ago. The price action is telling you there's more optimism built into it."
Will Apple deliver above-estimate results and raise their guidance that will boost their stock on Tuesday? Only time will tell.
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