The Nasdaq Composite rose Thursday as shares of Apple and other major tech stocks rose ahead of their earnings releases. The broader market remained under pressure, however, as investors digested a historic decline in U.S. gross domestic product due to widespread COVID-19 shutdown-induced economic disruption.
The tech-heavy index rose 0.4%. The Dow Jones Industrial Average was down 223 points, or 0.8%. The S&P 500 dipped 0.4%.
Apple, Amazon, Alphabet and Facebook, representing nearly $5 trillion in market capitalization, are all set to report after the bell. All four stocks rose slightly.
The Big Tech reports come after each stock has posted massive year-to-date gains. Facebook and Alphabet are both up more than 13% in 2020. Amazon has surged 64.2% in that time and Apple is up 29.5% this year.
Data from the U.S. government showed gross domestic product plunged by a record 32.9% in the second quarter. The number was not as bad as feared, however, as economists surveyed by Dow Jones had expected a 34.7% decline.
MacDailyNews Take: As the pressure ratchets up on Congress and another U.S. stimulus deal is eventually reached, the broader market may be primed to benefit from the news.