Nasdaq rises as Apple, other tech stocks gains ahead of earnings

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.

U.S. stocks indexes rise on hopes fiscal stimulus will revive COVID-19-battered economyFred Imbert for CNBC:

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.

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