US equity futures tanked after President Donald Trump threatened to impose tariffs against China as retaliation over its handling of the coronavirus outbreak. While most of the global markets including Germany, Italy, Spain, Hong Kong, China, South Korea, Taiwan, Singapore and Indonesia are closed for Labor Day holiday.
The world's largest company, APPLE (APPL), reports second-quarter earnings on Thursday after the market close. “Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearable’s,” said Tim Cook, Apple’s CEO. “
Facebook Inc. (NASDAQ: FB) released first-quarter earnings on Wednesday that boosted its stock up roughly 10% in after-hours trading. Facebook posted $17.7 billion in revenue for the first three months of the year, an 18% increase from the same period a year ago. Facebook now has 1.73 billion daily active users and 2.6 billion monthly active users, a year-over-year increase of 11% and 10%. The earnings reported US$1.71 per share, slightly lower than the US$1.74 predicted by analysts.
Alphabet, Google’s parent company reported Q1 earnings after the bell on Tuesday, beating analysts’ revenue expectations. The company has reported an increase of 13% in revenue for Q1 2020, $41.16 billion in compared with $40.3 billion expected. The earning per share reported $9.87 per share. Based on expectations, it was a miss on earnings.
HSBC Holdings (LON: HSBA) reported first-quarter earnings on Tuesday. The pre-tax profit falls 48% year-over-year in the first quarter to $3.2 billion. While revenue dropped by 5% to $13.686 billion, down from $14.4 billion in the same period last year.