Tech Stocks Report Mixed Earnings

    The U.S. GDP in the third quarter grew by 33.1% year of year, higher than market expectations, mainly due to the sharp rebound in personal spending by the Trump administration’s relief. It was the largest increase since the U.S. government began tracking GDP data in 1947. But experts have warned that the pace of recovery could be much slower as the number of infections hits record highs in recent days, posing a new threat to the economy and with fiscal stimulus likely to be in place early next year. Initial jobless claims fell to 751,000 last week, below market expectations, and while still quite high compared to pre-pandemic levels, trends have improved significantly since the pandemic.

    After the market, the financial reports of the four giants were mixed. The released financial reports showed that Apple's (AAPL) iPhone sales were less than expected, and the revenue in Greater China area fell 29% to 7.9 billion US dollars, the lowest in several years; Facebook (FB) third Quarter revenue beat analysts' estimates, but U.S. and Canadian subscribers fell; Amazon's (AMZN) pandemic-related costs doubled from previously expected, fourth quarter operating profit guidance came in below expectations; Google (GOOG) digital ad revenue rebounded, returning to growth in the third quarter, and shares rose around 6.5% after market closed.