A surge in the stock price of the tech titans, which make up almost a fifth of the S&P 500's value, and an estimated $5 trillion in asset purchases unleashed by the five biggest central banks globally have sent the tech-heavy Nasdaq to record highs and set the S&P 500 on course for its fourth straight monthly gain.
Google's parent company, another behemoth in the market, also reported stronger profit than analysts had forecast, but its stock stumbled. Stocks are falling on Wall Street Thursday after reports showed that layoffs are continuing at a stubborn pace and that the USA economy contracted at a almost 33% annual rate in the spring.
The yield on 10-year Treasuries fell one basis point to 0.54%.Germany's 10-year yield rose two basis points to -0.52%.Britain's 10-year yield rose two basis points to 0.104%.
Apple surged to overtake Saudi Aramco as the world's most valuable company.
Strong gains for Big Tech stocks are helping to prop up Wall Street in early Friday trading following blowout profit reports from some of the market's most influential companies.
As of 1245 BST, Dow Jones futures were up 0.32%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.31% and 1.12% firmer, respectively. Gold also continued its record-setting run as investors searched for safety, while the majority of stocks in the S&P 500 sank.
Wall Street's major averages posted mixed results in the week as investors digested the US Federal Reserve's latest policy statement and a slew of grim economic data.
The United States has suffered its worst economic decline on record as the economy contracted at an annual rate of 32.9 per cent in the second quarter of the year, amid mounting COVID-19 fallout, the US Commerce Department reported Thursday.
Gold prices also shunted higher again as the safe-haven commodity was painfully close to reaching $2,000 per ounce for the first time, while the U.S. dollar hit a three-year low. On a monthly basis, the S&P 500 is up almost 5% and remains on track to finish the fourth straight month in the positive territory. The Stoxx 600 index, which includes shares from a total of 17 countries, had fallen 0.9 percent by the end of trading, despite, among other things: Nokia's share price increase.
MGM Resorts fell 5.1%, and Norwegian Cruise Line lost 3.4%. Clorox and Virgin Galactic also report quarterly earnings on Monday.
Investors betting on more USA government stimulus, before an extra $600-per-week federal jobless benefit expires on Friday, have also been disappointed as the Senate adjourned for the weekend and will return on Monday.
Despite the gains, caution was clearly present across markets as the coronavirus pandemic continues to cloud the economy's prospects.
Technology giants account for almost one-fifth of the market value of S&P 500 companies.
A little more than 1.4 million US workers applied for unemployment benefits last week, according to a Thursday report from the Labor Department.
S&P 500 remains on track to close fourth straight month with gains.
The yield on the 10-year Treasury fell to 0.55% from 0.58% late Wednesday. Brent crude, the global standard, fell 81 cents to $42.94 a barrel.