31 July 2020 Tech Titans Surge | Macquarie Update Global markets were mixed overnight (S&P 500 index -0.3%) with the US technology Nasdaq index in positive territory. Early in the day, US equities sank as data showed the US economy had its sharpest contraction on record (2nd quarter GDP -34.5% annualised, although this was largely expected), while the number of Americans filing for unemployment benefits rose. President Donald Trump raised the notion of delaying the 3 Nov election until after the coronavirus pandemic eases.  However, the big news came after the close of normal trade, as the tech titans released quarterly results, with Apple and Amazon jumping +6% and +5% respectively. Apple delivered blowout earnings, with strong iPhone revenue despite COVID-19, reporting year-on-year revenue gains across every category and in every geography as consumers working and learning from home turned to its products and services. Amazon posted the biggest pro...