This archive report was first published on 20 August 2020.
On Thursday, August 20, 2020, the US stock market closed higher, with technology stocks leading the charge to a record high for the Nasdaq 100.
Apple, Netflix, Facebook, Alphabet, and Microsoft all rose by more than 2%, while Zoom Video Communications and Tesla closed more than 6% higher.
China has vowed to protect its companies, including Bytedance and Huawei, from US sanctions, following the blacklisting of Huawei affiliates by the US Commerce Department.
The US Federal Open Market Committee released meeting notes from its July meeting, which discussed possible changes to the Committee's statement on long-term goals and monetary policy strategy.
US Labor Department data showed a rise in initial jobless claims, with 1,106,000 new claims filed in the week ending August 15.
Apple Inc. became the first US company to surpass $2 trillion in market valuation, with its shares rising to a record $470.50 and a market cap of $2.01 trillion.
Tesla shares continued to rally, hitting $2,000 after gaining more than 6%, driven by the company's recent announcement of a 5-for-1 stock split.
According to Global Times, Tesla will start producing 'Made In China' model Y SUV vehicles at its Shanghai production line in 2021, as the company expands its international market presence.
Asian markets traded lower on Thursday, despite China keeping its benchmark lending rate unchanged, with the US and China expected to hold a video conference to discuss the phase one trade deal.
Alibaba Group reported a 34% rise in revenue to $21.76 billion and a 136% increase in net income to $6.57 billion for its fiscal first-quarter 2021.
Airbnb has filed paperwork for an Initial Public Offering with the US Securities and Exchange Commission, with the company updating its policies to encourage responsible travel amid the virus impact.
Microsoft has emerged as the 'most likely' buyer of TikTok's US assets from Chinese tech firm ByteDance, with sources close to the two companies citing a September 15 deadline for the deal.
Oil futures traded mixed on Thursday, following the OPEC+ Joint Ministerial Monitoring Committee meeting, with futures of international benchmark Brent for October declining by nearly 3% to trade at $44.36 per barrel.
