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Nothing can keep tech stocks down as Apple and Amazon shine

October 13, 2020. Summarized by summa-bot.

A big week for Apple and Amazon is buoying tech stocks, pushing the Nasdaq Composite back to the lofty levels it reached in late August. That may raise eyebrows, but good luck finding true skeptics.

What's happening: Apple is due to unveil its latest iPhones on Tuesday at a highly-anticipated event, while Amazon has launched its flagship Prime Day sale, marking an early start to the holiday shopping season.

Expectations for the Apple event drove the company's shares up more than 6% on Monday, and they're up another 2% in premarket trading.

Apple's agenda: Investors expect the company to announce the launch of a long-rumored upgrade that would allow the iPhone to connect to 5G wireless networks.

Investor insight: You'd be hard pressed to find investors betting against tech names like Apple and Amazon right now, which have managed to bring in heaps of revenue during the pandemic.

The latest: How earnings play with investors is a matter of expectations — and analysts are confident that companies can beat Wall Street estimates for the July to September period, when the economy was in reopening mode.

The company announced a major reorganization of its media and entertainment business on Monday that will allow it to prioritize Disney+, which has enjoyed rapid growth since it launched less than a year ago.

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