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Dow under 52,500 as Apple drops and Amazon rises after earnings

The price-weighted DJIA was moved by roughly 600-point intraday swings, while the 10-year Treasury yield stayed above 4.7% and the 30-year yield near its highest level since 2007.

Reported · Written up by our desk · Major Pairs

The Dow Jones Industrial Average traded just below 52,500 on Friday, up about 230 points, but still roughly 1.6% under the record set in early July, according to FXStreet. Trading ranged from the 52,600 area down to a low fractionally below 52,000 before rebounding more than 450 points within about two hours, despite no new information arriving between those highs and lows.

The session reflected two offsetting earnings reactions inside the 30-stock index: Apple (AAPL) fell about 10% after a fiscal third-quarter revenue beat driven by a 22% iPhone sales jump, while a services shortfall still weighed on the shares. Amazon (AMZN) rose more than 15% after a second-quarter revenue beat led by its cloud business, reinforcing the view that a capital-spending cycle behind the technology trade remains intact.

FXStreet also linked the backdrop to interest rates, noting the 10-year Treasury yield held above 4.7% for the day and the 30-year yield stayed near its highest level since 2007. It said the index’s price-weighted structure helped explain why large opposite moves by individual components can largely cancel out at the index level.

Latest closeDow Jones 52,485.03 ▲0.5%

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