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S&P 500, Dow and Nasdaq end higher as Amazon rallies
The S&P 500 and Nasdaq 100 closed at one-week highs, with Amazon up more than 15% after its Q2 cloud revenue growth accelerated and followed hawkish Fed comments and a 4.75% 10-year yield.
US stocks finished higher on Friday, with the S&P 500 up 0.70%, the Dow Jones Industrial Average up 0.53%, and the Nasdaq 100 up 0.60%. The S&P 500 and Nasdaq 100 also marked one-week highs, while September E-mini S&P futures rose 0.69% and September E-mini Nasdaq futures climbed 0.59%, according to Yahoo Finance.
Amazon.com led megacap technology higher, surging more than 15%. Yahoo Finance reports that the move was supported by its Q2 performance, including the fastest quarterly revenue growth in its cloud unit in five years, which helped reassure investors around its projected capital spending and the durability of the global AI buildout.
Trading also reflected a push and pull between macro data, rates, and company news. Despite better-than-expected US releases, hawkish remarks from Dallas Fed President Lorie Logan pushed the 10-year Treasury note yield to a 1.5-year high of 4.75%, weighing on stocks.
On the data front, the US Q2 employment cost index rose 0.9% versus 0.8% expected, the July MNI Chicago PMI rose to 57.6 versus a forecast decline to 56.0, and the University of Michigan US July consumer sentiment index was revised up to a 5-month high of 55.2 versus expectations of a revision down to 54.0. Yahoo Finance also pointed to a negative factor for tech after Apple fell 9% on a disappointing service revenue and China-related revenue, plus a weaker-than-expected revenue forecast, while weaker Chinese PMI readings added pressure on global growth expectations.
Latest closeS&P 500 7,489.72 ▲0.7%|Nasdaq Comp. 25,373.85 ▲1.0%|Dow Jones 52,485.03 ▲0.5%