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U.S. stocks rise as Amazon and Microsoft earnings spur AI buying
Longer-dated Treasury yields climbed to multi-year highs as markets weighed Fed dissent over the potential for a September rate hike, while benchmark 10-year yields topped the highest level since January 2025.
U.S. stocks rose on Friday, boosted by strong earnings from Amazon and Microsoft that pulled investors back into the AI trade, according to Reuters. Longer-dated Treasury yields also hit new multi-year highs as worries grew that higher oil prices could stoke inflation.
The Dow Jones Industrial Average rose 0.53% to 52,485.74, the S&P 500 gained 0.70% to 7,489.81, and the Nasdaq Composite ended up 1.00% at 25,373.85. Gains were capped after Apple shares fell more than 7% following a forecast that signaled trouble securing enough components amid strains from the AI-driven data-center buildout, Reuters reported.
On the rates front, the 10-year Treasury yield rose 4.51 basis points to 4.708% and reached 4.747%, the highest since January 2025. The 30-year yield rose 4.39 basis points to 5.2509%, the highest since mid-2007, with traders pricing in 69% odds of a rate increase at the Fed's September meeting, Reuters said.
Globally, South Korea's KOSPI jumped 17.91% after heavy losses earlier in the week, while Europe was mostly lower, with the STOXX 600 down 0.12% and the FTSEurofirst 300 index down 0.09%, Reuters reported. The yen also remained a focus after Japanese authorities stepped in the day before to support the currency, according to a market source cited by Reuters.
Latest closeS&P 500 7,489.72 ▲0.7%|Nasdaq Comp. 25,373.85 ▲1.0%|Dow Jones 52,485.03 ▲0.5%