Amazon Beats Expectations as Apple Slumps Amid Rising Interest Rates

The stock market saw a mixed bag of results on Friday as investors digested the latest earnings reports from two major tech companies.

Amazon's quarterly report was a bright spot, with the e-commerce giant beating expectations and seeing its shares surge by 15.3%. The company reported strong revenue growth in its cloud segment and lifted its full-year capital expenditures budget to $220 billion due to higher costs for memory chips.

However, Apple's earnings call did not go as smoothly, with the tech giant's shares slumping by 7.4% after it announced weaker-than-expected current-quarter revenue guidance.

The market was also influenced by rising Treasury yields, which hit their highest levels since 2007 following statements from Federal Reserve officials that suggested interest rates may be on the horizon to combat inflation.