Amazon Earnings Fuel Stock Market Gains Amid Apple's Decline

The US stock market saw significant swings on Friday, with Amazon's earnings-day pop and Apple's decline pulling Wall Street in opposite directions.

Amazon surged 15% to $270.90 after delivering a 'cleanest beat' of the hyperscaler season, exceeding analyst expectations with earnings of $5.75 per share versus the $1.82 consensus on revenue of $200.6 billion.

In contrast, Apple's stock plummeted 9.7% to $301.12, its worst percentage drop since March 2020, despite a record June quarter with revenue up 16% to $109.4 billion and iPhone sales up 21.7%.

The Dow Jones Industrial Average advanced 253 points, or 0.5%, to 52,461, while the S&P 500 held a 0.5% gain near 7,472.