Amazon Earnings Fuel Tech Surge Amid Interest Rate Worries
US stocks rose on Friday, led by Amazon's strong earnings that offset concerns about higher US Treasury yields. The tech giant reported more than $62 billion in quarterly profits, a 20% increase from last year.
The stock market saw a significant boost from Amazon's results, with shares surging 15.3%. This came despite a 7.4% fall in Apple due to disappointment over the company's outlook.
CFRA Research's Sam Stovall noted that investors are ignoring the prospect of higher interest rates down the road, as the earnings picture continues to surprise to the upside.
The Nasdaq index gained 1%, while the S&P and Dow indices rose less than 0.5%. Asian markets rallied earlier in the day, led by a record surge for Seoul's Kospi, which was fueled by Microsoft's strong results and South Korea's plans to invest $14 billion in AI and data centers.