Amazon Leads Megacaps Higher as Stocks Finish Week Strong

Stock markets in the US settled higher on Friday, despite stronger-than-expected economic news and hawkish comments from the Federal Reserve. The S&P 500 Index rose +0.70%, while the Dow Jones Industrial Average gained +0.53% and the Nasdaq 100 Index increased by +0.60%. Amazon.com led the charge, surging more than 15% after its cloud unit reported the fastest quarterly revenue growth in five years.

The company's projected increase in capital spending is expected to generate sufficient returns and sustain the global AI buildout. The rally came despite a -9% plunge in Apple shares following disappointing service revenue and China sales, as well as a weaker-than-expected revenue forecast.