Amazon Lifts US Indices as Inflation Concerns Linger

The US stock market ended the week on a high note, with key indices rising despite concerns about inflation and interest rates. The S&P 500 index surged 0.7%, while the Nasdaq 100 rose 0.6% and the Dow Jones Industrial Average added 0.5%. This followed strong quarterly earnings from tech giants Amazon and Microsoft.

The gains were driven by a better-than-expected second-quarter revenue report from Amazon, which saw its shares surge 15%. The company's results helped lift sentiment in the market, which had been weighed down by worries about inflation and interest rates. The Federal Reserve left its interest rate unchanged, but investors remain jittery about the central bank's plan to curb soaring price pressures.

The market's rally was also driven by other factors, including a major procedural victory for Reddit in its legal battle against unauthorized AI data harvesting. The company secured a key ruling that could have significant implications for the tech industry. However, not all stocks were on the upswing, with Rivian shares down 27% after mixed second-quarter results and a lower-than-expected revenue guidance.