Amazon Rises, Apple Falls: Market Mixed Amid Earnings Reports
The stock market saw mixed results on Friday, as Amazon's impressive earnings report sent its shares soaring 15% to $270.90. Meanwhile, Apple's disappointing guidance caused its market value to drop by nearly $475 billion.
According to TradingView, the S&P 500 index held a 0.5% gain near 7,472, while small caps turned lower after tech stocks bounced off correction territory. The Dow Jones Industrial Average advanced 253 points, or 0.5%, to 52,461, with Apple being the steepest drop among its components.
Amazon's earnings report was hailed as the 'cleanest beat of the hyperscaler season' by analysts, with earnings of $5.75 per share versus a consensus of $1.82 on revenue of $200.6 billion. AWS grew 37%, its fastest clip in 18 quarters, and capital spending was guided up to $220 billion this year.
Apple's record June quarter saw revenue increase by 16% to $109.4 billion, with iPhone sales rising 21.7%. However, the company guided September-quarter revenue growth of 9-11%, below the 12% consensus, citing memory and advanced-chip shortages that are enriching its suppliers.