Stock Market News Live Update: Stocks Rise as Wall Street Shakes Off Miss Amazon

US stocks opened higher on Friday, beating Amazon’s earnings miss after a week of poor third-quarter financial performance for Big Tech. The S&P 500 (^GSPC) rose 0.5%, while the Dow Jones Industrial Average (^DJI) rose. 275 points rebound, gold 0.9%. The technology-focused Nasdaq Composite Index (^IXI) rose 0.4%. The move came as US Treasury yields fell above 4%. In terms of economic data, the Fed’s preferred inflation indicator shows that prices are still hot across the US economy. The Core Personal Consumer Spending Price Index (PCE) rose 0.5% in September The Commerce Department said on Friday that it slowed slightly from the August pace of 0.6% month-on-month. The gauge was up 5.1% year-over-year, accelerating from 4.9% year-over-year in August. Economists surveyed by Bloomberg expected increases of 0.5% and 5.2%, respectively. Personal income rose 0.4% and consumer spending by 0.6% in the month, compared to the 0.4% increase forecast by economists. Amazon (AMZN) shares are down about 10%. % on Friday morning after the e-commerce giant released fourth-quarter sales guidance that fell short of Wall Street estimates and provided disappointing third-quarter results. The second consecutive quarter of sluggishness caused the stock price to drop at a double-digit rate due to the company’s weak financial position. Meanwhile, Apple (AAPL) outperformed its Big Tech peers by providing “a glimmer of light in a dark earnings season”. Because it grappled with macroeconomic obstacles from inflation, interest rate hikes and currency headwinds. The company reported record earnings, but missed analysts’ forecasts in key categories such as iPhone and services. The stock rose 4% in initial trading and elsewhere in the tech spotlight, Elon Musk took ownership of Twitter (TWTR) after a delayed bid to buy the social media platform was completed late Thursday. After taking over the company for $44 billion, Tesla CEO fired its chief executive and announced plans to lift the lifetime ban on its website. Taken on October 27, 2022, this illustration shows the Twitter logo and Elon Musk’s photo through a magnifying glass. (XOM) and Chevron (CVX) both reported earnings and earnings beating Wall Street estimates and lifted stocks of each name by more than 2%. Liz Young, SoFi’s head of investment strategy, said in her note that further downward revisions are expected. And there are no other notable opportunities this quarter and next quarter, which could pose a bigger challenge to the market. But on the positive side, she said, Young means investors can check the box “returns have been hurt,” she said. More dramatic fashion than we’ve ever seen,” she said, Young. “There are already some classic recession warning signs, and the dangers that still lie ahead are bringing the possibility of a real recession closer.” – Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc. Click here to view the latest trending stock quotes from the Yahoo Finance platform. Click here for in-depth analysis, including the latest stock market news and stock movement events. Read the latest financial and business news from Yahoo Finance Download the Yahoo Finance app Apple or Android Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn and YouTube
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