Shares rise as Apple’s gains outpace Amazon’s

US stocks crossed their path A revenue miss from Amazon Apple was boosted by a beat to charge higher on Friday, which helped offset some concerns from a tough week of third-quarter big tech results.

S&P 500 (^ GSPC) rose 1.6%, while the Dow Jones Industrial Average (^ DJI) rose nearly 600 points or 1.8%. The tech-heavy Nasdaq Composite (^IXI1.7% up. The moves came as Treasury yields charged above 4%.

On the economic data front, the Federal Reserve’s preferred inflation measure Price showed still hot running across the US economy.

The Core Personal Consumption Expenditure Price Index (PCE) September rose 0.5% from the previous month, the Commerce Department said Friday — a slight slowdown from August’s monthly pace of 0.6%. The gauge showed an increase of 5.1% year-on-year, an acceleration from the annualized 4.9% seen in August. Economists polled by Bloomberg had expected increases of 0.5% and 5.2%, respectively.

Personal income rose 0.4% in the month and consumer spending rose 0.6%, compared with economic estimates of a 0.4% increase for each measure.

Amazon (AMZN) shares fell about 9% on Friday after the e-commerce company disclosed Fourth quarter sales guidance missed Wall Street gave estimates and disappointing Q3 results. The flub marks the second consecutive quarter that the company’s weak financials triggered a double-digit percentage decline in its share price.

Meanwhile, Apple (AAPL) is given by a “A dim light in an otherwise dark earnings season” Its big tech is outperforming its peers as they grapple with major economic headwinds from inflation, rising interest rates and currency interventions. Company Reported record earnings but missed analyst forecasts In key categories like iPhone and services. Shares rose 7% in intraday trade, marking the tech company’s best day since July 2020.

Elsewhere in the tech spotlight, Elon Musk has taken ownership of Twitter (TWTR) after being dragged Bidding to buy a social media platform It was finalized late Thursday. The Tesla CEO has announced plans to replace lifetime bans from the website, firing top executives as he completes a $44 billion takeover of the company.

This illustration taken on October 27, 2022 shows the Twitter logo and Elon Musk’s photo magnified. REUTERS/Dado Ruvic/Illustration

A busy start to Friday for investors was marked by other reports from energy giant Exxon Mobil.XOM) and Chevron (CVX), reported both earnings and revenue that topped Wall Street estimates — lifting shares of each name by about 1.4% and 0.6%, respectively.

Liz Young, SoFi’s head of investment strategy, said in a note that she expects more downward corrections and other significant downsides this quarter and next, further challenging the market. On the plus side, however, Young noted that investors can tick the “earnings wins” box.

“As we go through that process, the next step is to see the economy slide a little more dramatically than we’ve seen so far,” Young said. “There are already many classic recession warning signs, and risks still ahead bring the possibility of a real recession into perspective.”

Alexandra Semenova is a Yahoo Finance reporter. Follow her on Twitter @alexandraandnyc

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