Newzstock market is swinging between gains and losses on Friday, as Wall Street's wildJuly remains rocky. Amazon is leaping, but Apple is sinking, and rising oil prices are adding to worries about inflation already squeezing the bond market.The S&P 500 rose 0.4% after veering between an earlier gain of 0.7% and drop of 0.5%. The Dow Jones Industrial Average was up 221 points, or 0.4%, as of 12:29 p.m.
Eastern time, and the Nasdaq composite was 0.6% higher after briefly losing all of an early 1.3% jump.The market initially seemed to be heading for healthy gains as Amazon leaped 15.2% after reporting much stronger profit for the latest quarter than analysts expected. Its profit more than tripled from a year earlier, thanks in part to an acceleration of growth in its cloud computing business.Analysts said that could be a signal Amazon’s huge investments in artificial-intelligence technology are paying off, and Amazon increased its forecast for how much it will spend on investments this year.The stock reaction was similar to what Microsoft got a day before, when it soared to its best day in nearly 18 years on signals that its AI investments may also be yielding higher profits.Worries have been high on Wall Street that companies pouring billions of dollars into AI data centers may not get enough profit and productivity to make all the investments worth it. stock market, causing its sharp swings throughout July, along with worries that stock prices shot too high for companies selling the processors and computer memory that such “hyperscalers” are scrambling to buy.Chipmakers swung sharply again on Friday.
Micron Technology, for example, went from an early jump of 6.4% to a loss of 5.3%.More firmly on the losing end of Wall Street was Apple, which dropped 9.6% despite reporting stronger profit for the latest quarter than expected. Its forecast for growth in the current quarter fell short of expectations, which executives pinned on a supply crunch in components getting vacuumed up in the AI boom.Also pressuring stocks was another rise in oil prices as uncertainty continues about when the war with Iran will allow crude to flow freely again from the Middle East.The price for a barrel of Brent crude rose 0.9% to $87.66 after careening between $72 and $102 earlier in July.Higher oil prices have pushed the cost for a g… The Dow Jones Industrial Average was up 80 points, or 0.2%, as of 11 a.m.
Eastern time, and the Nasdaq composite was 0.4% higher after briefly losing all of an early 1.3% jump.The market initially seemed to be heading for healthy gains as Amazon leaped 15% after reporting much stronger profit for the latest quarter than analysts expected. NEW YORK (AP) — Amazon and resurgent stocks of computer chipmakers are leading the U.S. stock market higher on Friday, even as oil prices rise and worries about inflation weigh on the bond market.The S&P 500 rose 0.7% at the end of a seesaw week that could be its first winning one in the last three.
The Dow Jones Industrial Average was up 179 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.3% higher.Tech led the way, including a 13.8% leap for Amazon after it reported much stronger profit for the latest quarter than analysts expected. stock market, putting it on track for a losing July, along with worries that prices shot too high for the stocks of companies selling the processors and computer memory that such “hyperscalers” are vacuuming up.Those chipmakers jumped again on Friday, following their gains on Thursday.
Micron Technology rose 5.9%, and Advanced Micro Devices climbed 6%. They were two of the strongest forces lifting the S&P 500 after Amazon.The gains for chip stocks were even more extreme in South Korea, whose stock market has been home to some of the world’s wildest AI swings.Seoul’s Kospi index soared 17.9% for its best day in history. The index is dominated by two tech giants, Samsung Electronics and SK Hynix, which both soared at least 26.8% on Friday.The Kospi, though, still lost 22% in July despite Friday’s historic surge.
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