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- US stocks edged higher Friday, struggling to gain momentum against a tide of weak tech earnings.
- Amazon shares slumped a day after reporting an earnings miss.
US stocks rose on Friday, with tech shares continuing to struggle after another weak set of earnings results from Amazon.
Amazon plunged about 10% at the open, a day after warning investors that sales during the coming holiday season could miss targets. The company attributed the sluggish sales outlook to a shift in consumer spending.
Wall Street saw strength elsewhere though, with the Dow poised to notch a sixth-consecutive session of gains. Meanwhile one of the Federal Reserve's preffered gauge's of inflation, the Personal Consumption Expenditures index, climbed 0.3% in September as price pressures remain stubborn.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
- S&P 500: 3,812.38, up 0.13%
- Dow Jones Industrial Average: 32,224.95, up 0.6% (191.67 points)
- Nasdaq Composite: 10,804.16, up 0.11%
Here's what else is happening today:
- Amazon is in danger of sinking below a $1 trillion market capitalization after its earnings miss.
- Apple is surviving a massive downswing in tech stocks while it's peers are feeling the brunt of the pain.
- Investors are continuing to unload Chinese bonds, marking the longest slump to date.
In commodities, bonds and crypto:
- West Texas Intermediate crude fell 1.49% to $87.78 per barrel. Brent crude, the international benchmark, fell 1.04% to $95.95
- Gold slipped 1.13% to $1,644.22 per ounce.
- The 10-year Treasury yield climbed about four basis points to 3.98%.
- Bitcoin gained 0.61% to $20,350.39.