Nasdaq Climbs as Amazon Surges Despite Rising Yields
Amazon earnings power a Nasdaq rally Friday even as spiking yields and an Apple sales warning weigh on sentiment.
Wall Street pushed higher Friday as a blowout Amazon earnings report drove the Nasdaq upward, even as surging bond yields threatened to dampen enthusiasm across equity markets. The broader Dow Jones Industrial Average also advanced despite notable pressure from heavyweight Apple, which tumbled after issuing a weaker-than-expected sales forecast.
Amazon's sharp stock surge emerged as the session's clearest catalyst, rewarding investors who had braced for uncertainty heading into the tech giant's earnings release. The company's results gave traders a reason to buy into growth-oriented names even as the fixed-income market flashed caution signals through rising yields.
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Apple's decline stood in stark contrast to Amazon's gains, dragging on the Dow and underscoring how divergent fortunes among mega-cap tech stocks can shape index performance in opposite directions on the same trading day. A soft sales outlook from one of the world's most closely watched companies was enough to rattle confidence in the consumer electronics sector.
Rising yields typically put downward pressure on equities — particularly high-multiple growth stocks — by increasing the cost of borrowing and making bonds a more competitive alternative to shares. That the Nasdaq managed to advance in the face of that headwind speaks to the outsized influence a single strong earnings report can have on market direction during peak reporting season.
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