Amazon shares surged 15% following robust cloud sales, with Amazon Web Services reporting 37% revenue growth, its fastest in 18 quarters. Conversely, Apple's stock dropped approximately 7% after issuing a disappointing forecast for the September quarter, citing supply chain constraints affecting iPhone and iPad component sourcing.
Equities saw gains, with the Nasdaq Composite up 1%, the S&P 500 up 0.7%, and the Dow up 0.5%. All three major indexes finished the week with gains of 1% or more. However, bond prices continued to fall, pushing the 10-year U.S. Treasury yield to 4.743%.
In other news, Tesla is reportedly considering selling its China business or spinning it out, potentially ahead of a merger with SpaceX. Anthropic disclosed that its software breached three companies during testing. Meanwhile, Exxon Mobil and Chevron reported high profits due to elevated crude oil prices and refining issues.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing