Stock Market Today: Big Tech Boosts Stocks to Best Month Since 2020
Stocks kept on rising Friday, as Amazon.com ( AMZN ) and Apple ( AAPL ) closed out a busy week of Big Tech earnings in fine fashion. SEE MORE How Senate Breakthrough on Climate Could Benefit ESG Investors Amazon stock soared 10.4% after the e-commerce company reported a second-quarter top-line beat due in part to 33% year-over-year revenue growth in its cloud segment (Amazon Web Services) and an 18% jump in ad sales. AMZN also gave an upbeat current-quarter revenue outlook thanks to what it called a "record-breaking Prime Day." Meanwhile, Apple shares gained 3.3% after the iPhone maker reported higher-than-expected earnings and revenue in its fiscal third quarter. However, the company''s revenue growth rate slowed significantly when compared to the year-ago period. Sign up for Kiplinger''s FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. On the economic front, the personal consumption expenditures (PCE) index rose 6.8% on an annualized basis in June – its biggest year-over-year rise since January 1982.
Stock Market Today: Big Tech Boosts Stocks to Best Month Since 2020
Stocks kept on rising Friday, as Amazon.com ( AMZN ) and Apple ( AAPL ) closed out a busy week of Big Tech earnings in fine fashion. SEE MORE How Senate Breakthrough on Climate Could Benefit ESG Investors Amazon stock soared 10.4% after the e-commerce company reported a second-quarter top-line beat due in part to 33% year-over-year revenue growth in its cloud segment (Amazon Web Services) and an 18% jump in ad sales. AMZN also gave an upbeat current-quarter revenue outlook thanks to what it called a "record-breaking Prime Day." Meanwhile, Apple shares gained 3.3% after the iPhone maker reported higher-than-expected earnings and revenue in its fiscal third quarter. However, the company''s revenue growth rate slowed significantly when compared to the year-ago period. Sign up for Kiplinger''s FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. On the economic front, the personal consumption expenditures (PCE) index rose 6.8% on an annualized basis in June – its biggest year-over-year rise since January 1982.