"Amazon led the way after jumping 10.3%. The retail giant was by far the strongest force pushing upward on the market after reporting profit for the latest quarter that blew past analysts' expectations. CEO Andy Jassy said growth for its booming cloud-computing business has reaccelerated back to a pace it hasn't seen since 2022. Because Amazon is so massive, worth roughly $2.4 trillion, its stock movements carry more weight on the S&P 500 than almost any other company's."
"Another highly influential stock, Apple, was having less of an effect even though it's bigger than Amazon. Apple, which is worth more than $4 trillion, was swinging between modest gains and losses and was most recently up 0.1%. It likewise delivered a better profit report than analysts expected, though by not as big a margin as Amazon did. CEO Tim Cook said it benefited from strong revenue for both its iPhone lineup and its services offerings, which include its app store."
"Elsewhere on Wall Street, online message board Reddit jumped 12.1% to erase losses from earlier in the week after reporting stronger profit and revenue for the latest quarter than analysts expected. Coinbase Global rose 6.8% after the crypto exchange's profit likewise topped expectations. Outside of earnings reports, Netflix added 3.3% after the video streamer announced a move that could make its stock price more affordable but still leave all its investors holding the same amount."
The S&P 500 hovered near its all-time high and was positioned to close a third straight winning week and a sixth straight winning month, its longest monthly streak since 2021. The Dow traded modestly lower while the Nasdaq gained about 0.4%. Amazon jumped 10.3% after reporting a profit beat and indicating its cloud business growth has reaccelerated, amplifying its market impact given a roughly $2.4 trillion market value. Apple posted better-than-expected profit with strength in iPhone and services revenue but showed only small share movement. Reddit, Coinbase and Netflix also rose following earnings beats and strategic actions.
Read at Fast Company
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