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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.
The Dow was poised to post a sixth consecutive session of gains.
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 $95.95Gold 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.