US stocks rose Friday past Amazon’s poor performance, boosted by Apple’s decline and offset concerns from a turbulent week of big tech results in the third quarter.

The S&P 500 (^GSPC) rose 1.6% while the Dow Jones Industrial Average (^DJI) rose nearly 600 points (1.8%). Tech stocks Nasdaq Composite (^IXI) rose 1.7%. The move came when US Treasury yields crossed 4%.

On the economic data front, the Federal Reserve’s favorable inflation indicator shows that prices are still rising across the US economy.

The September core Personal Consumption Expenditure Price Index (PCE) rose 0.5% from the previous month, the Department of Commerce said on Friday – decelerating slightly from a 0.6% month-on-month pace in August. % increase, accelerating from the annual 4.9% seen in August. Economists surveyed by Bloomberg had expected increases of 0.5% and 5.2%, respectively.

Economists estimate that personal income increased by 0.4% over the month and consumer spending increased by 0.6%, compared to a 0.4% increase in each indicator.

Amazon (AMZN) shares fell about 9% on Friday, below Wall Street expectations after the e-commerce giant released fourth-quarter sales guidance and after disappointing third-quarter results. plummeted. The crash marks his second consecutive quarter that the company’s deteriorating financial condition has spurred his double-digit decline in the stock price.

Meanwhile, Apple (AAPL) has fared better than its big tech peers, tackling the macroeconomic hurdles posed by inflation, rising interest rates and currency headwinds, saying it is “a twilight in an otherwise bleak earnings season. ” was provided. The company reported record sales, but fell short of analyst estimates in key categories such as iPhones and services. The stock is up 7% in intraday trading, its best day since July 2020.

Elsewhere in the tech spotlight, Elon Musk took over ownership of Twitter (TWTR) after a dragged bid to buy the social media platform closed late Thursday. Tesla’s CEO has announced plans to fire management once his $44 billion acquisition of the company is completed and to reverse his permanent ban from the website.

Taken on October 27, 2022, this illustration shows the Twitter logo and a photo of Elon Musk through a magnifying glass.  REUTERS/Dado Ruvic/Illustration

Taken on October 27, 2022, this illustration shows the Twitter logo and a photo of Elon Musk through a magnifying glass. REUTERS/Dado Ruvic/Illustration

Friday’s busy start for investors was also marked by other reports from energy conglomerates Exxon Mobil (XOM) and Chevron (CVX). 0.6% each.

SoFi’s head of investment strategy, Liz Young, said in a note that further downgrades and other notable mistakes are expected this quarter and next, likely to further challenge the market. On the plus side, however, Young said, this means investors can tick the box that says “earnings will be hit.”

“After that process, the economy is likely to hit the skid in a more dramatic way next time,” Young said. “There are already some classic warning signs of a recession, and risks still ahead put the possibility of an actual recession into view.”

Alexandra Semenova is a reporter at Yahoo Finance. follow her on her twitter @alexandraandnyc

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