On Friday, U.S. stocks were mixed as the technology sector rebounded with strong earnings reports from Amazon (AMZN) and Intel (INTC), while mixed economic data on inflation put pressure on the market. Google-parent Alphabet (GOOG) and Facebook-owner Meta Platforms (META) disappointed, but Amazon’s report helped lift the “Magnificent 7” club with its impressive quarterly profits and optimistic outlook in cloud computing and artificial intelligence development.
Intel (INTC) also soared, benefiting from a rebound in the personal computing market and surpassing quarterly expectations. This boosted the Nasdaq Composite (COMP.IND), which rose 1.02% to 12,723.87 points. However, the S&P 500 (SP500) and the Dow (DJI) had a less positive performance, with the former slightly higher by 0.07% and the latter losing 0.49% due to disappointing results from Chevron (CVX) and Enphase Energy (ENPH).
Out of the 11 S&P sectors, Energy and Health Care were in negative territory, while Consumer Discretionary and Technology were the top gainers. For the week, the Nasdaq is down 2%, the S&P is down 1.98%, and the Dow is down 1.52%. Other notable movements included Ford (F) and AbbVie (ABBV) as top S&P percentage losers, and DexCom (DXCM) and Chipotle Mexican Grill (CMG) as top gainers.
In economic news, the core personal consumption expenditures (PCE) price index, which is the Federal Reserve’s preferred gauge of inflation, rose 0.3% month over month in September. Year over year, the index increased by 3.7%, in line with estimates. Treasury yields saw a slight increase, with the 30-year yield at 5.03%, the 10-year yield at 4.87%, and the 2-year yield remaining stable at 5.04%.
Looking ahead, the focus will shift to the Federal Reserve’s upcoming two-day monetary policy committee meeting, which is expected to keep interest rates steady according to the CME FedWatch tool.