Amazon's surge masks a more divided market
AMZN•Rates and monthly performance
The benchmark U.S. 10-year Treasury yield US10YT=RR rose to a high of 4.747%, its highest level since January 2025, a reminder that the bond market remains a potential headwind for equities.
Still, for the week, all three major indexes gained more than 1%, while Software & Services surged 14.7% for its biggest weekly advance in LSEG data going back to 1995.
For the month, the Dow .DJI rose 0.32%, the S&P 500 slipped 0.13%, and the Nasdaq Composite .IXIC lost 3.2%.
Market ends higher, led by Amazon
Wall Street ended higher on Friday, with Amazon providing much of the lift after the e-commerce and cloud giant delivered a strong quarterly report that reinforced enthusiasm around AI-related spending. Apple, meanwhile, moved in the opposite direction, tempering some of the market's optimism.
Amazon.com AMZN.O soared 15.3% after posting its strongest quarterly revenue growth in more than four years. Apple AAPL.O, however, fell 7.4% after warning that supply constraints could weigh on growth, adding to concerns that recent iPhone price increases may begin to pressure demand.
Breadth remains weak beneath the surface
Despite decent gains in the major indexes, seven of 11 S&P 500 .SPX sectors finished lower on the day.
Materials .SPLRCM was the biggest laggard, falling 2.71%. Even with Apple's sharp decline, Technology held up relatively well, slipping just 0.54%.
