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Nasdaq, S&P 500 rise on upbeat forecasts from Apple, Amazon

Apple sees continued strength in demand for iPhone; Amazon expects higher revenue in third quarter; Intel cuts annual forecasts, shares slide; consumer spending beats expectations in June

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Reuters
The Nasdaq and S&P 500 indexes rose on Friday, as positive forecasts from Apple and Amazon pointed to resilience in mega-cap companies to survive an economic downturn, with hopes of a less aggressive monetary policy boosting sentiment.

Apple Inc shares rose 3.4% after the iPhone maker said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending.

Amazon.com Inc shot up 11.9% after it forecast a jump in third-quarter revenue from bigger fees from its Prime loyalty subscriptions.

"Big tech has been a mixed bag this earnings season, but Amazon proved that the strong can survive even

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 29 2022 | 7:22 PM IST

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