U.S. Stocks Rise After Strong Earnings from Apple, Amazon

By Liz Moyer

Investing.com -- U.S. stocks rose after strong earnings reports from tech giants Apple and Amazon.

At 10:53 AM ET, the Dow Jones Industrial Average was up 150 points, or 0.5%, while the S&P 500 rose 1.1%, and the NASDAQ Composite rose 1.4%.

Apple Inc. (NASDAQ:AAPL) jumped 3.6% after strong sales of its iPhones despite slowing consumer discretionary spending in the face of rising prices for household basics such as food and fuel. Amazon.com, Inc. (NASDAQ:AMZN) beat expectations as well and provided an upbeat outlook, sending its shares nearly 12% higher on Friday.

In economic data, the personal consumption expenditure index rose 6.8% in June from the prior year, which is hotter than May’s 6.3% pace. The Fed watches this economic measure closely as it tries to gauge the direction of interest rates.

Share of chip maker Intel Corporation (NASDAQ:INTC) slumped 10% after it fell well short of expectations and said the current quarter would be a challenge because of lower personal computer sales, which is affecting chip demand. The shares were under pressure even as Congress sent President Joe Biden the Chips funding bill for his signature, including $52 billion to boost chip manufacturing in the U.S.

Oil major ExxonMobil Corporation (NYSE:XOM) shares rose 4.4% on record second quarter profit amid higher fuel prices. Chevron Corp. (NYSE:CVX) also rose 9.3% and said it would boost its share repurchase program.

Oil rose. Crude Oil WTI Futures jumped 5.4% to $101.66 a barrel, while Brent Oil Futures crude rose 4.4%, to $106.34 a barrel. Gold Futures rose 0.6% to $1,760.