Amazon Jumps 15%, Apple Wipes Out $475 Billion

The S&P 500 held a 0.5% gain near 7,472 while small caps turned lower, a day after tech’s bounce off correction territory.

• Apple stock is showing notable weakness. What’s behind AAPL decline?

The Dow Jones Industrial Average advanced 253 points, or 0.5%, to 52,461, absorbing the steepest drop among its components from Apple.

The Nasdaq 100 added 0.4% to 28,208, while the small-cap Russell 2000 slipped 0.5% to 2,930.

The bond market did the session’s heavy lifting. The 10-year Treasury yield rose six basis points to 4.74%, back at its highest level since January 2025, while the 30-year held at 5.27%, territory last visited in 2007. The 2-year yield edged up three basis points to 4.29%.

Hawkish Fed rhetoric did the pushing.

Minneapolis Fed President Neel Kashkari said he would prefer to begin with smaller rate hikes now rather than wait, while Cleveland Fed President Beth Hammack warned that the longer inflation stays elevated, the costlier it becomes to fix — both were among the three dissenters who voted for a quarter-point hike at this week’s meeting.

Markets still price roughly a two-thirds probability of a 25-basis-point increase in September, down from nearly 80% before Chair Kevin Warsh‘s press conference.

Friday’s Performance In Major U.S. Indices

According to the Benzinga Pro platform:

AMZN and APPL Shape Friday’s Sector Movers

Amazon delivered what analysts called the cleanest beat of the hyperscaler season: earnings of $5.75 per share versus the $1.82 consensus on revenue of $200.6 billion, with AWS growing 37% — its fastest clip in 18 quarters — and capital spending guided up to $220 billion this year.

Despite a record June quarter for Apple, with revenue up 16% to $109.4 billion and iPhone sales up 21.7%, the company guided September-quarter revenue growth of 9% to 11%, below the 12% consensus, citing the same memory and advanced-chip shortage that is enriching its suppliers, while Services revenue of $30.74 billion and Greater China both missed.

The Western Union Co. (NYSE:WU) lost 15% on mixed results and lowered guidance.