After rising by at least 628.5 points, Dow Jones Industrial Average is currently trading at 32,639.47 up by 606.19 points or 1.89% at around 11.14 am GMT. The index has touched the day’s high of 32,661.74 in the early hours. Taking into consideration the day’s high, the index has risen nearly 4% this week.
Also, Dow Jones is on track to clock its biggest monthly upside in percentage terms since January 1987. As of now, Dow Jones has climbed nearly 10% in a month.
At the same time, the Standard and Poor’s (S&P) 500 stocks are trading at 3,866.97 higher by 59.67 points or 1.58%. The index is near its day’s high of 3,872.25.
Meanwhile, the Nasdaq composite index is performing at 10,981.28 rising by 189.20 points or 1.75%. The index zoomed to an intraday high of 11,001.20.
Both S&P 500 and Nasdaq have climbed by nearly 2% each so far on Friday.
Earlier, Reuters reported that advancing issues outnumbered decliners by a 1.33-to-1 ratio on the NYSE and by a 1.05-to-1 ratio on the Nasdaq. The S&P index recorded 21 new 52-week highs and eight new lows, while the Nasdaq recorded 44 new highs and 59 new lows.
Apple Inc shares have climbed by about 8% with an intraday high of $156.48. The shares perform near the day’s high at $156.01 up by 7.7%.
The iPhone maker garnered good enough performance in its fourth quarter ending September 24, 2022, for fiscal 2022.
As per the financial report, Apple posted a September quarter record revenue of $90.1 billion, up 8% year over year, and quarterly earnings per diluted share of $1.29, up 4% year over year. Annual revenue was $394.3 billion, up 8% year over year, and annual earnings per diluted share were $6.11, up 9% year over year.
While Apple’s net income came to $20.721 million in September 2022 quarter — just slightly above compared to $20.551 billion recorded in the same period last year. Annual net income increased to $99.803 billion in the period ending September 24, 2022, compared to $94.680 billion in the same period last year.
However, Apple has cautioned about some pressure in revenue growth during the December quarter.
But Apple’s September quarter performance is still better than compared to tech biggies like Amazon.com, Microsoft, Meta Platforms Inc, and Google-parent Alphabet.
Amazon joined its counterparts to report a disappointing September 2022 quarter. On Friday, the company’s shares slid down by at least 12%. It currently trades at $100.01 lower by 9.8%. The shares have touched an intraday low of $97.66.
During September 2022 quarter, Amazon posted a rise of 15% in net sales to $127.1 billion compared with $110.8 billion in the same quarter of 2021. However, its net income declined to $2.9 billion in the current quarter against $3.2 billion in September 2021 quarter. While operating income stood at $2.5 billion, down compared to $4.9 billion in the September 2021 quarter.
Amazon is currently struggling to maintain its $1 trillion mark.
However, despite reporting downbeat earnings earlier this week, the shares of other tech giants such as Microsoft, Meta Platforms, and Alphabet were performing higher between 1-3%.
Vinod Nair, Head of Research at Geojit Financial Services said, “US tech stocks had a significant sell-off following disappointing quarterly results and a bleak forecast. The ECB raised its interest rate by 75 basis points, also signalling that it is making progress in combating record inflation, though the plausibility for a recession grew.”
According to estimates released by the Bureau of Economic Analysis on October 28, the economy’s personal income increased $78.9 billion in September month, while disposable personal income surged to $71.3 billion and personal consumption expenditures (PCE) climbed $113.0 billion.
Further, the Personal Consumption Expenditures Price Index, excluding food and energy rose to 5.1% in September compared to 4.9% in the previous month. The core PCE price index is closely watched by the Federal Reserve as it conducts monetary policy.
US Fed is still expected to deliver another aggressive 75 basis points hike in November policy.