The personal consumption expenditure index, which is another source of inflation statistics, helped the Dow Jones Industrial Average rise on Friday. In contrast to Apple, Intel, and Chevron shares, which all increased on earnings beats, Amazon stock fell on a dismal sales outlook.
After the business released third-quarter results late on Thursday that beat on earnings but gave an inadequate outlook, Amazon’s (AMZN) shares dropped by about 10%. The price of Apple (AAPL) rose more than 4% in early trading. Due to robust sales of iPhones and Mac computers in the fourth quarter of its fiscal year, the tech giant exceeded Wall Street’s expectations.
At 8:30 a.m. ET on Friday, the Federal Reserve’s preferred inflation indicator was released. In accordance with forecasts, the PCE price index increased 0.3% in September. The PCE index increased 6.2% over the previous year, which was less than the predicted 6.3%. In September, personal income increased by 0.4%, somewhat more than the 0.3% increase that was anticipated.
The PCE price index tracks changes in the costs of products and services consumers buy across the entire economy in the United States.
This article was originally posted here.
