U.S. stocks rise on Amazon boost; bond yields fall By Reuters

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<span>© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS/Brendan McDermid/File Photo</span><br />
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<p>(Refiles to fix typographical error in headline)</p>
<p>By Echo Wang</p>
<p>(Reuters) -Wall Street gained and bond yields fell on Friday after July jobs data showed a slowing in the U.S. labor market with wage gains.</p>
<p>U.S. employers added 187,000 jobs in July, according to the Labor Department’s employment report on Friday. Data for June additions was revised lower to 185,000 jobs, from 209,000 reported previously.</p>
<p>“There’s been this building narrative as of recent.. (that) the soft landing is a sure thing, the economy is not going to slow materially”, said Charlie Ripley, senior investment strategist for Allianz (ETR:) Investment Management in Minneapolis, “Loosening up of the labor market is a sign that shows that the economy is slowing to some extent.”</p>
<p>Average hourly earnings rose 0.4% in July, unchanged from the previous month, exceeding expectations, taking the year-on-year increase in wages to 4.4%. </p>
<p>The yield on the 10-year benchmark note dipped on Friday after the jobs data, but still remained above 4%, partly boosting some megacap stocks.</p>
<p>“This buildup that nonfarm payrolls were going to exceed expectations – Clearly, it didn’t – drove the rest of the bond market that we’re seeing”, said Ripley,”we are kind of seeing equity market reaction to that as well. It’s a little bit more bullish for equities.”</p>
<p>Giving solid boost to the , Amazon.com (NASDAQ:) shares surged 10.5% after the company issued an upbeat third-quarter outlook. Apple (NASDAQ:)’s shares dipped 3.2% as the iPhone maker forecast a continued slide in sales.</p>
<p>Shares of peers Microsoft (NASDAQ:), Alphabet (NASDAQ:) and Snowflake rose between 1% and 5% after Amazon’s cloud business segment beat sales estimates.</p>
<p>At 1:53 p.m. ET, the rose 192.75 points, or 0.55%, to 35,408.64, the S&amp;P 500 gained 23.17 points, or 0.51%, to 4,525.06 and the added 120.23 points, or 0.86%, to 14,079.94.</p>
<p>All three major indexes were on course to end the week lower, with the tech-heavy Nasdaq leading losses. </p>
<p>Stocks closed marginally lower on Thursday, weighed down by the last batch of economic data and some disappointing earnings.</p>
<p>Of the 422 companies in the S&amp;P 500 that have reported quarterly earnings as of Friday, 79.1% have beat analysts’ estimates, according to Refinitiv data.</p>
<p>Carl Icahn-owned investment firm Icahn Enterprises shed 23.3% after the company halved its quarterly payout, months after short-seller Hindenburg Research accused it of operating a “Ponzi-like” structure to pay dividends.</p>
<p><span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Fortinet </span></span> (NASDAQ:) tumbled 24.4% after the cybersecurity firm cut its annual revenue forecast as spending from enterprise clients remained tight amid a turbulent economy.</p>
<p>Shares of Tupperware (NYSE:), known for its plastic airtight storage containers and bowls, rallied 48.3% after the company finalized an agreement with its lenders to restructure its debt obligations in an effort to turn around the business.</p>
<p>Amgen (NASDAQ:) added 6.4% after it reported a higher quarterly profit on strong sales of its cholesterol, osteoporosis and other drugs.</p>
<p>DraftKings (NASDAQ:)’ shares rose 2% after the sports-betting firm raised its fiscal year 2023 revenue outlook.</p>
<p>Advancing issues outnumbered declining ones on the NYSE by a 2.89-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored advancers.</p>
<p>The S&amp;P 500 posted 19 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 52 new highs and 69 new lows. </p>
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