Stock Market Today: Amazon Jumps 15%, Apple Wipes Out $475 Billion

Key takeaways

• Amazon's earnings-day pop and Apple's market valuation wipeout left the market searching for direction, with the AI trade split in two.
• Amazon's earnings-day pop: 15%
• Apple's market valuation wipeout: 9.7%
• 10-year Treasury yield: 4.74%

What happened

Amazon's earnings-day pop and Apple's market valuation wipeout pulled Wall Street in opposite directions, leaving indexes searching for direction into midday.

Why it matters

Amazon's 15% surge and Apple's 9.7% drop, its worst percentage drop since March 2020, had a significant impact on the market, with the Dow Jones Industrial Average advancing 253 points and the S&P 500 holding a 0.5% gain near 7,472.

Short-term and longer-term

Short-term. The market's reaction to Amazon's earnings and Apple's guidance was significant, with Amazon's 15% surge and Apple's 9.7% drop having a major impact on the market.

Longer-term. Amazon's earnings-day pop and Apple's market valuation wipeout have significant implications for the long-term direction of the market.