{"id":110809,"title":"Wall Street stocks made a varied start on Friday, Amazon & Intel fire up the Nasdaq","publisher":"Share Talk","author":"sharetalk","published":"2023-10-27T14:20:17+00:00","modified":"2023-10-27T14:22:35+00:00","canonical_url":"https://www.share-talk.com/wall-street-stocks-made-a-varied-start-on-friday-amazon-intel-fire-up-the-nasdaq/","markdown_url":"https://www.share-talk.com/wall-street-stocks-made-a-varied-start-on-friday-amazon-intel-fire-up-the-nasdaq.md","json_url":"https://www.share-talk.com/wall-street-stocks-made-a-varied-start-on-friday-amazon-intel-fire-up-the-nasdaq.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["Barclays","Dow Jones Industrial Average","Federal Reserve","FTSE100","Hamas","HSBC Holdings","Israel","Jerome Powell","Legal & General","Lloyds Banking Group","London","NASDAQ","NatWest Group","Netflix","Prudential","S&P 500","Silicon Valley Bank","southern Gaza","STOCKS","Tesla","US","USA","Wall Street"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/USA-16_10_23.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"The U.S. stock market experienced a varied start on Friday, with a surge in tech stocks led by Amazon, although blue-chip stocks saw a slight decline due to drops in Chevron, all of this occurring in the backdrop of an inflation reading that met expectations.\n\nJust after the market opened, the Dow Jones Industrial Average decreased by 70.87 points, or 0.2%, settling at 32,713.43. Meanwhile, the S&P 500 rose by 5.96 points, or 0.1%, to 4,143.19, and the Nasdaq Composite increased by 101.21 points, or 0.8%, to 12,696.82.\n\nData revealed that the Federal Reserve’s favoured inflation indicator reached its lowest point in two years, showing a decrease in September. ING Economics analyzed the data, stating that inflation continues to be “somewhat persistent,” with the core personal consumer expenditure deflator registering at 0.3% month-over-month/3.7%, aligning with expectations.\n\nhttps://twitter.com/Share_Talk/status/1717900638367936684\n\nHowever, the institution pointed out that this result follows a three-month average of 0.17% month-over-month, which is the consistent rate required over time to bring us back to the Federal Reserve’s 2% annual target. “This is somewhat disappointing. However, with the Federal Reserve recognizing the recent tightening of financial conditions due to the surge in Treasury yields, and with Chair Jerome Powell’s recent remarks acknowledging the rapid pace of tightening and suggesting there may be more to come, we maintain our belief that the Federal Reserve will not increase rates further,” ING commented.\n\nThe report also highlighted increasing concerns regarding the trajectory of real household disposable income, a crucial determinant of consumer spending. ING warned, “Should there not be a swift improvement, the likelihood of a recession increases, and inflation could decrease more quickly than the Federal Reserve anticipates.”\n\nShifting focus from the economic data, the market responded positively to earnings reports from Amazon, which saw a 7.2% increase in stock price, and Intel, with a 10.9% rise. Conversely, oil giants Chevron and ExxonMobil experienced declines of 4.8% and 0.8% respectively after releasing their earnings."}