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Markets Mixed at Midday as Tech Sector Gets a Boost From Amazon - Investopedia

Author: Investopedia

Source: https://www.investopedia.com/markets-mixed-at-midday-as-tech-sector-gets-a-boost-from-amazon-8383642

Image of Markets Mixed at Midday as Tech Sector Gets a Boost From Amazon - Investopedia

Key TakeawaysqU.S.equities were mixed at midday on Friday, Oct.27, 2023 after the latest batch of corporate earnings reports.The tech sector got a lift from Amazon, which beat profit and sales estimates.Solar stocks tumbled as Enphase Energy gave current quarter guidance well short of expectations.U.S.equities were mixed at midday after the latest batch of corporate earnings reports, with the S&P 500 and Nasdaq rising as the tech sector got a boost from Amazon, while the Dow fell.Amazon (AMZN) shares jumped after the online retailing giant reported profit and revenue that beat forecasts, boosted by its Prime Day sales.Intel (INTC) shares also took off as the chipmaker exceeded estimates for earnings and current quarter guidance, helped by an increase in PC demand.Glucose monitoring systems maker DexCom (DXCM) posted profit and outlook figures above expectations, and its shares rose. CEO Kevin Sayer indicated DexCom could benefit from the boom in demand for obesity drugs.Shares of Enphase Energy (ENPH) plummeted as the solar power firm’s current quarter guidance was well below analysts’ forecasts.Shares of others in the sector tumbled as well.Chevron (CVX) shares sank after the oil and gas producer’s earnings were short of estimates on lower oil prices and rising costs.Shares of Hess (HES), which Chevron is buying for $53 billion, also lost ground.Ford Motor (F) shares plunged as the carmaker reported weaker-than-expected earnings and pulled back its guidance because of “uncertainty," citing the impact of the United Auto Workers union's strike after reaching a tentative agreement on Wednesday.Oil futures advanced.Gold prices dropped. The yield on the 10-year Treasury note gained.The U.S.dollar was down against the euro, pound, and yen.Trading in major cryptocurrencies was mixed.TradingView

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