<\/p>\n
US stocks opened higher on Friday,with S&P 500 and Nasdaq Composite posting decent gains as Wall Street cheered strong earnings results from Big Tech giants Apple (AAPL) and Amazon (AMZN).<\/p>\n
<\/p>\n
Stocks closed lower on Thursday as risk assets shed gains following this week\u2019s Federal Reserve chair Jerome Powell\u2019s comments. The S&P 500 fell 1% and Nasdaq led the rout with -1.6%. <\/p>\n
Dow Jones Industrial Average closed more than 100 points down.<\/p>\n
However, with upbeat sentiment around the U.S.-China trade truce and tech giants Apple and Amazon reporting strong earnings, Wall Street flipped positive. The S&P 500 gained 0.6%, while the Nasdaq composite bounced with 1.3%. Meanwhile, the Dow Jones Industrial Average lagged with about +50 points in early trading. <\/p>\n
Stocks are bidding to gain momentum after muted sessions following the Fed rate cut.<\/p>\n
<\/p>\n
The gains across the major indexes came as Apple and Amazon stocks soared,\u00a0<\/p>\n
Amazon shares surged by more than 13% as investors reacted to the e-commerce giant\u2019s earnings report showing<\/a> the company\u2019s cloud computing division saw a 20% increase in revenue in the third quarter. The earnings results beat analyst estimates.\u00a0\u00a0<\/p>\n Amazon\u2019s AWS revenue jump aligns with increases seen by Google and Microsoft\u2019s cloud units. In their respective quarterly results earlier in the week, Google\u2019s cloud revenue was shown to have jumped 34% while Microsoft\u2019s Azure witnessed a 40% increase.<\/p>\n Dan Ives, global head of technology research at Wedbush Securities, says confidence in the e-commerce giant is back and predicts a price target of $300 for the company\u2019s stock. The AMZN stock traded at $248.80 and is up 35% the past six months.<\/p>\n