Amazon added no less than 9 percent. The online store group seems to have little trouble with the high inflation and continues to attract many shoppers. As a result, quarterly turnover increased by 7 percent and growth of 13 to 17 percent is even expected for the current quarter.
Chip maker Intel, on the other hand, was down more than 10 percent due to disappointing results and a lowering of expectations for the rest of this year. CEO Pat Gelsinger pointed to the sudden and rapid downturn in the economy as the biggest culprit.
The debate about whether or not the US economy is in recession is also keeping the markets busy. On Thursday, it emerged that the world’s largest economy has contracted for the second quarter in a row, technically pushing the country into recession.
But many economists and politicians argue against this because, in their view, a real economic downturn would only occur if incomes and the labor market were clearly under pressure.
An important indicator of inflation, meanwhile, rose again in June. That may mean the Federal Reserve will raise interest rates further in September.
Stock indexes on Wall Street continued to climb. Shortly after opening, the Dow-Jones index was 0.1 percent lower at 32,502 points. The broad S&P 500 rose 0.3 percent to 4083 points and tech gauge Nasdaq gained 0.4 percent to 12,210 points. The indicators are heading for a second positive week in the stock market in a row and a price gain for the month of July.
