Amazon drives stocks up amid AI concerns
U.S. stocks rose following strong results from Amazon, which posted its highest quarterly revenue growth in over four years, boosting investor confidence in AI companies, with its stock jumping over 15%. Meanwhile, Apple's stock declined by 7.4% after warnings about the impact of supply chain constraints and iPhone price increases on future growth and demand. Despite Apple's decline, the S&P 500 index increased by 0.7%, as markets awaited upcoming interest rate hike policies, with the two-year U.S. Treasury yield rising to 4.28%.
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