A selloff in Apple stock didn’t do much to slow down the Nasdaq today.
Shares in the iPhone maker fell 7.4%, dragging Apple’s market capitalization down by $358 billion. But the Nasdaq composite finished up 1%, with Apple’s decline offset by a 15% surge in Amazon.com stock following that company’s report of accelerating cloud-computing sales. Friday’s rally gave the cloud provider and retailer its largest market-cap gain ever.
The sharp moves at the two giants pulled indexes in opposite directions. The S&P 500’s tech sector, which includes Apple, was down 0.5% today, while Amazon’s sector, consumer discretionary, surged 6.1%. (The tech sector’s 15% gain for the year remains way in front of consumer stocks and broader benchmarks.)
The tech divergence came at the end of a turbulent week in which AI concerns, the Iran war and the Federal Reserve whipsawed markets. The Dow, S&P 500 and Nasdaq all gained 1% or more for the week.
Treasury yields extended recent gains after three Federal Reserve officials explained why they cast dissenting votes in favor of raising interest rate this week. The yield on the 10-year U.S. Treasury note reached 4.743% to close the week, its highest level since January 2025. The 30-year yield rose to 5.274%, a new 19-year high, after the sharpest one month rise since 2024.
Some investors saw a relief rally in stocks after AI-focused investment firm Situational Awareness finished selling the bulk of its holdings. In South Korea, the AI-fueled Kospi index jumped 18%. The volatile benchmark had plunged in recent weeks after rapid gains earlier this year.
