Dow Rises, Tech Outperforms as Apple and Amazon Surge After Earnings—and What Else Is Happening in the Stock Market Today

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Wall Street continues to focus on corporate earnings and the economic outlook.

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Stocks rose and the tech sector outperformed Friday, as shares in Apple and Amazon surged after the tech giants reported second-quarter earnings.

Futures for the Dow Jones Industrial Average gained 60 points, or 0.2%, after the index advanced 332 points on Thursday to close at 32,529. S&P 500 futures signaled a start 0.7% into the green with the tech stock-heavy Nasdaq poised to climb 1.3%.

Overseas, the pan-European Stoxx 600 was 0.9% higher while Hong Kong’s Hang Seng Index tumbled 2.3%. Chinese stocks were weaker after economic warnings from the country’s commerce ministry, including caution on risks to trade.

Spurring an outperformance in the tech sector were earnings from Apple (ticker: AAPL)—the world’s largest public company—and Amazon (AMZN), both of which reported second-quarter results late Thursday. Apple’s revenue and earnings beat Wall Street’s expectations while Amazon outpaced analysts’ estimates on sales and issued an upbeat outlook for the rest of the year.

“Stock futures in the U.S. are pointing to a strong start with contracts on the S&P 500 and Nasdaq-100 both higher on the positive earnings from Amazon and Apple,” said Jim Reid, a strategist at Deutsche Bank. “Apple and Amazon reported earnings on the stronger side of what we’ve seen for megacaps so far, with both releases containing optimism around supply chains and consumer spending.”

Write to Jack Denton at jack.denton@dowjones.com