Stocks Finish Higher as Amazon Leads Megacaps Higher

The S&P 500 Index ($SPX) (SPY) on Friday closed up +0.70%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.60%. September E-mini S&P futures (ESU26) rose +0.69%, and September E-mini Nasdaq futures (NQU26) rose +0.59%.

Stock indices settled higher on Friday, with the S&P 500 and Nasdaq 100 posting 1-week highs. Amazon.com surged more than 15% to lead megacap technology stocks higher, which bolstered market sentiment. Amazon’s cloud unit recorded the fastest quarterly revenue growth in 5 years in Q2, reassuring investors that its projected increase in capital spending will generate sufficient returns and that the global AI buildout will be sustained.