Apple and Amazon earnings moves nearly canceled each other out in the Dow, leaving the index little changed despite volatile swings.
The Dow Jones Industrial Average closed near 52,500, erasing a 600-point intraday swing to end up 230 points. The index briefly dipped below 52,000 before recovering over 450 points within two hours, driven by opposing earnings reactions from two of its components.
Apple (AAPL) fell 10% after reporting a 22% jump in iPhone sales but missing services revenue expectations. Amazon (AMZN) surged 15% on stronger-than-expected cloud revenue, reinforcing confidence in tech capital spending. Both stocks trade in a similar price range, neutralizing their impact on the price-weighted Dow.
The index’s structure, often cited for lagging tech performance, absorbed the quarter’s largest earnings dispersion with a net gain of less than 0.5%. Five of the seven largest tech names now sit outside the Dow, limiting their influence on its movements.