Amazon soars on ‘game-changing’ quarter, iPhone slump drags Apple

Amazon.com surged over 9% on Friday on signs that both its growth engines, e-commerce and cloud-computing, were faring well in an uncertain economy, helping shield the broader market from Apple’s 2.5% slide after gloomy iPhone sales.

The reports capped what has been a positive earnings season for most big US tech firms from Google-owner Alphabet to Meta, thanks to a pick-up in the digital ad market and improving demand for cloud services after a nearly year-long slump.