Nasdaq rises on the back of Amazon, but S&P 500 gives up gain

The Nasdaq Composite rose on Friday as strong quarterly results from tech giant Amazon spurred investors’ confidence in artificial intelligence.

The tech-heavy Nasdaq advanced 0.4%, while the S&P 500 pulled back from its solid gains earlier in the session to hover around the flatline. Most of the 11 S&P 500 sectors were in the red during the session, with only consumer discretionary and energy seeing a boost. The Dow Jones Industrial Average

 fell 108 points, or 0.2%.

Amazon shares rallied 10% after the e-commerce giant said its cloud computing unit’s revenue increased 20% in the third quarter, exceeding Wall Street’s estimates. The company’s CEO, Andy Jassy, said that AWS is “growing at a pace we haven’t seen since 2022” and that AI and core infrastructure are experiencing “strong” demand.