Stocks moved up early Friday on Wall Street, despite news
that closely monitored inflation data rose to its highest level in four decades
last month. Investor sentiment remained positive due to earnings reports
released by technology giants Apple and Amazon, as well as oil majors Exxon and
Chevron. The S&P 500 and Nasdaq are on track to end July with the biggest
gains since November 2020.

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The S&P 500 index was 35.34 points or 0.87% higher at
4,107.77 as of 10:19 am Eastern time. The Dow Jones Industrial Average was up
82.41 points or 0.25% to 32,612.04. The technology-heavy Nasdaq Composite was
153.08 points or 1.26% to 12,315.67.

Oil majors Chevron and Exxon reported record profits in the second quarter, on the back of high oil and gas prices. The two
companies earned $46 billion in the reported quarter, almost four times the
amount of money those two companies made in the same period a year earlier.

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Apple shares jumped over 3% after reporting
better-than-expected quarterly earnings. Profit for the April-June quarter
declined by 10% while revenue grew 2% as it struggled with manufacturing issues
and inflationary pressures.

E-commerce giant Amazon’s shares climbed 11% after the
company posted a quarterly loss, but its revenue rose sharply in the quarter.

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An inflation metric that is closely watched by the Federal
Reserve jumped 6.8% in June from a year ago, the biggest jump in four decades,
leaving Americans with no relief from soaring prices. On a monthly basis,
inflation surged to 1% in June from May’s 0.6% monthly increase.

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The data outlined the persistence of the inflation that is
affecting Americans’ purchasing power, dimming their confidence in the economy
and threatening Democrats in Congress in the run-up to the November midterm
elections.