[New York Stock Market] Intel Rises Over 4% Despite Worst Net Loss... Dow Up 0.8%

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Major indices on the New York Stock Exchange rose slightly as corporate earnings reports were released, while investors monitored the Federal Reserve's (Fed) preferred inflation indicators and the First Republic Bank crisis.

On the 28th (Eastern Time), the Dow Jones Industrial Average closed at 34,098.16, up 272.00 points (0.80%) from the previous session at the New York Stock Exchange (NYSE).

The S&P 500 index rose 34.13 points (0.83%) to 4,169.48, and the Nasdaq index closed at 12,226.58, up 84.35 points (0.69%) from the previous session.

Amazon's earnings, announced earlier, exceeded expectations, but its stock price fell about 4%. Concerns about the outlook increased as Amazon's cloud web services (AWS) revenue growth rate dropped to 16% from 20% in the previous quarter.

On the other hand, Intel's stock rose more than 4% despite reporting the worst quarterly net loss in its history. This was due to growing expectations that the industry may have bottomed out.

Snap's stock fell 17% following news that the company reported revenue below expectations after the market closed the previous day. Pinterest's stock also dropped more than 15% as its second-quarter revenue growth rate fell short of market expectations.

Most of the corporate earnings announced so far have exceeded expectations. According to FactSet, about 260 companies listed on the S&P 500 have reported earnings to date, with approximately 80% surpassing estimates.

The inflation index preferred by the Fed, released on the day, generally met market expectations.

The core Personal Consumption Expenditures (PCE) price index for March, excluding volatile energy and food prices, rose 0.3% month-over-month. This matched the Wall Street Journal (WSJ) experts' forecast and was unchanged from the previous month.

The March core PCE price index increased 4.6% compared to the same period last year, indicating that inflationary pressures in the U.S. are not rapidly easing. The U.S. first-quarter Employment Cost Index (ECI) also rose 1.2% quarter-over-quarter on a seasonally adjusted basis, surpassing the 1.1% increase in the fourth quarter of last year.

Investors also kept an eye on the First Republic Bank crisis. The bank's stock plummeted more than 40% amid growing possibilities of intervention by the Federal Deposit Insurance Corporation (FDIC) as the bank reviews strategic options.

On the same day, the Fed released a review report stating that the collapse of Silicon Valley Bank (SVB) was not only due to the bank executives' failure in risk management but also a supervisory failure by the central bank.

Meanwhile, according to Bespoke Investment Group, the Philadelphia Semiconductor Index, a representative stock index of the semiconductor sector, has underperformed the S&P 500 by 9.7 percentage points in April. Bank of America (BofA) issued a report recommending selling if the S&P 500 index surpasses the 4,200 level.

Within the S&P 500, energy, financials, real estate, materials, and technology stocks rose more than 1%. Among the 11 sectors, only utilities and consumer discretionary stocks declined.

ExxonMobil rose more than 1% on news that its first-quarter net profit exceeded expectations. Solar company First Solar's stock fell more than 9% following earnings that missed forecasts.