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Stocks rally on Wall Street as technology giants rebound

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Major stock indexes on Wall Street notched their biggest gains in more than six weeks Thursday, as technology companies clawed back some of the ground they had recently lost.

rose 4.7% in regular trading but slumped 10.5% in after-hours trading after the online retail giant reported its first quarterly loss since 2015. The company reported a decline in sales and a huge write-down of its investment in an electric vehicle startup.The latest round of corporate report cards is hitting the market as Wall Street tries to figure out how inflation is affecting businesses and consumer spending.

Supply chain issues have been crimping business operations in many industries throughout the recovery from the pandemic, andhas pushed energy and key food commodity prices higher. Strict COVID-19 lockdown measures in China have added to concerns about slowing growth.

 

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