Strong earnings from Amazon and Microsoft pull tech shares higher; Other sectors sluggish

Tech stocks lead market as Amazon, Microsoft soar

NEW YORK — Stocks zigzagged early Friday as profit reports from Amazon.com and Microsoft lifted technology companies.

Amazon posted third-quarter earnings and sales that topped expectations. Microsoft, meanwhile, said its latest quarterly profit slid 18 percent, but results still topped analysts’ forecasts.

The reports eased some worries about consumer spending, one of the market’s key concerns in recent weeks.

A report on September home sales data could provide additional insight to the market’s direction. With home buyers rushing to complete their purchases before a tax credit for first-time owners expires, a National Association of Realtors report is expected to show strong September sales.

Home sales are expected to show an almost 5 percent increase to a seasonally adjusted annual rate of 5.35 million, up from 5.1 million in August, according to economists polled by Thomson Reuters.

In the first half-hour of trading, the Dow Jones industrial average fell 5.67, or 0.1 percent, to 10,075.64. The broader Standard & Poor’s 500 index fell 0.31, or less than 0.1 percent, to 1,092.60. The Nasdaq composite index rose 15.64, or 0.7 percent, to 2,180.93.