Gold, oil prices up as US consumer spending increases, Amazon sinks as Q1 earnings miss expectations [Video]

Gold, oil prices up as U.S. consumer spending increases

Gold and oil prices were trading higher on Friday, as data showed that consumer spreading had increased.

Figures from the Commerce Department revealed that spending surged by 1.1% in March, despite record inflationary pressures.

Consumer spending currently accounts for more than two-thirds of economic activity in the United States.

Despite this news, many still expect Jerome Powell and the Fed to opt to hike rates during next week’s meeting.

As of writing, XAUUSD is trading at $1,910 following a $22 increase, whilst WTI crude hit a one week highs of $107 per barrel.

Amazon stock sinks, as Q1 earnings miss expectations

Shares in Amazon were down by over 10% on Friday, as markets reacted to the company’s disappointing Q1 earnings report.

The company held its earnings call after yesterday’s closing bell, and it was announced that some headline figures missed expectations.

Amazon reported earnings of $7.38 per share, which fell well below expectations of $8.36 per share.

This comes as advertising income also disappointed, coming in at $7.88 billion vs. $8.17 billion expected. 

Overall revenue however came in marginally above expectations, at $116.44 billion vs. $116.3 billion expected.