Gold and Oil Prices Rise as U.S. Consumer Spending Rises, Amazon Crashes as Q1 Earnings Fall Short of Expectations [Video]

Gold and Oil Prices Rise as U.S. Consumer Spending Rises

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

Commerce Department figures showed spending jumped 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 for a rate hike at next week’s meeting.

At the time of writing, XAUUSD is trading at $1,910 after rising $22, while WTI crude hit a 1-week high of $107 per barrel.

Amazon stock tumbles as first-quarter earnings fall short of expectations

Amazon shares fell more than 10% on Friday as markets reacted to the company’s disappointing first-quarter earnings report.

The company held its earnings call after yesterday’s closing bell, and it was reported that some headline numbers fell short of expectations.

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

It comes as ad revenue also disappointed, coming in at $7.88 billion vs. $8.17 billion expected.

The overall turnover is however slightly higher than expected, at 116.44 billion dollars against 116.3 billion dollars expected.