Investing.com -- Stocks were rising on Friday after inflation data met expectations as investors await next week's meeting by the Federal Reserve. Here are the market movers for April 28.
First Republic Bank (NYSE:FRC) shares were down 38% and halted as of midday as hopes faded that the regional lender would strike a deal. Other regional banks were trading higher, including PacWest Bancorp (NASDAQ:PACW), up 1.3% Snap Inc (NYSE:SNAP) shares fell 18.4% after the disappearing message app company missed expectations on a slowdown in advertising. The company said it was making improvements to its advertising platform. Amazon.com Inc (NASDAQ:AMZN) shares were down 3.7% after it beat expectations on revenue and profit for the first quarter but said it sees a slowdown in the growth of its Amazon Web Services division as companies try to make the most of their cloud computing spending. Exxon Mobil Corp (NYSE:XOM) shares rose 2% and Chevron Corp (NYSE:CVX) shares rose 0.8% after the two oil majors beat expectations for earnings despite crude oil prices hovering under $80 a barrel compared with the $100 a barrel level where they traded last year.
Intel Corporation (NASDAQ:INTC) shares rose 3.4% after a narrower-than-expected loss in the first quarter. For the second quarter, the chip maker said it expects revenue of $11.5 billion to $12.5B.