Stock Market News: US stocks staged a strong comeback on Friday, with the Nasdaq Composite (^IXIC) climbing 1.2%, the S&P 500 (^GSPC) gaining 1%, and the Dow Jones Industrial Average (^DJI) rising 1.1%. Investors cheered solid earnings from Amazon (AMZN) and Intel (INTC) while digesting a weaker-than-expected jobs report that signaled potential changes in the Federal Reserve’s approach to interest rates.
Amazon shares soared over 6% after the company’s impressive earnings report highlighted rapid growth in its cloud and AI services. CEO Andy Jassy noted that Amazon Web Services’ AI business achieved triple-digit revenue growth, sparking optimism about Amazon’s positioning in the competitive AI sector. Intel also joined the tech rally, posting a surprising earnings beat that has reignited hopes for the chipmaker’s turnaround.
On the economic front, October’s jobs report showed that the US economy added just 12,000 jobs, falling well short of forecasts. Economists believe the lower numbers were influenced by recent hurricanes and significant strike action at Boeing (BA), which dampened hiring figures. Despite the job growth miss, Wall Street remains confident that the Federal Reserve may ease its stance, with nearly 98% of traders now expecting a quarter-point rate cut at the upcoming Fed meeting.
In other corporate news, Boeing saw a slight boost after union members agreed to a revised deal that would increase wages by 38%, potentially ending the recent factory strike. Apple (AAPL), however, saw its shares dip as its latest earnings report left investors seeking more growth.
Geopolitical developments also influenced markets on Friday, with oil prices spiking over 2% amid tensions in the Middle East. News that Iran-backed groups could target Israel sent Brent crude up to $74 a barrel, while West Texas Intermediate (WTI) reached around $71.
With earnings season and the Fed’s decision approaching, Friday’s market bounce highlights investor resilience amid mixed economic signals. The positive response to Amazon and Intel’s results, coupled with anticipation around Fed policy, shows a cautiously optimistic outlook on Wall Street as it heads into November.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult a qualified financial advisor or conduct your own research before making investment decisions.
