Market Surge: Amazon's Gains Offset Apple's China Woes

The stock market opened on a positive note as Amazon's strong earnings overshadowed Apple's challenges in China. Job growth in the U.S. fell short of expectations, yet maintained steady unemployment. Treasury yields increased alongside rising equity volatility. U.S. manufacturing data and upcoming elections weigh on investors' minds.

Stock indexes are set for a higher start due to Amazon's impressive earnings performance, balancing out Apple's struggles with China sales. Amazon's shares rose 6.9% premarket, outperforming expectations, while Apple saw a 1.7% dip driven by investor concerns over Chinese sales contraction.

The U.S. labor market shows a sharp slowdown, adding only 12,000 jobs in October, well below the anticipated 113,000. Meanwhile, the unemployment rate stays at 4.1%, matching forecasts. Investors remain hopeful about the resilient labor market despite election uncertainties and recent economic disruptions.

Market volatility is on the rise amid election apprehensions and approaching Fed meetings. Major stock indexes, including the S&P 500 and Nasdaq, are poised for weekly declines. Intel's better-than-expected earnings uplift chip stocks, while rising Treasury yields and manufacturing data shape market dynamics before the electoral outcome.

(With inputs from agencies.)