Amazon's Surge Brightens Wall Street As Job Growth Stalls

Wall Street rebounded on Friday, despite weak U.S. job growth in October, primarily due to Amazon's strong earnings. Amazon's stock jumped 6.2%, influencing the Consumer Discretionary index. Though some tech stocks fell, optimism persisted, with the unemployment rate holding and the central bank considering a rate cut.

Wall Street's key indexes closed higher on Friday, recovering from Thursday's sell-off. Amazon's robust earnings performance led the rebound, overshadowing disappointing U.S. job growth figures for October. The company's stock climbed 6.2%, boosting profits beyond expectations and enabling the Consumer Discretionary index to reach a two-year high.

Conversely, Apple faced a 1.2% decline due to concerns over reduced sales in China. Also affected were fellow 'Magnificent Seven' members Meta Platforms and Microsoft, whose warnings on AI infrastructure costs weighed down the Nasdaq earlier this week. Despite these tech woes, hopes were lifted by consistent unemployment rates and potential monetary policy shifts.

Market sentiment shifted positively as the Dow Jones, S&P 500, and Nasdaq all recorded gains on Friday. Even with a net decline over the week, investor attention is fixed on upcoming elements like third-quarter earnings reports, interest rate trends, and the upcoming U.S. presidential election, which together shape the financial landscape.

(With inputs from agencies.)