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Ammon News - Wall Street's major indexes ended higher on Friday, rebounding from the previous day's sell-off as Amazon's strong earnings countered a significant drop in U.S. job growth in October.

Amazon.com (AMZN.O), opens new tab rose 6.2% after it reported earnings on Thursday that revealed strong retail sales, boosting profit above Wall Street estimates.

Meanwhile, Apple (AAPL.O), opens new tab fell 1.2% as investors worried about a decline in its China sales during its most recent quarter.

Other so-called Magnificent Seven members Meta Platforms (META.O), opens new tab and Microsoft (MSFT.O), opens new tab also reported earnings earlier this week and warned on AI-related infrastructure costs, dragging the Nasdaq (.IXIC), opens new tab down on Thursday.

"A new month frequently seems to offer new optimism for investors - especially after we saw a sharp decline yesterday - and after seeing encouraging results from Apple and Amazon," said Sam Stovall, chief investment strategist at CFRA Research.

Equity markets brushed off weak U.S. October nonfarm payrolls data, given disruptions from hurricanes and strikes. The data showed an increase of 12,000 jobs, much smaller than economists' estimate of a 113,000 rise.

However, the unemployment rate held steady at 4.1%, reassuring investors the labor market remained on solid ground.
After the jobs data was released, investors largely stuck to bets that the central bank would cut rates by 25 basis points in November.

Equity markets brushed off weak U.S. October nonfarm payrolls data, given disruptions from hurricanes and strikes. The data showed an increase of 12,000 jobs, much smaller than economists' estimate of a 113,000 rise.

However, the unemployment rate held steady at 4.1%, reassuring investors the labor market remained on solid ground.

After the jobs data was released, investors largely stuck to bets that the central bank would cut rates by 25 basis points in November.


Reuters