US Stock Markets Surge Following Strong Amazon Earnings Report
10 months ago

US benchmark equity indexes experienced a rise ahead of Friday's close, bolstered by a post-earnings rally in Amazon.com ($AMZN) shares. The Nasdaq Composite rose 0.8% to close at 18,245.3, while the Dow Jones Industrial Average climbed 0.7% to reach 42,054.2. The S&P 500 also gained 0.5%, finishing at 5,733.1.

Among the sectors, consumer discretionary led the gains, while utilities noted the steepest decline. Shares of Amazon surged after the e-commerce titan reported third-quarter results that exceeded Wall Street's expectations, driven by double-digit revenue growth in its cloud-computing platform and advertising sector. In the bond market, the US 10-year yield rose by 9.6 basis points to 4.38%, and the two-year rate increased by five basis points, reaching 4.22%. On the employment front, US job creation fell significantly short of analysts' forecasts in October, a situation exacerbated by an ongoing Boeing ($BA) strike and potential disruptions linked to hurricane activity, as per government data. Additionally, the US manufacturing sector remained in the contraction zone in October due to output weakness ahead of the presidential election, as indicated by two separate surveys released by the Institute for Supply Management and S&P Global ($SPGI). On the commodities side, West Texas Intermediate crude oil saw a slight uptick, rising 0.3% to $69.48 a barrel..

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