Amazon Drives Wall Street Rally Amid Mixed Economic Signals

Amazon's stellar retail performance led to a significant rebound in U.S. stock indexes, despite concerns around Apple's China sales and slowing job growth in October. Equity markets remained optimistic with Amazon's nearly 7% surge counteracting Apple's decline. Rising Treasury yields and election uncertainties pose future challenges.

Wall Street's key indexes experienced a notable surge on Friday, spurred by Amazon's strong earnings, which offset weaker performances from Apple and a significant slowdown in U.S. job growth in October.

Amazon shares soared almost 7%, marking their best day since February, amidst growing concerns over Apple's China sales, which pushed its shares down by 1.8%. The tech-heavy Nasdaq was previously hit by cost warnings from Meta Platforms and Microsoft.

Despite weak nonfarm payroll data, the equity markets remained resilient as the unemployment rate held steady at 4.1%. The Dow Jones, S&P 500, and Nasdaq saw positive shifts, further fueled by Intel and oil majors like Chevron and Exxon, bolstering investor confidence ahead of crucial U.S. elections.

(With inputs from agencies.)