Amazon Bolsters Wall Street as Apple’s China Sales Decline

Major Wall Street indexes rose on Friday after Amazon's robust earnings countered disappointing U.S. job growth. While Apple faced concerns over China sales, the optimism from Amazon's performance uplifted markets. Investors remain focused on upcoming U.S. elections and Federal Reserve rate decisions.

Wall Street's major indexes saw an uptick on Friday, rebounding from Thursday's slump due to strong earnings from Amazon, which offset a notable dip in U.S. job growth for October. Amazon's retail sales surged, exceeding profit forecasts and rejuvenating investor confidence.

Conversely, Apple experienced a drop as concerns over its recent quarter's China sales lingered. Other tech giants, including Meta Platforms and Microsoft, released earnings earlier this week, cautioning on heightened AI-related infrastructure costs, contributing to the Nasdaq's decline on Thursday.

Equities withstood weak nonfarm payroll data against the backdrop of hurricanes and strikes. The labor market stability reassured investors ahead of the presidential election. The S&P 500 and Nasdaq Composite gained, while expectations held for a Federal Reserve rate cut in November. Amazon's performance helped the Consumer Discretionary index soar, despite sectoral declines in utilities and real estate.

(With inputs from agencies.)