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US Equity Indexes Rise Following Amazon's Quarterly Earnings, Noisy Nonfarm Payrolls
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US Equity Indexes Rise Following Amazon's Quarterly Earnings, Noisy Nonfarm Payrolls
Nov 4, 2024 12:16 PM

12:37 PM EDT, 11/01/2024 (MT Newswires) -- US equity indexes rose after quarterly earnings from Amazon.com ( AMZN ) lifted sentiment and government bond yields traded mixed amid a noisy jobs report.

The S&P 500 climbed 1% to 5,762.1 after midday Friday, with the Nasdaq Composite up 1.3% to 18,328.4 and the Dow Jones Industrial Average 1.2% higher at 42,257.8. All sectors except utilities rose intraday, with consumer discretionary and technology among the top gainers.

Amazon's ( AMZN ) Q3 performance exceeded expectations, bolstered by retail and cloud computing, RBC Capital Markets said in a note. Shares jumped 7.1% intraday, among the biggest gainers on the S&P 500, the Nasdaq, and the Dow.

Amazon's ( AMZN ) upbeat earnings offset a technology-led selloff in the previous session, D. A. Davidson said in a note.

Further, in company news, Waters (WAT) shares surged 18% intraday after the company's Q3 adjusted earnings and sales exceeded analysts' estimates. The firm also raised its 2024 earnings guidance. Shares were the top performer on the S&P 500.

Apple ( AAPL ) late Thursday reported better-than-expected fiscal Q4 results amid higher iPhone and Mac sales while incurring a one-time tax charge of $10.2 billion related to a European court order announced in September. Shares of the company slipped 1.4% intraday, among the worst performers in the Nasdaq and the Dow.

In economic news, the Bureau of Labor Statistics reported nonfarm payrolls climbed by 12,000 in October. The consensus was for a 100,000 increase in a survey compiled by Bloomberg. October's employment gain marked the weakest print since December 2020, Stifel said in a note.

Gains were revised downwards by 31,000 for September and 81,000 for August. The unemployment rate held steady at 4.1%, which was in line with the market view for October.

US Treasury yields traded mixed intraday, with the 10-year up 4.9 basis points to 4.33%.

West Texas Intermediate crude oil jumped 1.5% to $70.28 a barrel.

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