05:18 PM EDT, 10/31/2025 (MT Newswires) -- US equity benchmarks rose Friday as Amazon.com's ( AMZN ) shares surged in a post-earnings rally, marking the end of a strong month for Wall Street.

The Nasdaq Composite increased 0.6% at 23,725, while the S&P 500 climbed 0.3% to 6,840.2. The Dow Jones Industrial Average edged up 0.1% to 47,562.9.

Among sectors, consumer discretionary paced the gainers, at 4.1%, while materials saw the biggest drop.

All three indexes logged weekly and monthly gains.

The Nasdaq rose 2.2% on the week, while the Dow and the S&P 500 posted weekly gains 0.8% and 0.7%, respectively. The Federal Reserve on Wednesday delivered a 25-basis-point interest rate cut amid concerns regarding the labor market, though Chair Jerome Powell indicated uncertainty around a potential rate cut in December.

The Nasdaq climbed 4.7% in October to mark its seventh consecutive monthly advance. The Dow and the S&P 500 added 2.5% and 2.3%, respectively, both posting their sixth monthly gain in a row.

"Corporate earnings season is running strong again, with S&P 500 profits on track to grow over 10% (year on year in the third quarter) and for all of 2025," Robert Kavcic, senior economist at BMO Capital Markets, said in a report.

Earnings growth is spread across technology, real estate, materials, financials and industrials, Kavcic said.

"It's clear that the massive data center building boom is spreading across other industries, with its reach now hitting areas like industrial equipment, (heating, ventilation and air conditioning) and natural gas infrastructure," Kavcic said.

In company news, Amazon's ( AMZN ) shares jumped 9.6%, the top gainer on the Dow and the second-best performer on the S&P 500. The e-commerce giant late Thursday logged third-quarter results above Wall Street's estimates amid stronger-than-expected sales growth in its Amazon Web Services cloud-computing unit. AWS revenue increased 20%.

Morgan Stanley said Friday that AWS is positioned for faster growth ahead amid a planned capacity boost in the near term and rising backlog.

Chevron ( CVX ) posted better-than-expected third-quarter earnings, buoyed by higher oil production despite lower crude prices. The company's shares rose 2.7%, the second-best performer on the Dow.

Newell Brands ( NWL ) shares plunged 28% after the consumer products manufacturer cut its full-year outlook as its third-quarter results missed market expectations amid a bigger-than-expected tariff impact.

US Treasury yields were mixed, with the 10-year rate little changed at 4.1% and the two-year rate dropping one basis point to 3.61%.

Dallas Fed President Lorie Logan said Friday that she would have preferred to hold interest rates steady this week amid price pressures, taking the same policy view as that of her Kansas City counterpart, Jeff Schmid.

In remarks prepared for delivery at a conference, Logan said inflation will likely remain above the FOMC's 2% target "for too much longer."

"This economic outlook didn't call for cutting rates," she said. "And I'd find it difficult to cut rates again in December unless there is clear evidence that inflation will fall faster than expected or that the labor market will cool more rapidly."

Schmid on Friday cited a largely balanced labor market and too-high inflation among reasons behind his voting decision.

"I do not think a 25-basis point reduction in the policy rate will do much to address stresses in the labor market that more likely than not arise from structural changes in technology and demographics," Schmid said in a statement. "However, a cut could have longer-lasting effects on inflation if the Fed's commitment to its 2% inflation objective comes into question."

The probability of the FOMC reducing its policy rate by another 25 basis points in December was at 69% on Friday, with the remaining odds in favor of a no-change scenario, according to the CME FedWatch tool.

"It's our view that a weakening labor market will likely support another Fed cut in six weeks," Scott Anderson, chief US economist at BMO, said in a separate report. "We think that nonfarm payrolls probably declined in October with the unemployment rate ticking up to 4.4%."

West Texas Intermediate crude oil was up 0.5% at $60.87 a barrel in Friday late-afternoon trade.

Gold fell 0.1% to $4,010.50 per troy ounce, while silver lost 0.9% to $48.20 per ounce.