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Indexes: Dow down 0.07%, S&P 500 up 0.22%, Nasdaq up 0.65%

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Amazon ( AMZN ) jumps as cloud growth beats expectations

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Apple ( AAPL ) forecasts upbeat holiday-quarter iPhone sales

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Warner Bros jumps after Reuters report of Netflix ( NFLX ) bid

(Updates with early afternoon prices)

By Pranav Kashyap and Nikhil Sharma

Oct 31 (Reuters) - U.S. stock indexes rose on Friday,

putting them on track to close October in the green, after

Amazon's ( AMZN ) upbeat earnings forecast helped ease concerns over Big

Tech's heavy spending on artificial intelligence.

Amazon ( AMZN ) shares jumped 10.6% to an all-time high

after the online retailer forecast quarterly sales above

estimates, helped by cloud revenue rising at the fastest clip in

nearly three years.

Apple's ( AAPL ) forecast for iPhone sales in the holiday

quarter surpassed Wall Street expectations, but CEO Tim Cook

flagged supply constraints. Its shares were last flat.

Nvidia ( NVDA ), which became the first publicly listed firm

to surpass $5 trillion in market value earlier this week, rose

1.6% after CEO Jensen Huang said he hoped the company's

state-of-the-art Blackwell chips can be sold in China.

AI frenzy pushed Wall Street to record highs earlier this

week before concerns about major spending from Microsoft ( MSFT )

and Meta as well as doubts about further

interest rate cuts from the Federal Reserve spooked investors.

Still, for the month, the S&P 500 was up 2.7%,

putting it on track for a sixth consecutive monthly gain - its

longest such streak since August 2021.

The Nasdaq Composite was on pace for a seventh consecutive

monthly advance, while the Dow was set for its sixth straight

monthly win - their longest runs since January 2018.

At 12:01 p.m. ET, the Dow Jones Industrial Average

fell 31.46 points, or 0.07%, to 47,490.66, the S&P 500

gained 15.34 points, or 0.22%, to 6,837.68 and the Nasdaq

Composite gained 152.31 points, or 0.65%, to 23,733.45.

While hopes for faster U.S. rate cuts lifted stocks earlier

this month, markets are now recalibrating after the Federal

Reserve delivered a widely expected quarter-point cut but

signaled another move in December was not a "foregone

conclusion", shifting the policy outlook.

Traders have since pared bets on a December cut, with

futures now pricing a 67.9% chance of a 25-basis-point move,

down sharply from 91% a week ago.

Two regional Fed presidents also criticized the decision to

ease policy, arguing that inflation remains too high and the

labor market does not need additional support.

"Recently we've kind of seen an everything rally, and that's

because we are getting into this area where interest rates start

to matter and interest rates are going lower," said Dennis Dick,

chief strategist at Stock Trader Network.

Of the 315 S&P 500 companies that have reported

third-quarter results so far, 83.2% have surpassed analysts'

estimates, according to LSEG data. That's well above the

historical average, where roughly 67% of firms beat forecasts.

In other moves, Warner Bros Discovery ( WBD ) rose 1.9%

following a Reuters report that Netflix ( NFLX ) was actively

exploring a bid for the company's studio and streaming business.

Netflix ( NFLX ) added 3.6% as it unveiled plans for a 10-for-1 stock

split.

Getty Images ( GETY ) rose 5% after signing a global

multi-year licensing agreement with Perplexity AI.

Western Digital ( WDC ) gained 2% to an all-time high after

forecasting quarterly earnings above Wall Street estimates.

Solar panel maker First Solar ( FSLR ) surged 12.6% to a

more than one-year high after surpassing expectations for third

quarter sales.

Advancing issues outnumbered decliners by a 1.21-to-1 ratio

on the NYSE, and by a 1.31-to-1 ratio on the Nasdaq.

The S&P 500 posted 16 new 52-week highs and 34 new lows

while the Nasdaq Composite recorded 94 new highs and 103 new

lows.

(Reporting by Pranav Kashyap and Nikhil Sharma in Bengaluru;

Editing by Mrigank Dhaniwala, Krishna Chandra Eluri and Devika

Syamnath)