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Amazon.com ( AMZN ) leaps as retail strength boosts profit

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Chevron ( CVX ), Exxon rise after results

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US jobs growth slows sharply in October

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Indexes up: Dow 1.13%, S&P 500 0.90%, Nasdaq 1.23%

(Updated at 12:05 p.m. ET/1605 GMT)

By Lisa Pauline Mattackal and Sruthi Shankar

Nov 1 (Reuters) -

Wall Street's main indexes surged on Friday, rebounding from

the previous session's selloff as Amazon's ( AMZN ) strong earnings

countered Apple's ( AAPL ) weaker China sales as well as a significant

drop in U.S. jobs growth in October.

Amazon.com ( AMZN ) soared nearly 7%, on track for its best

day since February, as strong retail sales lifted its profit

above Wall Street estimates.

Meanwhile, Apple ( AAPL ) dropped 1.8%, the only

so-called Magnificent Seven member in the red, as investors

worried about a decline in its China sales.

Cost warnings on AI-related infrastructure from Meta

Platforms ( META ) and Microsoft ( MSFT ) saw the Nasdaq

log its worst day in nearly two months on Thursday.

"When you look at expectations for the Magnificent Seven

megacaps, there's been an expectation that the tree was going to

grow to the sky - so far, earnings have been a mixed bag and

when you look at valuations, there is some room to pull back,"

said Brad McMillan, chief investment officer at Commonwealth.

Equity markets broadly overlooked weak U.S. October

nonfarm payrolls

data, given disruptions from hurricanes and strikes. The

data showed an increase of 12,000 jobs, much smaller than

economists' estimate of a 113,000 rise.

However, the unemployment rate held steady at 4.1%,

reassuring investors the labor market remained on solid ground

ahead of the U.S. presidential election.

"The unemployment number is holding steady, so I'm not

worried about (the labor market) just yet," McMillan said.

After the data was released, investors largely stuck to

bets that the central bank would cut rates by 25 basis points in

November as well as December.

The Nov. 5 U.S. election is on investors' minds, with many

analysts predicting a close race and some uncertainty over the

final outcome. The Fed's November meeting kicks off the

following day.

Unsurprisingly, equity volatility has risen in recent days,

with the CBOE Volatility Index trading around its highest

in three weeks, though it eased slightly from nearly a two-month

high on Thursday.

Rising Treasury yields are also likely to add pressure

to equities, with the benchmark 10-year note at a

nearly four-month high.

The Dow Jones Industrial Average rose 472.54 points,

or 1.13%, to 42,236.00, the S&P 500 gained 51.35 points,

or 0.90%, to 5,756.80 and the Nasdaq Composite gained

223.31 points, or 1.23%, to 18,318.46.

Most S&P 500 sectors gained ground, barring dips in

Utility and Real Estate stocks, while

Amazon.com's ( AMZN ) gains lifted the Consumer Discretionary index

to a more than two-year high.

The Dow was set for slight weekly gains, while the S&P 500

and the Nasdaq were on track for declines.

Intel ( INTC ) jumped 7.6% after a better-than-expected

revenue forecast and lifted other chip stocks, with Nvidia ( NVDA )

rising 2.9%. An index of chip stocks was up 2%.

Oil majors also rose, with Chevron ( CVX ) adding 3.7% after

beating third-quarter profit estimates on higher oil output.

Shares of Boeing ( BA ) gained 3.6% after a union of

striking workers endorsed an improved contract offer, with

members expected to vote on Monday.

Advancing issues outnumbered decliners by a 1.8-to-1

ratio on the NYSE, and by a 1.79-to-1 ratio on the Nasdaq.

The S&P 500 posted 10 new 52-week highs and four new

lows, while the Nasdaq Composite recorded 54 new highs and 76

new lows.