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Amazon.com ( AMZN ) jumps 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 0.74%, S&P 500 0.76%, Nasdaq 1.05%

(Updated at 10:01 a.m. ET/1401 GMT)

By Lisa Pauline Mattackal and Sruthi Shankar

Nov 1 (Reuters) -

Wall Street's main indexes jumped on Friday, recovering some

losses from the previous session, as Amazon's ( AMZN ) strong earnings

countered Apple's ( AAPL ) weaker China sales and investors assessed a

significant drop in U.S. jobs growth in October.

Amazon.com ( AMZN ) soared 6.5%, on track for its best day

since February, as strong retail sales lifted its profit above

Wall Street estimates.

Meanwhile, Apple ( AAPL ) dropped 0.5% despite beating

quarterly sales forecasts, as investors worried about a decline

in China sales.

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 a solid

footing ahead of the U.S. presidential election.

"This doesn't really change much in terms of what's

expected from a Fed standpoint, or thoughts around the slowing

economy," said Charlie Ripley, senior investment strategist for

Allianz Investment Management.

After the data's release, investors largely stuck to

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

November as well as December.

Treasury yields eased following the labor report. They had

risen to nearly four-month highs in recent weeks, pressuring

equities.

U.S. October ISM manufacturing PMI was at 46.5, slightly

below the 47.6 forecast.

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 Thursday's nearly

two-month high.

The Dow Jones Industrial Average rose 307.78

points, or 0.74%, to 42,071.24, the S&P 500 added 43.64

points, or 0.76%, to 5,749.09, and the Nasdaq Composite

gained 190.38 points, or 1.05%, to 18,285.53.

All S&P 500 sectors gained ground, barring a slight dip

in Utility stocks, while Amazon.com's ( AMZN ) gains lifted the

Consumer Discretionary index to a more than two-year

high.

Cost warnings on AI-related infrastructure from Meta

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

tumble 2.7% in its worst day in nearly two months on Thursday.

"We'll have to continue to watch to see if there's a

broader trend of slowdown for tech spending and the productivity

that comes out of the sector," Ripley said.

All three major indexes remained on track for weekly

declines, with the S&P 500 and the Nasdaq Composite

set for their worst week in eight.

Intel ( INTC ) jumped 5.4% after a better-than-expected

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

rising 2.3%. An index of chip stocks was up

1.4%.

Oil majors also rose, with Chevron ( CVX ) adding 4% after

beating third-quarter profit estimates on higher oil output.

Shares of Boeing ( BA ) gained 2.4% after a union of

striking workers endorsed an improved contract offer, with

members expected to vote on Monday.

Advancing issues outnumbered decliners by a 4.15-to-1

ratio on the NYSE, and by a 2.45-to-1 ratio on the Nasdaq.

The S&P 500 posted six new 52-week highs and three new

lows, while the Nasdaq Composite recorded 38 new highs and 39

new lows.