Muted employment figures do not overshadow stormy market development: Amazon shines on Wall Street.
- Amazon reports significant profits and exceeds market expectations.
- Dampened labor market data does not affect the positive market closing.
Eulerpool News·
The stock markets on Wall Street showed their optimistic side on Friday, surpassing the previous day's losses, driven by Amazon's impressive business figures. The major indices posted solid gains: the Dow climbed 0.7 percent, the S&P 500 rose 0.4 percent, while the Nasdaq increased by 0.8 percent.
A significant surge in Amazon's stock provided the market with the necessary tailwind after the online retail giant reported strong sales that exceeded even Wall Street's most ambitious expectations. At the same time, Apple faced losses, with a decline of more than one percent, as investors expressed concern over declining sales figures in China.
The weak labor market data from the U.S., influenced by natural disasters and labor disputes, were largely ignored. Only 12,000 new jobs were created in October—significantly less than the forecasted 113,000. Despite this news, the unemployment rate remained stable at 4.1 percent.
Alex Morris, CEO of F/m Investments, commented that these figures suggest that the U.S. Federal Reserve will further lower interest rates. An already announced move could be expected soon, which would provide welcome support for the markets.
In addition to Amazon, other companies also created movement: Intel enjoyed an eight percent increase in stock price based on an optimistic sales forecast, while Chevron recorded a three percent rise, driven by exceeding profit expectations in the third quarter.
EULERPOOL DATA & ANALYTICS