Wall Street Ends on a High Note Driven by Amazon’s Surge

Amazon drove gains in the U.S. stock market on Friday, capping off another positive week and month for investors.The S&P 500 climbed 0.3%, edging closer to its record high reached earlier in the week. The index recorded its third consecutive weekly advance and its sixth straight monthly increase — its longest such streak since 2021. The Dow Jones Industrial Average rose by 40 points, or 0.1%, while the Nasdaq Composite advanced 0.6%. Amazon’s shares surged 9.6%, providing the strongest boost to the market after the company reported quarterly earnings that significantly exceeded analysts’ projections. CEO Andy Jassy noted that growth in Amazon’s cloud computing division had accelerated to its fastest pace since 2022.

Given Amazon’s market capitalization of about $2.4 trillion, its stock movements have a substantial impact on the S&P 500. Without Amazon’s rally, the index would have declined for the day. Meanwhile, Apple — valued at over $4 trillion — had a smaller effect on the broader market despite also reporting better-than-expected earnings. Apple’s stock fluctuated throughout the session and ultimately slipped 0.4%. CEO Tim Cook attributed the company’s strong results to solid iPhone sales and robust performance in its services segment, which includes the App Store.

Elsewhere, Reddit’s shares climbed 7.5%, recovering from earlier losses after the company posted stronger-than-anticipated revenue and profit for the quarter. Coinbase Global gained 4.6% following a similar earnings beat. Netflix advanced 2.7% after announcing a 10-for-1 stock split, a move aimed at making its shares more accessible to investors without changing their overall holdings.

The previous day, the S&P 500 had fallen 1% amid investor concerns over substantial spending increases announced by Meta Platforms and Microsoft as part of their artificial intelligence initiatives. Markets also appeared doubtful that President Donald Trump’s recent trade truce with China would fully ease bilateral tensions. On Friday, Microsoft and Meta shares dropped 1.5% and 2.7%, respectively, weighing heavily on the broader market. Overall, the S&P 500 added 17.86 points to close at 6,840.20. The Dow Jones Industrial Average rose 40.75 points to 47,562.87, while the Nasdaq Composite increased by 143.81 points to 23,724.96.

In overseas markets, European indexes slipped following mixed results in Asia. Hong Kong’s Hang Seng Index declined 1.4%, and Shanghai’s Composite Index lost 0.8% after data indicated that Chinese factory activity contracted for a seventh consecutive month in October. In contrast, Japan’s Nikkei 225 rose 2.1% to a new record high, supported by stronger-than-expected industrial production figures for September.

In the bond market, U.S. Treasury yields eased after midweek increases prompted by Federal Reserve Chair Jerome Powell’s remarks that another interest rate cut in December was “not a foregone conclusion.” The 10-year Treasury yield fell slightly to 4.09% from 4.11% the day before, remaining above the 3.99% level prior to Powell’s comments. Analysts at Bank of America suggested in a recent report that most major central banks appear to have ended or paused rate cuts, marking the likely conclusion of the 2025 easing cycle in developed economies.