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The S&P 500 and NASDAQ Composite rose on Friday as investors digested strong quarterly results from tech giant Amazon.
The Dow Jones Industrials index turned lower 77.17 points Friday to 47,444.95.
The S&P 500 edged up 6.85 points to 829.19
The NASDAQ revived 118.17 points to 23,699.32.
The three leading U.S. stock indexes are on track to close out a winning week and month. The S&P 500 has gained 0.8% so far this week, while the tech-heavy NASDAQ and Dow are up roughly 2.5% and 0.7%, respectively, week to date.
October — which has experienced some of the largest one-day losses in stock market history — has seen the S&P 500 climb more than 2% over the month.
The NASDAQ has jumped about 5%, and the 30-stock Dow is up more than 2% month to date. The Dow is on pace for its sixth positive month in a row for the first time since 2018.
Amazon shares rallied more than 11% after the e-commerce giant said its cloud computing unit’s revenue increased 20% in the third quarter, exceeding Wall Street’s estimates.
The company’s CEO, Andy Jassy, said that AWS is “growing at a pace we haven’t seen since 2022” and that AI and core infrastructure are experiencing “strong” demand.
Helping out the broader market Friday, streaming giant Netflix added more than 3% after the company announced a 10-for-1 stock split.
Electric vehicle maker Tesla was also a winner, with shares seeing a 3% jump.
Stocks are coming off of a lackluster session, as each of the benchmark indexes closed Thursday in the red.
The market was dragged lower by losses in big-name tech stocks Meta Platforms, Microsoft and Nvidia amid investors’ concerns about increasing AI spending. Meta recorded its biggest one-day loss in three years.
Prices for the 10-year Treasury sagged, raising yields to 4.10% from Thursday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices inched up five cents to $60.62 U.S. a barrel.
Gold prices brightened $13.80 to $4,029.70 U.S. an ounce.
