US stock indices climbed sharply on Friday after upbeat quarterly earnings and optimistic forecasts from tech giants Apple and Amazon boosted investor sentiment.
Apple’s results surpassed Wall Street expectations, fueled by strong demand for its new AI-integrated product lineup. Meanwhile, Amazon reported its fastest cloud revenue growth in three years, signaling a solid quarter ahead.
At 12:01 p.m. ET, the Dow Jones Industrial Average slipped slightly by 31.46 points (0.07%) to 47,490.66, while the S&P 500 rose 15.34 points (0.22%) to 6,837.68, and the Nasdaq Composite gained 152.31 points (0.65%) to 23,733.45.
Earlier in the session, the Nasdaq surged up to 1.5%, while Treasury yields eased — with the 10-year yield dipping to 4.07% from 4.11%.
Top Movers
- Amazon shares jumped 12% after reporting a 40% YoY profit surge to $21.2 billion, driven by robust cloud service demand.
- Apple posted stronger-than-expected profits but its stock slipped 0.2% amid cautious investor sentiment.
- Netflix gained 3.2% after announcing a 10-for-1 stock split.
- Microsoft and Meta Platforms fell 1.3% and 0.9%, respectively.
- Reddit soared 15.2% after reporting higher-than-expected quarterly profit and revenue.
- Coinbase Global climbed 6% after its Q3 profit exceeded forecasts.
Commodities Update
Gold prices edged lower on Friday amid uncertainty over a potential Fed rate cut in December.
- Spot gold slipped 0.4% to $4,009.24/oz, while US gold futures rose 0.1% to $4,020.80/oz.
- Silver gained 0.2% to $49.02, platinum dropped 0.9% to $1,596.60, and palladium rose 1.1% to $1,460.95.
Oil Market
Crude oil prices rebounded modestly but remained set for their third straight monthly decline, pressured by a strong US dollar, weak Chinese data, and rising global supply.
- Brent crude rose 0.5% to $65.29/barrel.
- WTI crude increased 0.9% to $61.10/barrel.
