Stock market today: Nasdaq, S&P 500 rebound as Amazon surges, market shrugs off jobs data
Published On Nov 1, 2024, 2:59 PM
US stock markets showed signs of recovery, buoyed by strong earnings reports from Amazon and Intel, despite a disappointing jobs report. The US economy added just 12,000 jobs in October, falling well short of expectations. The negative employment figures did not significantly impact market expectations for an interest rate cut by the Federal Reserve, which traders now largely anticipate. Amazon shares rose over 6% after it posted strong growth in its AWS AI business, while Intel reported earnings that surpassed expectations, leading to an 8% increase in its stock. In contrast, Apple saw its stock fall following mixed results and a weak outlook for sales in China. Overall, the market is cautiously optimistic about tech stocks, particularly in light of Amazon's performance, which highlights potential for significant returns in expenditure on AI and cloud computing.