US stocks staged a comeback on Friday as investors digested a big miss in the monthly jobs report and welcomed Amazon (AMZN) and Intel (INTC) earnings.
The tech-heavy Nasdaq Composite (^IXIC) gained 0.8%, while the S&P 500 (^GSPC) rose 0.4%, both coming off a steep sell-off fueled by worries about Big Tech’s artificial intelligence spending. The Dow Jones Industrial Average (^DJI) added roughly 0.7%.#inflation
Despite the turnaround on Friday, all three gauges posted losses for the week.
Markets took in their stride the disappointing headline numbers in the all-important jobs report. The US economy added just 12,000 jobs in October, significantly missing expectations. The government said those numbers were weighed down by recent hurricanes and strike activity, most prominently at Boeing (BA).
The report is the last major economic data before the Federal Reserve’s next policy decision on Nov. 7. Market expectations for that meeting moved little in its wake, with traders pricing in about 99% odds of a quarter-point rate cut at the Fed meeting next week, per CME FedWatch.
Meanwhile, upbeat earnings from Amazon helped dissipate the gloom around Big Tech’s prospects that drove Thursday’s slump in stocks. Its shares jumped over 6% after CEO Andy Jassy said its cloud unit’s AI business was seeing triple-digit revenue growth.
Morale also got a lift from Intel’s (INTC) earnings beat and outlook, which revived hopes for the chipmaker’s turnaround and boosted the stock. But Apple (AAPL) shares slipped as its results and outlook left Wall Street wanting more.
Elsewhere in corporates, Boeing (BA) shares tipped higher after union leaders backed its latest offer to end a significant factory workers strike. The sweetened deal would lift wages by 38%.
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