The Nasdaq Composite rose 0.7% and the S&P 500 gained 0.3% on Friday, led by a 10.8% surge in Amazon shares after the company said cloud revenue climbed 20% in the third quarter and beat estimates, lifting tech names broadly.
The Dow traded up 60 points. Palantir and Oracle added 3% and 2.8%, repsectively, on AI optimism and Nvidia also traded higher. Elsewhere, Netflix rallied 2.9% on an announced 10 for 1 stock split and Tesla jumped 3.1%. Energy names diverged as Chevron rose 1.9% on stronger earnings and Exxon Mobil slipped 1.5% after a profit decline.
On the other hand, Meta fell 2.7% and has lost nearly 15% since laying out higher capex for next year. AbbVie slid 4.5% after flagging potential impacts from proposed drug pricing cuts. The three major indexes closed October with solid gains, with the Nasdaq surging 4.9% as AI deal activity continued to underpin the Magnificent Seven rally.
Source: Trading Economi
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