⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Stocks rise with Amazon; US yields up ahead of US election

Published 10/31/2024, 10:12 PM
Updated 11/01/2024, 05:51 PM
© Reuters. FILE PHOTO: A man looks at an electronic board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan, August 6, 2024. REUTERS/Willy Kurniawan/File Photo
EUR/USD
-
US500
-
INTC
-
AAPL
-
AMZN
-
NVDA
-
GC
-
LCO
-
CL
-
IXIC
-
STOXX
-
DXY
-
BTC/USD
-

By Caroline Valetkevitch

NEW YORK (Reuters) - Global stock indexes climbed on Friday with Amazon.com (NASDAQ:AMZN) shares rallying following the company's stronger-than-expected results, while 10-year Treasury yields hit a four-month high as investors grew wary of buying bonds before the U.S. presidential election on Tuesday.

Treasury yields initially tumbled after U.S. jobs data for October showed the U.S. economy barely added any jobs in October, though the numbers were heavily disrupted by industrial action and hurricanes.

The U.S. unemployment rate, however, held steady at 4.1%, offering assurance that the labor market remained on a solid footing.

After U.S. stock market closed, S&P Dow Jones Indices said Nvidia (NASDAQ:NVDA) will be added to the Dow Jones Industrial Average, replacing Intel (NASDAQ:INTC). Nvidia's shares were up 1.9% in after-hours trading while Intel's were down 1.4%.

Polls show Republican Donald Trump and Democratic Vice President Kamala Harris in almost a dead heat with four days to go before U.S. Election Day.

Some strategists say the U.S. fiscal trajectory is expected to worsen under a presidency by either Trump or Harris.

Benchmark 10-year yields were last up 7.7 basis points at 4.361%, the highest since July 5. It follows a 48 basis point increase in October, which was the largest monthly basis point increase since April.

On Wall Street, Amazon.com shares jumped 6.2% after its report late on Thursday. It also indicated that it expected healthy results in the holiday quarter.

The share gain helped offset a 1.2% decline in shares of Apple (NASDAQ:AAPL) following the iPhone maker's modest growth outlook.

"We've made it most of the way through the Big Tech names, and (results) were probably not as bad as people feared and, in some cases, were pretty good. So investors decided that the little bit of a sell-off we had the last couple of days was unwarranted," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

The Dow rose 288.73 points, or 0.69%, to end at 42,052.19, the S&P 500 rose 23.35 points, or 0.41%, to 5,728.80. The Nasdaq Composite rose 144.77 points, or 0.80%, to 18,239.92.

For the week, the S&P 500 was down 1.4%.

MSCI's gauge of stocks across the globe rose 2.85 points, or 0.34%, to 835.15.

Europe's main stock index notched its biggest one-day gain in five weeks, as banks led an overall market rebound after recent declines. The STOXX 600 index ended 1.09% higher.

The dollar rose against the euro and rebounded against most major currencies after traders digested the U.S. jobs data.

The euro was down 0.40% against the dollar at $1.084. The dollar index, which tracks the greenback against six major currencies, was up 0.36% at 104.24.

The dollar was up 0.60% against the yen to 152.94, ahead of a three-day weekend in Japan. Earlier in the week, the yen got a boost from less-dovish comments from Bank of Japan Governor Kazuo Ueda following the central bank's decision to stand pat.

Bitcoin, the world's largest cryptocurrency by market cap, was up 0.57% on the day at $69,531.

Oil extended its recent rally on reports that Iran was preparing a retaliatory strike on Israel from Iraqi territory in the coming days.

Iran and Israel have engaged in a series of strikes within the broader Middle East warfare set off by fighting in Gaza. Previous Iranian air attacks on Israel on Oct. 1 and in April were mostly repelled, with only minor damage.

© Reuters. FILE PHOTO: A Wall Street sign hangs in front of a U.S. Flag outside the New York Stock Exchange (NYSE) in New York City, U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo

Brent futures gained 29 cents to settle at $73.10 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 23 cents to settle at $69.49.

Gold prices edged down, pressured by a stronger U.S. dollar.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.