U.S. Stocks Rise as Apple and Amazon Drive Tech Rally
U.S. stocks advanced on Friday, lifted by strong gains in the technology sector as upbeat earnings from Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) fueled investor optimism.
As of 09:40 ET (13:40 GMT), the Dow Jones Industrial Average added 20 points (0.1%), the S&P 500 climbed 30 points (0.5%), and the NASDAQ Composite jumped 260 points (1.1%).
Strong October for Wall Street
October has turned into a winning month on Wall Street. The S&P 500 has gained 2% so far, while the tech-heavy NASDAQ Composite is up more than 4%. The Dow Jones Industrial Average has advanced 2.4%, putting it on track for its sixth straight positive month — a streak not seen since 2018.
Apple and Amazon Results Boost Market Sentiment
Concerns earlier in the week about heavy tech spending eased after encouraging results from two of the market’s biggest players.
Apple shares climbed following an upbeat forecast, with the iPhone maker expecting total revenue to rise 10–12% in the holiday quarter. CEO Tim Cook told CNBC the new iPhone 17 could deliver the company’s best December quarter in its history.
Amazon stock also surged as the e-commerce and cloud giant reported quarterly earnings that beat expectations. Retail margins improved, and Amazon Web Services (AWS) posted 20% revenue growth — its fastest pace since 2022 — highlighting renewed momentum despite skepticism about its position in the AI race.
Other Corporate Highlights
Netflix (NASDAQ:NFLX) announced a 10-for-1 stock split, while Exxon Mobil (NYSE:XOM) saw third-quarter earnings decline as oil prices weakened due to higher OPEC+ output.
In contrast, Chevron (NYSE:CVX) delivered stronger-than-expected profits, supported by production gains from its Hess acquisition earlier this year.
Fed Policy and Trump-Xi Meeting in Focus
Markets also assessed the Federal Reserve’s latest move after a 25-basis-point rate cut this week. Chair Jerome Powell cautioned that another cut in December is “not a foregone conclusion,” signaling a more measured approach to easing.
Meanwhile, President Donald Trump described his meeting with China’s Xi Jinping as “amazing and outstanding.” He suggested that a new U.S.–China trade deal could come “pretty soon” and indicated plans to visit China in April.
Oil Prices on Track for Monthly Loss
Oil futures edged higher Friday but remained set for a third straight monthly decline. Brent crude rose 0.6% to $64.78 per barrel, and West Texas Intermediate (WTI) gained 0.7% to $61.02.
Both benchmarks are down roughly 3% for October as rising global supply — led by OPEC+ and other producers — outpaces demand. The additional output also helps offset Western sanctions that continue to disrupt Russian oil flows to China and India.
