Wall Street ended higher on Oct 31, lifted by Amazon’s blockbuster earnings forecast, even as cautious signals from the Federal Reserve (Fed) capped enthusiasm, Reuters reported.
The S&P 500 rose 0.26%, the Nasdaq Composite added 0.61% and the Dow Jones Industrial Average edged up 0.09%, wrapping up a strong week and extending their longest monthly winning streaks in years.
Amazon stole the spotlight, soaring 9.6% to a record high after projecting sales above estimates, powering the consumer discretionary sector to a 4% surge, its best day since May. However, Apple slipped 0.4%, as upbeat iPhone sales guidance was overshadowed by CEO Tim Cook’s warning of supply constraints.
Investor optimism over interest rate cuts dimmed after Fed officials Raphael Bostic and Beth Hammack downplayed the likelihood of imminent easing. Traders now see a 65% chance of a December rate cut, sharply lower than a week ago, according to CME’s FedWatch tool.
Despite the Fed jitters, the S&P 500 gained 0.7% for the week and 2.27% for October, its sixth straight monthly rise, the longest since 2021. The Nasdaq surged 4.7% for its seventh monthly advance, the longest streak since 2018, while the Dow added 2.5%.
Earnings season remains a bright spot: Of 315 S&P 500 firms that have reported, 83.2% have beaten estimates, well above the long-term average.
Elsewhere, Warner Bros Discovery jumped 8.7% on reports Netflix may bid for its studio and streaming arm, while Netflix rose 2.7% after unveiling a 10-for-1 stock split. Western Digital climbed 8.7% and First Solar soared 14.3% after both posted earnings above expectations.
Market breadth was positive, with advancers outnumbering decliners across major exchanges. Trading volume remained steady at roughly 21 billion shares, near the 20-session average.
