Wall Street rebounded Friday following Thursday’s selloff, yet midday gains were still insufficient to prevent a second consecutive weekly decline for the S&P 500, currently down 1% for the week.
Concerns over tech earnings eased after Amazon.com Inc. (NASDAQ:AMZN) outperformed expectations, restoring some risk appetite and supporting the sector rebound.
Amazon shares surged over 6%, heading for their best session since February.
The Nasdaq 100, up by 1.1%, outperformed the S&P 500, up 0.8%.
In economic data, the U.S. economy added just 12,000 jobs in October, a steep drop from the 223,000 gain in September and well below the forecast of 113,000, as hurricanes and strikes led to hiring freezes nationwide.
Despite the weak job figures, the unemployment rate held steady at 4.1%, indicating companies chose to retain workers rather than downsize.
The ISM Manufacturing PMI signaled contraction for the seventh consecutive month in October, with the index missing estimates.
Oil prices experienced a volatile session, initially spiking on reports of an imminent retaliatory attack by Iran on Israel before pulling back as those concerns faded. Gold edged down 0.1%.
Bitcoin (CRYPTO: BTC) dipped 0.3%, slipping below the $70,000 mark.
Friday’s Performance In Major US Indices, ETFs
According to Benzinga Pro data:
Friday’s Stock Movers
Stocks reacting to earnings reports included:
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