Stock market today: Live updates

Shares climbed Friday to kick off November as Amazon led large know-how shares into the inexperienced and merchants appeared previous a disappointing jobs report.

The Dow Jones Industrial Common gained 450 factors, or 1.1%. The S&P 500 and the Nasdaq Composite rose 0.9% and 1.2%, respectively.

Amazon rallied greater than 7% as power within the cloud and promoting companies propelled the ecommerce big above Wall Road’s earnings expectations. Intel popped practically 8% after exceeding analysts’ forecasts for income and providing robust steerage. The 2 shares improved sentiment following some notable earnings disappointments this week.

Megacap tech shares are nonetheless “the tail wagging the canine,” stated Rob Williams, chief funding strategist at Sage Advisory. “You are seeing some broadening, however it’s nonetheless such a large part proper now.”

In the meantime, the roles report launched on Friday confirmed the U.S. financial system added simply 12,000 jobs in October, far under the Dow Jones estimate of 100,000. This marked the weakest degree of jobs creation since December 2020. The unemployment fee, held at 4.1%, in step with estimates. Nonetheless, merchants weren’t reacting an excessive amount of to the roles figures, believing the dismal knowledge was impacted by hurricanes and a Boeing strike.

“Friday’s jobs report confirmed that the labor market decelerated fairly considerably in October in comparison with September,” stated Clark Bellin, president and chief funding officer at Bellwether Wealth. “However this was a loud quantity largely resulting from hurricanes and labor strikes, so it is unlikely that this weak point goes to trigger the Federal Reserve to pivot away from its anticipated 25 foundation level fee minimize on the November assembly.”

Along with the U.S. Presidential election on Nov. 5., which has led to elevated volatility, buyers are additionally wanting towards the Fed’s two-day coverage assembly on Nov. 6 and Nov. 7.

The key averages are wrapping up a uneven week. The S&P 500 and Nasdaq, which had been pulled decrease by post-earnings slumps in Microsoft and Meta Platforms, are down 0.9% and 1.1% for the week, respectively. In the meantime, the Dow is up simply 0.3%.

The robust begin to November comes after a troublesome October for the market.  The 30-stock Dow pulled again 1.3% in October. The broad market index fell 1% in that point, whereas the Nasdaq dropped 0.5%.