Wall St set to climb as Amazon offsets dismal jobs growth, Apple sales

Reuters

Wall St set to climb as Amazon offsets dismal jobs growth, Apple sales

2024 11월 1, 오후 1:20 GMT

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Amazon.com jumps as retail strength boosts profit

Chevron, Exxon rise after results

US jobs growth slows sharply in October

Dow, S&P 500, Nasdaq futures up about 0.5%

Updated at 8:52 a.m. ET/1252 GMT

By Lisa Pauline Mattackal

Nov 1 (Reuters) - Stock indexes were poised for a higher open on Friday, as Amazon's strong earnings mitigated Apple's weaker China sales and investors weighed a sharp reduction in U.S. jobs growth in October.

Amazon.com AMZN.O soared 6.9% in premarket trading, as strong retail sales increased itsprofit above Wall Street estimates.

Meanwhile, AppleAAPL.O dropped 1.7% despitebeating quarterly sales forecasts, as investors worried about a decline in China sales.

U.S.nonfarm payrolls increased by 12,000 jobs last month, much smaller than economists' estimate of an increase of 113,000 jobs, amid disruptions from hurricanes and strikes by aerospace factory workers.

The unemployment rate held steady at 4.1%, in-line with expectations and reassuring investors that the labor market remained on a solid footing ahead of the U.S. presidential election.

"From an investment standpoint, this doesn't really change much in terms of what's expected from a Fed standpoint or thoughts around the slowing economy. We have to look past this month's data and see what comes out in the following months, when there's much less noise," said Charlie Ripley, senior investment strategist for Allianz Investment Management.

After the data was released,investors largelystuck to bets thatthe central bank would cutrates by 25 basis points in November as well as December.

Treasury yields, which had dropped on Friday, have risento nearly four-month highs in recent weeks, pressuring equities, as traders speculate the Fed wouldadopt a less dovish stance. US/

U.S. manufacturing PMI data is due later in the day.

The Nov. 5 U.S. election is also oninvestors' minds, with many analysts predicting a close race and some uncertainty over the final outcome. The Fed's November meeting kicks off the following day.

Unsurprisingly, equity volatility has risen in recent days, with the CBOE Volatility Index .VIX trading at a more than three-week high.

S&P 500 E-minis EScv1 were up 29.5 points, or 0.51%. Nasdaq 100 E-minis NQcv1 rose 102.25 points, or 0.51% and Dow E-minis 1YMcv1 added 217 points, or 0.52%

All three major indexes were on track for weekly declines, with the S&P 500 .SPX and the Nasdaq Composite .IXIC set for their worst week in eight.

Intel INTC.O jumped 6.8% after a better-than-expected revenue forecast and lifted other chip stocks, with Nvidia NVDA.O rising 1.2%.

Cost warnings on AI-related infrastructure from Meta Platforms META.O and Microsoft MSFT.O saw the Nasdaq .IXIC tumble 2.7% inits worst day in nearly two months.

Shares of Boeing BA.N rose 2.4% after a union of striking workers endorsed an improved contract offer that includes a 38% pay rise, with members expected to vote on Monday.

Oil majors rose, withExxon Mobil XOM.N adding 2.2% andChevron CVX.N up 2.1% after both companies beat third-quarter profit estimates on higher oil output.

Of the S&P 500 companies that have reported third-quarter results, 77.2% have beaten analysts' expectations, according to LSEG data as of Thursday, roughly in line with the past four quarters' 79% average.

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Reporting by Lisa Mattackal and Sruthi Shankar in Bengaluru; Editing by Pooja Desai

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