Post-Bell | Dow, S&P 500 Mark Best Octobers Since 2022; Amazon Rallies over 9%; Western Digital Gains over 8%; Coinbase Rises over 4%; Tesla Jumps Nearly 4%

Wall Street's main stock indexes closed higher on Friday, with their biggest boost coming from Amazon's upbeat earnings forecast, but sentiment was dampened by worries that the Federal Reserve is becoming more cautious about cutting rates.

The S&P and Dow each locked in their best Octobers since 2022. The Nasdaq had its best October since 2021.

Market Snapshot

The Dow Jones Industrial Average rose 40.75 points, or 0.09%, to 47,562.87, the S&P 500 rose 17.86 points, or 0.26%, to 6,840.20 and the Nasdaq Composite rose 143.81 points, or 0.61%, to 23,724.96.

Market Movers

Amazon.com jumped 9.6% after posting third-quarter adjusted earnings of $1.95 a share, including investment gains from artificial-intelligence start-up Anthropic, and topping Wall Street expectations of $1.57. Revenue of $180.2 billion beat analysts' expectations of $177.9 billion, and revenue at the company's cloud computing arm, Amazon Web Services, rose 20% to $33 billion. Amazon anticipates fourth-quarter revenue of between $206 billion to $213 billion, up 10% to 13% from a year earlier. "We continue to see strong demand in AI and core infrastructure, and we've been focused on accelerating capacity," said Amazon CEO Andy Jassy.

Netflix gained 2.7% after Reuters reported the video streamer was exploring a bid for Warner Bros Discovery's studio and streaming business. Netflix also said it would be splitting its stock 10-for-1 to "reset the market price of the company's common stock to a range that will be more accessible to employees who participate" in Netflix's stock option program. Warner Bros. rose 3.8%.

Western Digital rose 8.75% after the data-storage company reported fiscal first-quarter profit that more than doubled as revenue soared 27% to $2.82 billion. "As AI accelerates data creation, Western Digital's continued innovation and operational discipline position us well to capture new opportunities and drive sustained shareholder value," said CEO Irving Tan.

Coinbase Global posted third-quarter earnings and revenue that beat analysts' expectations on higher transaction revenue. Revenue of $1.9 billion jumped 55% from the year-earlier period. Transaction revenue jumped 37% to $1 billion, and subscription and services revenue of $747 million rose 14%. Shares of the cryptocurrency exchange advanced 4.65%.

Meta Platforms fell 2.7% after declining 11% on Thursday as Wall Street questioned the Facebook and Instagram parent company's aggressive spending plans on artificial intelligence. Meta lost $215 billion in market cap on Thursday, the tenth largest one-day market cap loss by a U.S. company on record, according to Dow Jones Market Data. Meta's decline ended a nine-session winning streak for the stock.

Nvidia was down less than 0.1% after Amazon added to the wave of AI investment and chip maker Nvidia announced a series of deals with Korean companies.

Apple fell 0.4% as revenue jumped 8% from a year earlier to $102.5 billion and topped consensus but revenue from the tech giant's iPhone business, up 6%, missed analysts' expectations. Apple reported iPhone revenue of $49 billion, below calls for $50.1 billion. Fiscal fourth-quarter earnings of $1.85 a share were higher than Wall Street consensus estimates of $1.78 and up from $1.64 a year earlier. Apple expects fiscal first-quarter total revenue to jump 10% to 12%, according to Chief Financial Officer Kevan Parekh, well ahead of Wall Street forecasts for an increase of 6%.

Chevron rose 2.7% after the energy giant posted better-than-expected third-quarter earnings and revenue even as profit declined on lower oil prices. The company's oil and gas production in the third quarter surged 21% to a record 4.1 million barrels of oil equivalent a day, largely due to its acquisition of oil producer Hess and higher production in Kazakhstan.

Exxon Mobil declined 0.3%. The company reported adjusted earnings of $1.88 a share in the third quarter, better than analysts' estimates of $1.82. Revenue of $85.3 billion fell short of Wall Street's call for $86.5 billion. Exxon also announced a 4% increase in its dividend payout.

Roku gained 6.1% after swinging to a profit in the third quarter on a 17% jump in platform revenue and raising full-year guidance. The video-streaming company said it now expects revenue in 2025 of $4.69 billion, higher than a previous estimate of $4.65 billion. Roku also said it anticipates earning $50 million this year, up from a prior forecast of $20 million.

Strategy gained 5.9% after the largest corporate holder of Bitcoin reported third-quarter profit of $8.42 a share compared with a year-earlier loss of $1.72. The company said its Bitcoin holdings rose to 640,808 in the period.

Reddit rose 7.5% after the social media company topped analysts' expectations for both third-quarter earnings and revenue. Revenue in the period jumped 68% and ad revenue soared 74%. Daily active users rose 19% in the quarter to 116 million.

Cloudflare added 14% after the IT security company beat Wall Street's earnings targets, reporting an adjusted profit of 27 cents a share as revenue climbed 31% from a year earlier to $562 million.

Market News

Trump Says US, Canada Will Not Restart Trade Talks

U.S. President Donald Trump said on Friday the United States and Canada will not restart trade talks but Canadian Prime Minister Mark Carney apologized to him for an Ontario political ad using former President Ronald Reagan saying tariffs spell disaster.

"I like him a lot but what they did was wrong," he said. "He apologized for what they did with the commercial because it was a false commercial."