“`html
The S&P 500 Index is up 0.62% and the Nasdaq 100 Index is up 1.14% as of today, supported by Amazon’s strong Q3 earnings report, which led to a 10% surge in its stock price. Amazon’s net sales reached $180.17 billion, exceeding estimates of $177.82 billion, along with a favorable Q4 forecast of $206 billion-$213 billion. Other notable gainers include Western Digital, up over 5%, following a revenue report above consensus.
The October MNI Chicago PMI rose 3.2 to 43.8, surpassing expectations of 42.3, contributing to the positive market sentiment. Meanwhile, hawkish comments from Federal Reserve officials have tempered market optimism, with the probability of a rate cut at the next FOMC meeting now at 62% as the markets expect an overall reduction of 82 basis points by the end of 2026.
Globally, the Euro Stoxx 50 dipped 0.74%, while China’s Shanghai Composite fell by 0.81%. In the US, a government shutdown continues, with estimates that it could furlough 640,000 federal workers, potentially increasing unemployment to 4.7%.
“`
