The rise on Wall Street continues!

Optimism on Wall Street

U.S. stock indices rose on Friday with improving investor confidence. Strong earnings reported by Amazon (AMZN) alleviated some concerns about the future of tech giants. The Nasdaq Composite (^IXIC) rose by 0.6%, while the S&P 500 (^GSPC) increased by 0.3% and the Dow Jones Industrial Average (^DJI) was up by 0.1%.

All major indices ended October with gains. The Nasdaq has shown more than a 5% increase for two consecutive months, marking its seventh gain overall. Similarly, the S&P 500 and Dow finished six consecutive months with gains.

The earnings reports of the companies dubbed the "Magnificent Seven" generated broad optimism among investors, raising expectations for sustainable growth for big tech companies.

Records Broken with Amazon and Apple

Amazon shares closed at an all-time high with a 10% increase, easily surpassing analysts' forecasts for the third quarter results. Notably, the Amazon Web Services segment showed a 20% revenue increase and demonstrated renewed strength in corporate demand.

Apple (AAPL) also reached record levels with strong results and optimistic forecasts for the holiday quarter. However, its shares rapidly changed direction during the day.

Shares of other tech giants, such as Nvidia (NVDA), fluctuated due to the company's announcement to supply AI chips to South Korea. The company stated it would supply 260,000 AI chips to the South Korean government and major companies. Meanwhile, Netflix (NFLX) shares rose after announcing a 10-for-1 stock split.

Federal Reserve Announcements and Market Reactions

Federal Reserve officials spoke for the first time following this week's meetings, addressing the deepening divisions regarding potential interest rate cuts. Kansas City Fed President Jeff Schmid indicated his preference to keep rates steady due to "very high" inflation rates. Dallas Fed President Lorie Logan, although without voting rights, shared similar sentiments.

Traders have begun to reduce their bets on a rate cut in December. Currently, just over 60% expect this, whereas a week ago that rate was above 90%.

As of Friday, stock indices saw a strong increase, and all major indices closed the day with gains. Bitcoin (BTC-USD) rose 4% on Friday, recovering to approximately $109,800 after a volatile week.

Oil Prices and Energy Companies

Oil prices showed little change following earnings reports from energy companies like Exxon Mobil (XOM) and Certain. West Texas Intermediate (CL=F) traded around $60, while Brent (BZ=F) traded around $64. Prices had declined approximately 3% last month and fell 14% since the beginning of the year.

Exxon reported earnings of $1.88 per share, beating analysts' estimates of $1.81. Chevron also surpassed earnings expectations, reporting $1.85, boosted by increased oil production and cash flow from the $53 billion Hess Corp. acquisition.

All these factors contributed significantly to the upward trend of the indices and stocks.