On November 2, 2024, US stock markets rebounded significantly, driven by Amazon's positive earnings report, which led to a surge in its stock price by over 6%. This recovery came after a decline in major indices on November 1, 2024, when the Dow Jones Industrial Average fell, but the Nasdaq managed to rise by 0.8% on the rebound [77abfea9].
Despite the market's positive reaction to Amazon's results, the October jobs report revealed a disappointing addition of only 12,000 jobs, falling short of expectations. This weak employment data is expected to influence the Federal Reserve's decision to potentially cut interest rates by 25 basis points in the upcoming week [77abfea9].
In addition to Amazon's strong performance, Intel also reported better-than-expected earnings, which further bolstered market sentiment [131439a5]. However, geopolitical tensions, particularly involving Iran and Israel, have caused oil prices to rise, with Brent crude reaching $74 a barrel and WTI around $71 [77abfea9]. European markets closed higher, while Asian markets showed mixed results, with Tokyo down over 2% [77abfea9]. Analysts predict that trading will remain cautious as investors prepare for the US presidential election on November 5, 2024 [77abfea9].