New York, Oct 31, 2025 – Global stocks advanced on Friday, with the Dow Jones, S&P 500, and Nasdaq all on pace for their third consecutive weekly gain and the Nasdaq set for its seventh straight monthly advance, led by a nearly 10% surge in Amazon (AMZN.O) after strong quarterly earnings.

Amazon’s cloud revenue growth, its fastest in nearly three years, allowed the company to forecast quarterly sales above Wall Street expectations, boosting investor sentiment. Meanwhile, Apple (AAPL.O) shares edged down 0.4% to $271.37, after reaching an intraday record of $277.32, despite reporting strong iPhone sales and exceeding revenue forecasts for the holiday quarter.

On Wall Street, the major indexes closed modestly higher:

• Dow Jones Industrial Average: +40.75 points (+0.09%) to 47,562.87
• S&P 500: +17.86 points (+0.26%) to 6,840.20
• Nasdaq Composite: +143.81 points (+0.61%) to 23,724.96

Fed Comments Temper Rally

Stocks fell short of earlier highs after Federal Reserve officials tempered expectations for additional rate cuts in December. Comments from Fed leaders—including Atlanta Fed President Raphael Bostic and Cleveland Fed President Beth Hammack—dampened optimism following Wednesday’s 25-basis-point rate cut.

Markets now price in a 65% chance of a December rate cut, down from nearly 92% a week ago, according to the CME FedWatch Tool.

Dollar Gains Amid Fed Hawkish Tone

The U.S. dollar strengthened after Fed remarks, with the dollar index rising 0.31% to 99.78. The euro fell 0.31% to $1.1529, while the Japanese yen edged up 0.02% to 154.10 per dollar.

• 10-year U.S. Treasury yield: +0.2 basis points to 4.095%
• 2-year U.S. Treasury yield: -1.6 basis points to 3.598%

Investors also monitored Japanese core inflation, which rose above the central bank’s 2% target, supporting expectations of a potential rate hike by the Bank of Japan, even though rates were held steady this week.

Commodities

• U.S. crude oil: +0.68% to $60.98 per barrel
• Brent crude: +0.11% to $65.07 per barrel

The combination of Amazon-led gains, hawkish Fed commentary, and global macroeconomic signals created a mixed trading day, keeping investors cautious while maintaining broader upward momentum in global markets.