Amazon helped fire Wall Street to a rally on Friday, but a cautious tone from the US Federal Reserve on interest rates kept investor optimism a little cool.
Amazon, the world's biggest e-commerce marketplace, did the heavy lifting as its stock surged nearly 11 per cent after it reported on Friday that its third-quarter results beat estimates across the board.
Apple also beat analyst forecasts on strong iPhone 17 sales and updated its guidance for the key holiday quarter.
Both trillion-dollar companies provided some relief after fellow tech majors Microsoft, Facebook parent Meta Platforms and Google owner Alphabet underwhelmed investors with their news.
However, investors remained on guard over the Fed's cautious tone after it cut interest rates again this week.
A divided US central bank slashed interest rates by 25 basis points on Wednesday, but Fed Chair Jerome Powell pushed back on market expectations for another rate cut later this year.
Mr Powell hinted at a discord among Fed officials who are dealing with risks to both sides of its inflation and employment mandates. The Fed's tool to tackle those two risks – interest rates – is not able to handle both at once, leaving the central bank to face what Mr Powell calls a “no risk-free path for policy”.
“Overall, Big Tech wrapped up the earnings season on solid footing despite mixed price reactions – largely a Fed-driven sentiment issue rather than a fundamental one,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
On Wall Street, the Dow Jones Industrial Average – whose momentum stalled after Mr Powell's comments – inched up 0.1 per cent at the closing bell. The S&P 500 added 0.3 per cent, while the tech-heavy Nasdaq Composite climbed 0.6 per cent. The indices were up 0.8 per cent, 0.7 per cent and 2.2 per cent, respectively, for the week.
For October, the S&P 500 increased 2.3 per cent and the Dow rose 2.5 per cent to notch six months of gains in a row. The Nasdaq's streak was up at seven after it jumped 4.7 per cent last month.
Year-to-date, the Dow, S&P 500 and Nasdaq are up 11.8 per cent, 16.3 per cent and 22.9 per cent, respectively.
In Europe, major markets fell, with Britain's FTSE 100 retreating 0.4 per cent following the Fed's stance and as investors look forward to the Bank of England's rate decision next week.
Paris' CAC 40 declined 0.7 per cent, while Frankfurt's Dax settled 0.7 per cent lower.
Earlier in Asia, stocks were mixed despite trade tensions between the US and China cooling down, after Presidents Donald Trump and Xi Jinping ironed out a detente.
The two leaders met in South Korea on Thursday and came to terms on a number of issues, including reducing tariffs and pausing export controls.
Tokyo's Nikkei 225 ended up 2.1 per cent, while Hong Kong's Hang Seng Index and the Shanghai Composite both dropped 1.4 per cent. Seoul's Kospi added 0.5 per cent to hit a record high.
In commodities, oil prices rebounded but still posted a third monthly decline in a row, capping a volatile trading session set off by reports that the US was ready to attack Venezuela. The market is also looking forward to the Opec+ meeting on Sunday, in which the supergroup is expected to agree on another production increase.
Brent added 0.62 per cent to settle at $64.77 a barrel, while West Texas Intermediate slipped 0.68 per cent to close at $60.98 a barrel.
Gold, meanwhile, recovered from earlier losses, as the Fed's hawkish tone weighed over investor sentiment.
The precious metal, widely regarded as a safe-haven asset, was nearly flat at $4,002.93 an ounce. Gold hit an all-time peak of $4,381.21 on October 20, but has since cooled down.
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THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
More coverage from the Future Forum
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Healthy tips to remember
Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:
Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast
Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits
Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day
Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet
Sri Lanka squad for tri-nation series
Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
More on Coronavirus in France
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
