Stock Market Today: AMZN Stock’s 11% Surge Powers Nasdaq to 23,766 as Dow Holds Steady in Big Tech Rally

Nasdaq Extends Rally as Big Tech Ignites Wall Street Momentum

U.S. equities pushed higher Friday as Wall Street cheered a stunning earnings rebound from Amazon (NASDAQ: AMZN) and upbeat results from Apple (NASDAQ: AAPL). The Nasdaq Composite (^IXIC) jumped 0.79% to 23,766.72, outpacing the S&P 500 (^GSPC), which added 0.32% to 6,844.37, while the Dow Jones Industrial Average (^DJI) hovered near flat at 47,518.16, securing its sixth straight monthly advance—the longest streak since 2018. The Russell 2000 gained 0.26% to 2,472.25, supported by stronger breadth among smaller-cap stocks, while the KBW Nasdaq Bank Index slipped 0.17%, reflecting weak loan growth. The U.S. 10-year yield remained anchored at 4.099%, signaling bond market stability after weeks of volatility. The VIX volatility gauge eased to 17.60, underscoring investor comfort even as geopolitical and trade risks persisted.

Amazon (AMZN) Soars 11% on Explosive Cloud and AI Growth

Amazon.com (AMZN) surged 10.89% to $247.12, briefly touching a record $250.50, as the company reported its strongest quarter in years. Net income jumped 39% to $11.2 billion, driven by 13% revenue growth to $180.2 billion. The star performer was Amazon Web Services (AWS), which saw sales surge 20% to $33 billion, marking the fastest expansion since 2022. CEO Andy Jassy confirmed that enterprise demand for AI and cloud services is accelerating sharply, prompting the company to raise 2025 capital expenditures to $125 billion, up from $118 billion. Amazon’s AI division, led by the Trainium2 chips and Project Rainier AI clusters with over 500,000 units, positioned AWS to capture unprecedented compute demand. The rally added over $285 billion in market value, marking the largest single-day increase in Amazon’s history. Investors now view Amazon as the most direct large-cap proxy for the enterprise AI cycle, overshadowing peers like Microsoft (MSFT) and Alphabet (GOOG) this week.

Apple (AAPL) Flirts with Record as iPhone 17 Demand Drives Optimism

Apple (AAPL) briefly reached an all-time high of $277.32 before closing marginally lower as investors digested its record-breaking fiscal fourth quarter. The tech giant reported revenue of $102.47 billion and earnings per share of $1.85, both above forecasts. Despite a soft patch in China, CEO Tim Cook projected the strongest December quarter in Apple’s history, citing record iPhone 17 demand and ongoing supply tightness. The company crossed the $4 trillion market capitalization mark, maintaining its position alongside Nvidia (NVDA) and Microsoft (MSFT) in the trillion-dollar elite. Apple’s services segment also showed resilience, with high-margin revenue expanding 14% year-over-year, offsetting the modest iPhone shortfall. Analysts noted that Apple’s strategy of leveraging ecosystem stickiness is proving defensive amid fluctuating global demand.

Nvidia (NVDA) Rises on South Korea AI Expansion and Sovereign AI Boom

Nvidia (NVDA) gained 0.53% to $203.89 after announcing a transformative partnership to supply 260,000 advanced AI chips to the South Korean government and private enterprises. CEO Jensen Huang introduced the concept of “sovereign AI”—a multitrillion-dollar opportunity for nations seeking technological independence. Huang forecasted the market for sovereign AI infrastructure could reach $1.5 trillion within the next few years, supported by sovereign data centers and national AI clusters. Despite U.S. export restrictions to China, Nvidia’s diversification strategy is cushioning its earnings trajectory. Huang, speaking at the APEC Summit in Seoul, expressed cautious optimism that “both governments will eventually find common ground to restore trade channels.” Nvidia’s valuation, hovering around $5 trillion, reflects the company’s unrivaled leadership in AI hardware, data-center acceleration, and sovereign-scale chip deployment.

Netflix (NFLX) Surges After 10-for-1 Split and Warner Bros. Bid Rumors

Netflix (NFLX) jumped 3.73% to $1,129.66 after announcing a 10-for-1 stock split effective November 17, with shareholders receiving ten shares for each owned. The move follows the company’s 2015 and 2004 splits and aims to improve accessibility amid the stock’s steep appreciation. Reports also surfaced that Netflix is exploring an acquisition of Warner Bros. Discovery (WBD), whose shares rose 3% on speculation. The potential deal could grant Netflix control over blockbuster franchises like Harry Potter and DC Comics, reshaping the global streaming landscape. Investors embraced the dual catalyst as Netflix continues to expand its ad-supported tier and global production pipeline, reaffirming its premium valuation

Tesla (TSLA) Advances as Cybercab Evolves Toward Affordable EV Strategy

Tesla (TSLA) rose roughly 3% as investors focused on Chair Robyn Denholm’s remarks about the company’s Cybercab robotaxi concept. The model may include optional steering controls, allowing it to double as a low-cost Model 2 EV priced around $25,000–$30,000. The “unboxed” production system, built on large cast parts, aims to reduce complexity and cost, accelerating Tesla’s goal to expand production capacity. Analysts believe this dual-purpose design could reshape Tesla’s cost curve, allowing entry into a broader consumer market while preserving the capital efficiency of its AI-driven fleet model.

Reddit (RDDT) Rockets 14% on Explosive Ad Revenue and User Growth

Reddit (RDDT) soared 14.07% to $221.78, following Q3 revenue growth of 68% to $585 million, crushing the expected $546 million. The platform posted EPS of $0.80, far exceeding the consensus of $0.51, driven by an increase of 75% in active advertisers and expanding engagement metrics. The company projects Q4 revenue between $655 million and $665 million, indicating sustained momentum as its ad platform matures. Reddit’s monetization strategy, leveraging targeted ads and data-driven insights, is establishing it as a standout social platform with profitability potential in 2026.

Exxon Mobil (XOM) and Chevron (CVX) Diverge as Oil Prices Stabilize Near $60

Energy earnings painted a mixed picture. Exxon Mobil (XOM) dropped 1.11% to $113.42, reporting net income of $7.55 billion, down 12% year-over-year, as crude prices stayed around $60 per barrel amid increased OPEC+ output. The market viewed Exxon’s cautious tone on capital discipline as defensive. In contrast, Chevron (CVX) gained 2.68% to $157.64 after surpassing forecasts with EPS of $1.85, driven by record production levels and operational efficiency following its Hess Corporation integration. Despite profit compression from lower prices, Chevron’s focus on scale and cost leadership strengthened investor confidence.

Alphabet (GOOG) Maintains AI Momentum Amid Revenue Milestone

Alphabet (GOOG) edged 0.36% lower to $280.89 but secured a major symbolic victory by joining the $100 billion quarterly revenue club for the first time. Its Gemini AI platform, now at 650 million monthly users, demonstrated strong engagement and monetization. Analysts credited Google’s AI strategy for augmenting search rather than cannibalizing it, with ad revenue rising across YouTube and Cloud divisions. Despite heavy capital outlays, Alphabet’s financial resilience and diversified revenue base signal a durable growth profile into 2026.

Western Digital (WDC) and Seagate (STX) Extend AI-Driven Storage Boom

The AI hardware wave continued lifting storage stocks. Western Digital (WDC) climbed 2.05% to $140.96, while Seagate (STX) rose 1.7%, both trading near all-time highs. These stocks have surged over 200% year-to-date, ranking among the S&P 500’s top performers. WDC’s secured orders through 2026 with major hyperscalers highlight unrelenting demand for data infrastructure. Seagate’s upgraded revenue outlook reflects robust enterprise spending, with hyperscaler clients accelerating procurement to secure capacity for large-language model training.

Gold (XAU/USD) Holds Above $4,000 as Investors Hedge Trade Risks

Gold (GC=F) traded at $4,030.20 per ounce, maintaining gains after a 2.4% surge the previous session. The metal’s resilience follows the one-year U.S.–China trade truce announced by Presidents Donald Trump and Xi Jinping. While tensions eased, the limited scope of the truce—focused mainly on tariff relief and rare earth exports—reinforced gold’s safe-haven role. Bitcoin (BTC-USD) advanced 3.55% to $110,280, while crude oil (CL=F) stayed firm at $60.58, signaling balanced risk appetite.

Federal Reserve Division Highlights Policy Tensions

Post-meeting remarks revealed a widening split inside the Federal Reserve. Kansas City Fed President Jeffrey Schmid and Dallas Fed’s Lorie Logan opposed the quarter-point rate cut, citing persistent inflation pressures. Schmid warned that “financial conditions are not tight” and that “inflation remains well above the 2% target,” while Logan stated she would resist another cut absent faster disinflation. Markets currently price a 63% chance of an additional cut in December, though growing dissent could temper expectations. The Dollar Index (DXY) hovered at 96.81, down 0.11%, reflecting moderated demand for defensive assets.

Market Outlook: Momentum, Rotation, and Risk Appetite

As October ended, the Nasdaq gained 5.3%, marking its strongest month since 2022, while the S&P 500 and Dow advanced 2.6% and 2.1%, respectively. The AI trade returned to dominance, reversing last week’s selloff in Meta (META) and Microsoft (MSFT). The AI infrastructure complex—Amazon, Nvidia, Seagate, and Western Digital— continues to define market leadership, with investors rotating toward earnings-backed growth stories.

Liquidity conditions remain supportive, the Fed appears hesitant to tighten further, and capital flows favor high-quality tech. Trading News assesses market sentiment as bullish with moderate caution, citing renewed Big Tech strength and softening yields. Based on fundamentals and positioning, Amazon (AMZN) and Nvidia (NVDA) remain Buy, Apple (AAPL) and Alphabet (GOOG) as Hold, and Exxon (XOM) as Neutral pending clarity on crude supply policy. The Nasdaq’s breakout above 23,700 opens room for further upside toward 24,200, provided earnings momentum sustains and inflation data align with the Fed’s dovish tilt.

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