Amazon, PCE data, Bank of Japan - what's moving markets
Investing.com — Amazon shines with its third-quarter earnings, helping push Wall Street into a positive close to the week. The Fed's favorite gauge is due later in the session, while crude prices gain on elevated Middle East tensions. Next week's Bank of Japan meeting also looms large.
Amazon (NASDAQ:AMZN) was the latest of the major tech companies to report third-quarter results, and the e-commerce giant topped expectations as growth in its cloud business continued to stabilize and advertising growth jumped.
Amazon Web Services, its cloud business segment, grew revenue 12% to $23.1 billion, while advertising revenue jumped 26% to $12.06 billion from a year earlier.
"[O]ur AWS growth continued to stabilize, our advertising revenue grew robustly, and overall operating income and free cash flow rose significantly,” said CEO Andy Jassy.
The company has sought to bolster its cloud presence, taking on major rivals Google (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT), with a deal to invest up to $4 billion in chatbot-maker Anthropic, and has also reorganized its delivery network, letting it fulfill orders faster than before, and more cheaply.
Its stock jumped more than 5% premarket, with the results released after the close Thursday, even while warning that consumers remained wary about spending going into the holiday quarter.
«We still see customers remaining cautious about price, trading down where they can and seeking out deals,» said CFO Brian Olsavsky.
U.S. stock futures edged higher Friday, ending a difficult week on a positive note after strong earnings from e-commerce giant Amazon.
At 04:40 ET (08:40 GMT), the Dow futures contract climbed 107 points or 0.3%, S&P 500 futures rose by 25 points or 0.6%, and Nasdaq 100
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