Amazon Surges to Record High, Markets Eye ADP Jobs

Amazon stock jumped nearly 10% on Friday after reporting well-received Q3 results, taking it into record territory and lifting US indices with it. With the US government shutdown halting official economic reports, traders are turning to ADP’s private jobs data for clues on US labour market health. European futures pointed higher and the euro hovered near a three-month low as weak Chinese and regional factory data dampened sentiment.

Equities

The FTSE 100 fell 0.44% on Friday, extending losses from the previous session as investors paused after a strong run earlier in the month. The domestically focused FTSE 250 also slipped 0.47%, though both indices still finished October higher overall.

Pharmaceuticals, financials and mining stocks were among the month’s top performers, supported by strong earnings from HSBC and GSK. HSBC’s shares held steady after a robust start to the reporting season, while GSK added to the market’s gains earlier in October with better-than-expected quarterly results.

Gold miner Fresnillo fell 1.1% on Friday after confirming plans to buy Canada’s Probe Gold for C$780 million (£556 million) in cash, expanding its operations into North America. Auto Trader dropped 3.4% after announcing that its chief operating officer will step down, prompting investor caution about short-term management changes.

Nationwide reported that UK house prices rose in October, suggesting stable demand in the housing market ahead of Chancellor Rachel Reeves’ budget later this month, which is expected to include tax increases. Investors are also watching for the Bank of England’s next policy decision in November, with a rate cut seen as likely in December.

In the United States, Wall Street’s major indices closed higher on Friday, helped by strong corporate earnings. The S&P 500 rose 0.26%, the Nasdaq Composite gained 0.61% and the Dow Jones Industrial Average added 0.09%. All three posted weekly and monthly gains, with the S&P 500 and Dow extending six-month winning streaks and the Nasdaq rising for a seventh consecutive month.

Amazon’s shares surged 9.6% after hours on Thursday and closed Friday at an all-time high following a quarterly sales forecast above expectations. The rally lifted the consumer discretionary sector 4% for its biggest one-day advance since May.

Warner Bros Discovery rose 8.7% after Reuters reported that Netflix is considering a bid for its studio and streaming arm. Netflix climbed 2.7% after unveiling a 10-for-1 stock split. Western Digital gained 8.7% on stronger earnings guidance, and First Solar jumped 14.3% after posting higher-than-expected quarterly sales.

Apple slipped 0.4% after CEO Tim Cook warned of supply constraints despite a positive holiday iPhone forecast. Among grocers, Kroger fell 2.8%, Conagra Brands 1.3% and Walmart 1% as uncertainty over federal food aid payments weighed on the sector.

Forex & Commodities

The dollar held firm near a three-month high early, trading at 99.73 against a basket of major currencies, as investors looked ahead to a series of US data releases later this week. The yen remained under pressure, trading around 154.10 per dollar, while the euro slipped to $1.1536. Sterling fell to $1.3145 ahead of Thursday’s Bank of England meeting, where rates are expected to remain unchanged.

The pound was also weighed down by political pressures surrounding Chancellor Rachel Reeves and uncertainty over the impact of her forthcoming November budget. Investors remain alert to the prospect of tax increases and their effect on business activity.

Spot gold rose early on Monday to $4,014 per ounce as the dollar eased slightly, although its advance was capped by lower expectations for additional US rate cuts. Silver gained to $48.92 per ounce, platinum to $1,604 and palladium to $1,447.

Oil prices edged higher after OPEC+ confirmed a pause in production increases for the first quarter of 2026. Brent crude traded at $65.05 a barrel and US West Texas Intermediate at $61.23 by mid-morning. The decision followed months of price weakness as rising supply and softer Asian factory output weighed on demand.