Amazon Surge Sets S&P 500 on Course for Sixth Monthly Gain – Europe Market Wrap

The S&P 500 is poised for a sixth straight monthly gain after Amazon.com Inc.’s blockbuster results reignited optimism in global equities, reversing a brief pause in the rally that’s lifted markets to record highs.

Futures on the US benchmark index climbed as Amazon shares surged 13% in premarket trading, set to add roughly $300 billion in market capitalization after the company posted its fastest cloud growth in nearly three years. Apple Inc. also rose after delivering better-than-expected revenue and issuing a bullish holiday outlook, helping Nasdaq 100 futures advance 1.2%.

Nvidia Corp. extended gains after unveiling fresh partnerships with South Korea’s largest conglomerates, underscoring its global push to build artificial intelligence infrastructure. The combination of upbeat earnings and AI expansion lifted all members of the Magnificent Seven, reversing some of the losses from Thursday’s selloff.

Across the Atlantic, Europe’s Stoxx 600 declined for a fourth consecutive session, putting the index on track for its longest losing streak since July. Asia’s MSCI benchmark also trimmed its monthly advance. US Treasuries steadied following two days of sharp yield increases, while the dollar was little changed.

The rebound offered investors a breather after Thursday’s slide, which reignited debate about lofty tech valuations and whether the massive capital pouring into AI infrastructure will translate into sustained profits. Even as leadership in US equities narrows, flows remain robust — global stock funds attracted $17.2 billion in the week to Oct. 29, according to Bank of America, which said the AI trade continues to dominate market leadership.