Wall Street Extends Bull Run as Tech Earnings Boost Market Amid Rate Cut Bets

Wall Street’s bull market received a boost at the end of a volatile October, with optimism about earnings outweighing concerns over a rally heavily concentrated in tech giants. Following a pause in the S&P 500’s nearly $17 trillion surge, the index climbed on solid outlooks from Amazon.com Inc. and Apple Inc., though not every megacap gained. Apple’s advance slowed as a sales drop in China tempered excitement for the upcoming holiday season.

The S&P 500 rose to around 6,840, with a gauge of the Magnificent Seven megacaps climbing 1.2% Friday, and Amazon jumping nearly 10%. Since the April meltdown, the S&P 500 has surged almost 40%, marking its longest monthly advance since 2021, while the Nasdaq 100 recorded its longest seven-month winning streak in eight years, buoyed by tech’s strong balance sheets and AI optimism.

The Treasury market’s October momentum stalled after Fed Chair Jerome Powell downplayed a December rate cut, and some officials indicated they did not support a reduction this week. The dollar recorded its best month since July. Oil pared gains Friday as President Donald Trump denied considering a military strike on Venezuela.

Traders digested a mix of geopolitical and trade risks, the US government shutdown, and elevated valuations, but confidence in corporate earnings and expectations for future rate cuts helped maintain momentum in the market.