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U.S. STOCKS RISE AFTER PAYROLLS AS AMAZON LEADS

U.S. stocks are climbing to kick off November, rebounding from sharp declines in the prior session as investors locked in expectations for a Federal Reserve rate cut next week following the latest jobs report, while Amazon.com .AMZN.O is jumping after its earnings.

Investors appear to be viewing the latest payrolls report, which fell well short of expectations due to the effects from labor strikes and the impact from hurricanes, as unlikely to change the Fed's rate cut path.

"(The Fed) were pretty locked in, no matter what this report was going to say, because of just the uncertainty around hurricane impacts," said Matt Bush, U.S. Economist at Guggenheim Investments in New York.

"The concern was, they may try to reduce expectations for cuts beyond the November meeting, maybe walk back expectations for December or walk back the number of cuts they were kind of signaling for 2025. This report was weak enough where they'll just keep all options open and firmly leave the door open to another cut in December and the meetings beyond that."

Data shortly after the market open came in the form of the Institute for Supply Management's (ISM) manufacturing PMI, which fell to 46.5 in October, a 15-month low.

Treasury yields initially saw a sharp drop after the jobs report, but have since pared declines, with longer-dated yields turning slightly higher on the session as investors' focus turns to next week's U.S. elections.

Consumer discretionary .SPLRCD is the best performing of the 11 major S&P sectors, climbing about 3% due in large part to a jump of nearly 7% in Amazon after its quarterly earnings.

Utilities .SPLRCU are the sole decliner among S&P 500 sectors.

Below is your market snapshot:

(Chuck Mikolajczak)

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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:

U.S. STOCK FUTURES ADD SLIGHTLY TO GAINS, YIELDS FALL, AFTER JOBS DISAPPOINT - CLICK HERE

COULD OCTOBER PAYROLLS BE NEGATIVE? - CLICK HERE

EUROPEAN EARNINGS: BETTER BUT STILL MIXED - MORGAN STANLEY - CLICK HERE

UK GILTS: TRUSSED UP? - CLICK HERE

EUROPEAN SHARES BOUNCE, STILL SET FOR WEEKLY FALL - CLICK HERE

EUROPE BEFORE THE BELL: FUTURES STEADY BEFORE JOBS DATA - CLICK HERE

A NOVEMBER TO REMEMBER... - CLICK HERE