Amazon Soars on Strong Earnings; Markets Eye Inflation Data Ahead of Fed Meeting
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Amazon reported strong Q3 results, driven by growth in its cloud and advertising businesses. Its stock jumped over 5% in premarket trading.
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U.S. stock futures edged higher Friday following Amazon's earnings beat. Attention turns to the Fed's preferred inflation gauge, the PCE data, due later.
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The Fed is expected to pause rate hikes at next week's meeting, but stronger than expected GDP data has created doubt about December. Today's PCE data could impact the narrative.
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The Bank of Japan meets next week amid rising pressure to further move away from yield curve control given persistent inflation and a weakening yen.
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Oil prices rose on concerns that U.S. strikes on facilities in Syria could widen Middle East tensions and impact crude shipments, though prices still head for a weekly drop.