Tech Stocks Surge But S&P 500 Faces Second Weekly Decline, Amazon Rallies, Bitcoin Drops Below $70,000: What's Driving Markets Friday?

Wall Street rebounded Friday following Thursday’s selloff, yet midday gains were still insufficient to prevent a second consecutive weekly decline for the S&P 500, currently down 1% for the week.

Concerns over tech earnings eased after Amazon.com Inc. (NASDAQ:AMZN) outperformed expectations, restoring some risk appetite and supporting the sector rebound.

Amazon shares surged over 6%, heading for their best session since February.

The Nasdaq 100, up by 1.1%, outperformed the S&P 500, up 0.8%.

In economic data, the U.S. economy added just 12,000 jobs in October, a steep drop from the 223,000 gain in September and well below the forecast of 113,000, as hurricanes and strikes led to hiring freezes nationwide.

Despite the weak job ...