Wall Street's primary stock indexes experienced gains on Friday, primarily driven by Amazon's strong earnings forecast, which propelled its shares up by 9.6% to an all-time high. The upbeat outlook for quarterly sales exceeded analysts' expectations and contributed to a robust 4% increase in the consumer discretionary sector, marking the largest one-day gain since May 12. Meanwhile, the S&P 500, Nasdaq Composite, and Dow all posted weekly gains, extending their longest monthly winning streaks in several years, with the S&P 500 gaining 2.27% for the month, its best performance since August 2021.

Despite the bright spot from Amazon, concerns about the Federal Reserve's monetary policy overshadowed the market's enthusiasm. Atlanta Fed President Raphael Bostic indicated that a December rate cut is not guaranteed, dampening investor expectations which had previously priced in a 65% probability for such action, down from 91.7% a week earlier. Additionally, Cleveland Fed President Beth Hammack voiced her opposition to the recent rate cut, citing persistent inflation concerns. These comments contributed to a more cautious market sentiment, which financial analysts believe might have led investors to overestimate the likelihood of lower rates.

In the broader market, the Dow Jones Industrial Average rose by 40.75 points to close at 47,562.87, while the S&P 500 and Nasdaq Composite gained 17.86 points and 143.81 points, respectively. However, food-related stocks faced downward pressure due to worries about potential declines in sales amid a government shutdown affecting food aid programs. Despite two federal judges ruling that food aid cannot be suspended during the shutdown, stocks like Kroger, Conagra Brands, and Walmart still saw declines of 2.8%, 1.3%, and 1% respectively. Overall, the market remains focused on earnings, with 83.2% of S&P 500 companies beating third-quarter estimates, significantly above the historical average of 67%.