Amazon's Surge Fuels Nasdaq's Gains Amid Federal Reserve Concerns

The Nasdaq index posted a stronger advance than its counterparts, the S&P 500 and the Dow, primarily fueled by Amazon's robust earnings outlook. The online retail giant's shares leaped 11% after projecting quarterly sales above expectations, contributing significantly to the index's upward momentum.

Nonetheless, investor sentiment was dampened by the Federal Reserve's hawkish stance. Raphael Bostic, President of the Federal Reserve Bank of Atlanta, indicated that a December rate cut remains uncertain despite market anticipation. Amidst these cautionary signs, concerns over the expiration of government food aid benefits further clouded the market mood.

Despite these challenges, the S&P 500 is on track for its longest monthly gain streak since August 2021, and the Nasdaq is set for its longest winning streak since January 2018. Meanwhile, market fluctuates with advancing and declining issues on both the NYSE and Nasdaq indices.