The major averages rebounded today on strong earnings and mixed economic data that should allow the Fed to continue to cut rates going forward. The Dow Jones Industrial Average rose 288 points or 0.69%. The S&P 500 rose 23 points or 0.41% while the Nasdaq Composite rose 144 points or 0.8%.

Amazon led the charge today up 6% thanks to strong earnings from cloud and advertising businesses. Not to be outdone, Intel rose 7% as business rebounded in the third quarter. Most of the chip stocks were higher. Nvidia rose nearly 2% closing in on Apple as the largest US market cap stock. Apple was down a percent on lackluster earnings as iphone 16 sales have yet to take off.

Elsewhere on the earnings front, Chevron rose nearly 3% on strong earnings while Exxon was modestly lower on earnings. The price of oil was up the last two days on concerns Iran is considering a second strike on Isreal.

Bonds have been volatile today initially rallying only to rebound in following the October jobs report showed the U.S. economy added just 12,000 jobs in October, far below the Dow Jones estimate of 100,000. This marked the weakest level of jobs creation since December 2020. The unemployment rate held at 4.1%, in line with estimates.

In addition to the U.S. Presidential election on Nov. 5., which has led to elevated volatility, investors are also looking toward the Fed's two-day policy meeting on Nov. 6 and Nov. 7.

Today's strong start to November comes after a difficult October for the market. The Dow Jones pulled back 1.3% in October. The S&P 500 index fell 1% while the Nasdaq dropped 0.5%.