Sony Posts Upbeat Earnings, Joins Tesla, Upstart, Doximity, Fortrea, Axon Enterprise And Other Big Stocks Moving Higher On Friday

The S&P 500 index surged past the 6,000-point milestone, setting fresh record highs, and small-cap stocks are poised for their best weekly performance since April 2024 as investor optimism surrounding the “Trump trade” continued to fuel a strong risk-on sentiment by the end of a wild week in the market.

All major U.S. indices posted modest gains in midday trading, with the Dow Jones Industrial Average leading slightly, soaring beyond the 44,000-point mark. The blue-chip index is set for its best weekly performance in over a year.

Friday's rise in the S&P 500 was powered by the utilities and real estate sectors, which had lagged post-election. Tech stocks took a breather following Thursday's rally.

Tesla Inc. surged 7%, pushing its weekly gains beyond 27% and propelling its market cap past $1 trillion.

This move now places every "Magnificent Seven" tech stock in the trillion-dollar club, with the group's combined market cap topping $17 trillion.

Treasury yields held steady, while the dollar strengthened in response to the Federal Reserve's Thursday 25-basis-point rate cut to 4.5%-4.75%.

Gold softened, eyeing its worst week since late May, as both silver and oil dropped over 2% on the day. Bitcoin edged up 0.8%, extending its weekly gains to over 11%, marking its best week since July.

Friday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust rose 0.4% to $598.17.
• The SPDR Dow Jones Industrial Average rose 0.6% to $439.89.
• The tech-heavy Invesco QQQ Trust Series inched 0.1% higher to $514.10.
• The iShares Russell 2000 ETF rose 0.3% to $237.08.
• The Utilities Select Sector SPDR Fund outperformed, rising 1.8%. The Materials Select Sector SPDR Fund lagged, down 1%.

Friday’s Stock Movers

Stocks reacting to earnings reports were:

• NRG Energy Inc. , up 0.5%,
• Ubiquiti Inc. , up 21%
• Arista Networks Inc. , down 7%,
• Airbnb Inc. , down 7.5%,
• Motorola Solutions Inc. , up 6.7%,
• EOG Resources Inc. , up 5.9%,
• Fortinet Inc. , up over 9%,
• The Trade Desk Inc. , down over 4%,
• Monster Beverage Corp. , up by 0.5%,
• Axon Enterprise Inc. , up 25%,
• Block Inc. , down 4.4%,
• Cloudfare Inc. , down 6.2%,
• Corpay Inc. , up 6%,
• Expedia Group Inc. , up over 6%,
• Toast Inc. , up 13%,
• Pinterest Inc. , down 17%,
• DraftKings Inc. , up 1.7%,
• Insulet Corp. , up 12%,
• News Corp. , up 3.6%,

Read Next:

• US Consumer Sentiment Rises More Than Predicted To 6-Month Highs, Inflation Expectations Hit 4-Year Low

Illustration created using artificial intelligence via Midjourney.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

U.S. stocks traded mostly higher midway through trading, with the Dow Jones index gaining more than 250 points on Friday.

The Dow traded up 0.62% to 44,001.69 while the NASDAQ fell 0.01% to 19,268.55. The S&P 500 also rose, gaining, 0.40% to 5,997.19.

Check This Out: How To Earn $500 A Month From Nvidia Stock After Trump Win

Leading and Lagging Sectors

Utilities shares surged by 1.6% on Friday.

In trading on Friday, materials shares fell by 0.8%.

Top Headline

The University of Michigan consumer sentiment rose to 73 in November, recording the highest reading in seven months, versus a reading of 70.5 in October and also topping market estimates of 71.

Equities Trading UP

• Sezzle Inc. shares shot up 65% to $413.71 after the company reported a year-over-year increase in third-quarter financial results, raised its FY24 guidance, and issued FY25 adjusted EPS guidance above estimates.
• Shares of Applied Optoelectronics, Inc. got a boost, surging 47% to $26.38 after the company reported better-than-expected third-quarter revenue results.
• indie Semiconductor, Inc. shares were also up, gaining 46% to $5.02 after the company reported better-than-expected third-quarter financial results.

Equities Trading DOWN

• ProPhase Labs, Inc. shares dropped 46% to $0.7752 after the company reported the pricing of public offering of common stock.
• Shares of Evolent Health, Inc. were down 43% to $13.94 after the company reported worse-than-expected third-quarter financial results.
• Nature’s Miracle Holding Inc. was down, falling 34% to $0.0975 after the company announced a $3 million public offering.

Commodities

In commodity news, oil traded down 2.7% to $70.40 while gold traded down 0.4% at $2,695.00.

Silver traded down 1.2% to $31.470 on Friday, while copper fell 2.9% to $4.3015.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.65%, Germany's DAX fell 0.76% and France's CAC 40 fell 1.17%. Spain's IBEX 35 Index fell 0.16%, while London's FTSE 100 fell 0.84%.

The trade gap in France increased to €8.3 billion in September versus a revised €7.7 billion gap in the previous month, while current account deficit increased to €2.1 billion in September.

Asia Pacific Markets

Asian markets closed mostly lower on Friday, with Japan's Nikkei 225 gaining 0.30%, Hong Kong's Hang Seng Index falling 1.07%, China's Shanghai Composite Index dipping 0.53% and India's BSE Sensex falling 0.07%.

Foreign exchange reserves held by the Reserve Bank of India declined to $682.1 billion as of Nov. 1. China reported a current account surplus of $149.6 billion during the third quarter compared to the $60.8 billion surplus in the year-ago period. Japan’s household spending declined by 1.1% year-over-year in September.

Economics

The University of Michigan consumer sentiment rose to 73 in November, recording the highest reading in seven months, versus a reading of 70.5 in October and also topping market estimates of 71.

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• Wall Street’s Most Accurate Analysts Spotlight On 3 Tech Stocks With Over 3% Dividend Yields

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.