Stocks rebound from yesterday’s sell-off but still post weekly losses
The rally was broad-based, with every sector ETF rising.
Stocks rebounded from yesterday’s sell-off as the S&P 500, Nasdaq 100, and Russell 2000 all rose today, though all indexes posted weekly losses after a volatile five-day stretch in which traders stewed over the AI trade. The rally was broad-based, with every sector ETF rising. Stocks got a boost as odds of a December rate cut shifted to 70% (up from 39% yesterday) after New York Fed President John Williams said he “fully supported” recent rate cuts by the central bank.
Stocks that moved higher:
Opendoor Technologies soared after a filing showed DE Shaw held a 6.4% stake in the online real estate company as of November 13.
Gap soared after posting better-than-expected Q3 results after the bell yesterday.
Oil prices fell as the US pitched a Russia-Ukraine peace deal, lifting shares of major US air carriers Southwest Airlines, Delta Air Lines, United Airlines, and American Airlines.
Eli Lilly, propelled by sales of its blockbuster weight-loss drugs, joined tech giants including Nvidia and Apple as it hit a $1 trillion valuation on Friday.
AST SpaceMobile rose after announcing launch plans for the first of its next-generation satellites next month, as it tries to execute its plan to offer satellite-based broadband service directly to consumers.
Oppenheimer analysts published a bullish initiation of coverage on IBM, spotlighting software sales growth as a bright spot and potentially rich growth in AI-related businesses.
Stocks that moved lower:
Nvidia got a short boost after Bloomberg reported that the Trump administration is internally discussing the idea of letting Nvidia sell its H200 chips to China, but lost those gains by the close.
Bitcoin miners turned data center providers Cipher Digital and IREN are in a world where the market seems to have soured on everything they’re associated with, as crypto is “having a bit of a meltdown” and investors are questioning the AI trade.
