US stocks close out the week on a high note
The S&P 500 rose 1.1% while the Nasdaq 100 and Russell 2000 advanced by 0.9% to end a bad week on a strong note.
A subdued reading for November’s core PCE inflation helped alleviate investor worries about rising prices, a concern the Federal Reserve fanned the flames of earlier this week.
Breadth finally returned: for the first time this month, more S&P 500 stocks rose than fell, snapping the streak of 14 consecutive sessions with a negative advance-decline line.
Every S&P 500 sector ETF was positive. Real estate, utilities, tech, and financials led the way. Consumer discretionary was a relative laggard, amid a 3.5% retreat in Tesla. In fact, despite a 3.5% advance from Nvidia, the Magnificent 7’s 0.2% gain was its smallest of the year for a session in which the S&P 500 was up at least 1%.
After a 30% drop from its peak, MicroStrategy rebounded with a massive 11.6% gain.
Avocado seller Mission Produce had its second-best day ever after posting record sales figures and comments from management suggesting the company was well positioned to navigate any potential trade levies that might be instituted by the incoming Trump administration.
Not all stocks managed to finish the week well, however. Starbucks was down 0.9% as strikes threaten to limit its seasonal sales bump.
And Novo Nordisk got slammed, down more than 17% after its new weight-loss drug didn’t live up to the company’s hopes, helping spark a little rally in rival Eli Lilly in the process.
