After fresh data showed a cooling of the economy, the Dow Jones Industrial Average reached its day-highs in afternoon trading, rising 280 points, or 0.9%.
Econoday reports that consumer sentiment in November was 60.4, which is below the 63.5 consensus forecast. This news may have calmed some investors' nerves after Fed Chair Jerome Powell warned caution on Thursday.
He left the question open as to whether his policy was restrictive enough. This weighed down on stocks Thursday night. Dow Jones and S&P 500 both fell, testing their 50-day moving averges. However, they are now rebounding.
Today, the S&P 500 gained 1.2% on the stock exchange. The Nasdaq was the leader with a gain of 1.7%. Both indexes had a distribution day on Thursday, which led to the signs of recovery.
The volume on the NYSE was less than it had been on Thursday. On the NYSE, advancers outnumbered decliners 2-1 and on the Nasdaq by a small margin.
The Russell 2000 small cap index gained 0.7% while the Innovator IBD ETF (FFTY), which outperformed with a gain of 1.2%, was the best performer.
The yield of the benchmark 10-year Treasury Note was flat at 4.63 %.
Dow Jones Stocks
Intel (INTC), Microsoft (MSFT), Boeing(BA) and Apple(AAPL) were the Dow's top gainers, while Disney (DIS), Merck(MRK)and Nike (NKE), lagged.
Stocks moving today
Trade Desk, a digital advertising company, beat Q3 forecasts by a small margin. However, the company gave a bleak outlook. After reducing a base that had been forming, shares plunged but recovered some of their losses.
Unity Software (U), a software company, reported strong third-quarter sales growth of 69%. A loss of 32 cents was double the loss per share from a year earlier. The shares dropped more than 10% at the beginning, but then reversed upwards by over 4%.
Plug Power (PLUG), a manufacturer of hydrogen fuel cells, saw its third-quarter sales also fall. Sales fell sharply from $188.6 to $198.7, a mere 5% increase. Plug continued to lose money, with a 47-cent loss per share. This was higher than the 30-cent loss from last year. The company warned that it could run out of cash. The shares are down by over 40% on Friday.
Taiwan Semiconductor's (TSM) October revenue increased 35% compared to the previous month. TSM has regained the 200-day moving mean.
Ark Invest, Cathie Wood’s investment firm, has been accumulating TSM since June 23. Ark Autonomous Tech ETF(ARKQ) purchased 30,467 TSM shares in October. Ark Invest funds own more than 200,000 TSM shares, according to disclosures from the company.
The chip stocks Marvel Technology, Axcelis Technologies and Aehr Systems all gained between 4% and 7%.
The third-quarter results for the medical research company Illumina were unchanged, while profits fell by one cent compared to last year. The company has lowered its revenue forecast for 2023 by 3%. Stocks fell by over 10% on Friday, reaching a new 10-year low.
Wynn (WYNN), which reported sales that had accelerated for a third consecutive quarter, also saw a decline. The company's earnings were also on the same track, after it reversed losses.
Blink Charging's (BLNK), which grew sales by 151%, was among the other companies that saw their earnings rise. Blink Charging rose 30% above its 50-day moving median. Doximity, a medical software provider, surpassed its 50-day average. Sales increased by 11%, while earnings remained unchanged.