(Bloomberg) — Stocks rose at the end of their best week of 2024 after solid consumer sentiment data and bets that newly elected President Donald Trump’s pro-growth agenda will continue to energize Corporate America.
Most Reads on Bloomberg
Stocks rose for the fourth straight session, with the S&P 500 hitting its 50th record high this year. The gauge increased its weekly gain to 4.5%. A group of defensive stocks took the lead on Friday after some groups reached “oversold” levels. The megacap space was mixed, with Tesla Inc. rising and Nvidia Corp. falling.
As much as $20 billion flowed into U.S. stock funds the day Trump claimed victory, according to Bank of America Corp. That’s the most in five months, strategist Michael Hartnett said in a note citing EPFR Global. Small-cap stocks, which appear to have benefited from Trump’s protectionist stance, saw their biggest inflows since March.
“The S&P 500 is approaching the 6,000 mark, a psychologically important milestone, which could spark more investor interest in stocks as there is still plenty of money left in money market funds and bonds.” Clark Geranen (CalBay Investments).
While the post-election rally is likely to go higher, Geranen said he wouldn’t be surprised to see stocks take a breather before bouncing back later in the year.
The S&P 500 rose 0.3%. The Nasdaq 100 was little changed. The Dow Jones Industrial Average rose 0.5%.
Treasuries are poised for their best weekly gain since early September after five days of volatile trading, while the dollar extended its gains for a sixth straight week.
Company Highlights:
-
Tesla Inc. is now offering the option to lease its polarizing Cybertruck with prices starting at $999 per month.
-
Paramount Global, the parent company of CBS, MTV and its namesake Hollywood movie studio, reported third-quarter revenue that missed analysts’ estimates, overshadowing a large increase in streaming subscribers.
-
Expedia Group Inc. said it recorded better-than-expected total bookings in the third quarter and is raising its full-year guidance. This suggests that demand has proven stronger than the company previously thought ahead of the holiday season.
-
Airbnb Inc. issued an optimistic forecast for the holiday season, helped by “strong demand trends,” which came as a relief to investors who had feared growth would slow.
-
Pinterest Inc. expected weak holiday quarter sales, as search and discovery network Meta Platforms Inc. It’s a sign that it’s struggling to keep up with larger rivals such as Snap Inc. and Snap Inc.
-
Digital payments company Block Inc. reported third-quarter revenue that was below analysts’ forecasts.
-
DraftKings Inc., one of the largest sports betting companies, lowered its full-year estimates for 2024 revenue and profit, citing a difficult start to the fourth quarter.
-
Rivian Automotive Inc. said a surge in regulatory credit sales could help it achieve a positive gross profit in the final three months of the year after production disruptions added to losses.
-
Shares of Sweetgreen Inc. fell after the company suffered a larger-than-expected loss in the third quarter due to higher labor and protein costs.
