Friday Opens With Falling Prices, but Market Turns Around | Live Stock
Happy Friday, traders. It's December 20th, and the market fell at the opening bell, but prices recovered after snow began falling on Wall Street. Since the FOMC Wednesday meeting, markets have trended lower. PCE inflation numbers came in lower than expected- growing at 2.4% and core prices at 2.8%.
$Novo-Nordisk A/S (NVO.US)$ Shares dropped 20% after a trial of the CagriSema obesity drug, which showed that patients lost 22.7% of their body weight, less than their 25% expectations. Shares of rival weight-loss drug maker Eli Lilly were up 4%.
$Trump Media & Technology (DJT.US)$ 4% after President-elect Donald Trump transferred his stake in the firm into the "Donald J. Trump Revocable Trust," according to an SEC filing. Trump transferred 115 million DJT shares worth more than $4 billion, accounting for about 53% of the total stock, according to moomoo. Trump made good on his pledge to not "sell" the shares.
$BlackBerry (BB.US)$ reported a Q3 profit Thursday above estimates by a cent but reduced its fiscal-year outlook ahead of closing the sale of its Cylance endpoint security assets—still, the stock climbed 17%.
Within industry themes tracked by moomoo, Lidar and Crypto led the way in percentage climb. Lidar companies were led by $Hesai (HSAI.US)$
Elsewhere in the economy, $Crude Oil Futures(FEB5) (CLmain.US)$ it remained at $68. Gold and silver climbed, and treasuries fell. $Bitcoin (BTC.CC)$ hovered at $96k, falling from its over 100k grace Thursday.
Just past 11:43 am ET, the market was turning around: The $S&P 500 Index (.SPX.US)$ climbed 1.78%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.77%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.84%.
In macro, Personal Consumption Expenditure numbers came in lower than expected, 2.4% vs 2.5%, but trending higher than 0ctobers 2.1%, and looking much more like the Fed's end of 2025 estimate, 2.5%.
Michigan consumer expectation survey numbers also came out, showing the local guy on the street sees inflation hitting 2.8% in one year, above the Fed's 2.5% expectation.
Traders, what do you think? What you watching on the stock market today? What is the herd following? Let me know in the comments below! $S&P 500 (LIST91326.US)$
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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Stock_Drift : $Trump Media & Technology (DJT.US)$ @Kevin Travers following.
Kevin Travers OP Stock_Drift : I saw that, just put some info on it, going to look into it more, what the heck is the trust?
Dan’l Kevin Travers OP : Revocable Trust, with President-elect Trump as the sole beneficiary, and Don Junior as the sole trustee (i.e., full control of 53% with voting privileges ~;-)
Kevin Travers OP Dan’l : Hmm I guess he is getting up there in age
Stock_Drift Dan’l : Thank you.