Moovin Stonks | Friday Market Climbs, S&P 500 Near Record
Happy Friday traders. The market climbed across the board again, with the S&P 500 within 50 points of an all-time high. My name is Kevin Travers; here are stories moving on the U.S. stock market today.
Adobe $Adobe (ADBE.US)$ shares fell 8% Friday after the firm's Thursday Q4 revenue outlook missed estimates. It was the lowest decliner on the S&P 500. The firm said it expected Q4 revenue to be between $5.50 billion and $5.55 billion. Analysts expected $5.60 billion.
$Restoration Hardware (RH.US)$ shares jumped over 22% Friday following multiple price target increases following the furniture firm's Q2 adjusted earnings and revenue beat.
$Warner Bros Discovery (WBD.US)$ continued to climb Friday after the firm signed a new distribution deal Thursday for all its cable channels with Charter Communications, the nation's largest pay-TV distributor. The stock rose 9%, the highest on the S&P 500. The two companies said Thursday that the multiyear pact will increase the overall fees Charter pays to carry Warner Discovery channels such as CNN, Food Network, and TBS.
$Boeing (BA.US)$ shares fell 3% after the company's largest union went on strike. The stock fell 4% premarket before leveling off after workers rejected a contract offer that would have raised pay by 25% over four years. In 2008, a 57-day strike over pay negotiations cost Boeing an estimated $100 million a day, according to MarketWatch.
$Crude Oil Futures(NOV4) (CLmain.US)$ climbed slightly to $69 after Hurricane Francine made landfall this week.
$Bitcoin (BTC.CC)$ climbed back up $58k, Ggold and silver both climbed, silver rose to $30 returning to a level last left in July. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell, but firmly in a non-inverted relationship.
Friday afternoon, the market climbed, with 8800 equities gaining and 2200 falling.
Just past 12:40 pm ET the $S&P 500 Index (.SPX.US)$ climbed 0.46% the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.68%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.47%.
Friday, University of Michigan numbers showed consumers expect prices to inflate 2.7% in one year.
Last week, the number of Americans who applied for unemployment benefits rose slightly to 230,000, according to data from Thursday. There was no sign of widespread layoffs even as the job market cooled, and the numbers aligned with the yearly average.
PPI data released Thursday also showed Producer prices climbed month over month, 0.3% Core and 0.2% normal, including energy and food. In the lead-up to next week's FOMC rate cut meeting, every indication of inflation is vital.
Wednesday, investors received inflation macro data. Consumer prices grew 2.5% year over year, the lowest CPI year-to-year growth from the Bureau of Labor Statistics since the beginning of the pandemic. It came in lower than Michigan Consumers Expected two days later.
Year-over-year Core CPI, which excludes energy and food, is unchanged from last month's 3.2%. Month over month, Core CPI climbed from 0.2% to 0.3%.
Last week, investors also got word from New York Fed President John Williams Friday that it is time to cut rates. Investors are awaiting the next FOMC rate decision meeting on Wednesday, September 18th.
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Yesterday, users overwhelmingly called the market Plato's Cave, and one user said Silver is like the New gold based on its crazy price run-up.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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Laine Ford : good stock
Laine Ford : all the future hold