The S&P 500 and the Nasdaq 100 are set to log their third consecutive week of gains.
The Nasdaq 100, in particular, is tracking its strongest weekly performance in a month, underscoring investor enthusiasm for tech stocks and the growing likelihood of lower interest rates.
Meanwhile, the Dow Jones Industrial Average is on course to finish the week in negative territory, highlighting a divergence in performance among major U.S. indices.
Shares of Meta Platforms Inc. (NASDAQ:META) surged 3% on Wednesday, extending their weekly gain to over 9%, marking the stock's best week since late January. The rally followed a U.S. appeals court decision upholding the Jan. 19 deadline for TikTok's parent company, ByteDance, to divest the app over national security and data privacy concerns. TikTok's appeal was rejected, leaving the U.S. Supreme Court as its final recourse.
The consumer discretionary sector emerged as Friday's best performer, fueled by further gains in Amazon.com Inc. (NASDAQ:AMZN) and Tesla Inc. (NASDAQ:TSLA).
In macro news, November nonfarm payrolls rose by 227,000, beating consensus estimates, while the unemployment rate edged higher to 4.2%, as expected. Wage growth slightly outpaced forecasts, signaling resilience in the labor market.
Meanwhile, the University of Michigan’s consumer sentiment index climbed to its most optimistic level since April but hinted at growing concerns about near-term inflation, reflecting a mixed sentiment among U.S. consumers.
The U.S. dollar gained traction, with the dollar index rising 0.3% despite market participants raised expectations of an interest rate cut at the Federal Reserve's Dec. 18 meeting. Treasury yields eased, reflecting bolstered expectations of policy easing.
Chicago Fed President Austan Goolsbee hinted at upcoming Federal Reserve meetings being "close calls" between cutting rates or holding steady, keeping traders on edge.
Commodities saw muted moves on Friday. Gold prices were flat, consolidating near recent levels, while crude oil slid 1.2%.
The cryptocurrency market lit up on Friday, driven by significant gains in major digital assets. Bitcoin (CRYPTO: BTC), for example, surged over 4%, breaching the $101,500 level at last check Friday.
Ethereum (CRYPTO: ETH) rallied 6%, reflecting robust investor appetite across the sector.
Friday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Nasdaq 100 | 21,600.05 | 0.8% |
| Russell 2000 | 2,405.74 | 0.4% |
| S&P 500 | 6,089.46 | 0.2% |
| Dow Jones | 44,674.60 | -0.2% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) inched 0.3% up to $608.20.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) eased 0.2% to $447.87.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 0.9% to $526.50.
- The iShares Russell 2000 ETF (NYSE:IWM) rose 0.4% to $239.03.
- The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) outperformed, rising 1.3%; the Energy Select Sector SPDR Fund (NYSE:XLU) lagged, down 1.3%.
Friday’s Stock Movers
- Lululemon Athletica Inc. (NASDAQ:LULU) skyrocketed by about 18% in reaction to company’s quarterly results.
- Other stocks reacting to earnings reports included Hewlett Packard Enterprise Co. (NYSE:HPE), up 10%, DocuSign Inc. (NASDAQ:DOCU), up 27%, Ulta Beauty Inc. (NASDAQ:ULTA), up 10%, Veeva Systems Inc. (NYSE:VEEV) up 8% and Samsara Inc. (NYSE:IOT), down over 5%.
- UnitedHealth Group Inc. (NYSE:UNH) fell 4.4%, continuing to slid after Brian Thomson’s death and marking the Dow’s worst performer on Friday.
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