Wall Street Today: DJIA, S&P 500 and Nasdaq Comp Rise as Tech and Crypto Names Like INTC, CLSK Gain
The Nasdaq Composite, S&P 500 and Dow-30 all rose during Friday's holiday-shortened session as tech stocks like Intel and Meta and crypto-related names such as CleanSpark and Circle continued to rebound following weeks of declines.
The $Nasdaq Composite Index (.IXIC.US)$ rose 151 points (0.7%) to a 23,365.69 close, while the $Dow Jones Industrial Average (.DJI.US)$ added 289.3 ticks (0.6%) to 47,716.42 and the $S&P 500 Index (.SPX.US)$ gained 36.48 points (0.5%) to 6,849.09.
Wall Street closed three hours early at 1 p.m. New York time following Thursday's Thanksgiving holiday, when the market remained shuttered altogether. Normal trading hours will resume on Monday.
Stocks rose in a quiet session Friday that saw some key tech and crypto names like $Intel (INTC.US)$, $Meta Platforms (META.US)$, $CleanSpark (CLSK.US)$ and $Circle (CRCL.US)$ continue a recent recovery.
Tech and crypto stocks have been improving in the past few sessions after mostly grinding lower since early November.
The two sectors began falling after $Palantir (PLTR.US)$ sank on Nov. 4 despite reporting better-than-expected earnings and forward guidance.
The decline despite seemingly good news made many investors wonder if popular tech stocks had simply gotten too expensive to rise further.
That dragged down multiple Big Techs, along with cryptocurrencies, crypto-related stocks and other "risk-on" investments. The DJIA, S&P 500 and Nasdaq Composite likewise retreated from recent record highs.
However, all three major indexes rose Friday for a fifth straight session as buying interest re-emerged, especially among select Big Techs and crypto stocks.
For example, tech giant $Intel (INTC.US)$rose 10.2% on reports that its long-struggling foundry business might soon begin making chips for $Apple (AAPL.US)$.
Meanwhile, $SanDisk Corp (SNDK.US)$ gained 3.8% after Standard & Poor's added the stock to the S&P 500 before the bell.
Friday's other noteworthy tech gainers included $Micron Technology (MU.US)$ (up 2.7%), $Palantir (PLTR.US)$ (1.6% stronger), $Advanced Micro Devices (AMD.US)$ (1.5% better) and $Broadcom (AVGO.US)$ (which closed 1.4% firmer after earlier hitting all-time intraday highs).
Macro
Stocks firmed despite a lack of any major macro news Friday due to the extended U.S. holiday.
However, markets will watch for reports from U.S. online and brick-and-mortar retailers on sales revenues for Friday's "Black Friday" blockbuster shopping day.
Black Friday is traditionally the busiest U.S. shopping day of the year as Americans begin buying gifts ahead of December's Christmas and Hanukkah holidays.
Meanwhile, $Gold (LIST2110.US)$ and $Silver (LIST2093.US)$ gained ground Friday on growing expectations that the Federal Reserve will cut its benchmark interest rate at a Dec. 9-10 policy meeting, which could weaken the U.S. dollar and increase inflation risks.
Precious metals historically serve as hedges against dollar declines and inflation risks, with $Gold Futures (FEB6) (GCmain.US)$ rising as much as 1.2% to a $4,254-an-ounce session high.
Similarly, $Silver Futures (MAR6) (SImain.US)$ gained as much as 6.8% to a $57.245-an-ounce all-time intraday high.
However, cryptocurrencies went the other direction. After rising earlier Friday on a continued rebound from recent lows, cryptos turned red later in the day.
$Bitcoin (BTC.CC)$ was trading 0.7% lower at $90,839.60 as of shortly before 2 p.m. New York time, while $Solana (SOL.CC)$lost 3.9% to $137,06, $Ripple (XRP.CC)$gave back 2.6% to $2.17 and $Ethereum (ETH.CC)$ shed 0.1% to $3,037.98.
Moo-vers
Still, the "Magnificent Seven" stocks followed the broad market's lead on Friday and ended mostly higher.
$Meta Platforms (META.US)$ led Mag-7 gainers with a 2.3% increase, followed by $Amazon (AMZN.US)$ (up 1.8%), $Microsoft (MSFT.US)$ (1.3% better), $Tesla (TSLA.US)$(0.8% stronger), $Apple (AAPL.US)$(which added 0.5%) and $Alphabet-A (GOOGL.US)$ (0.07% firmer).
Only $NVIDIA (NVDA.US)$ fell among the Mag-7 names, losing 1.8% to $177 as the chip giant continued to trade choppily but mostly lower since hitting a $212.19 all-time intraday high on Oct. 29.
Elsewhere on Wall Street, Friday's noteworthy decliners included:
-- $Ondas Holdings (ONDS.US)$, down 4.1% to $7.90. The security-oriented drone-and-wireless firm sank for a second session as it continued to retrench from a recent run-up that saw it soar 79.4% between its $4.95 near-term intraday low on Nov. 7 and its $8.88 recent intraday high on Tuesday.
-- $Beyond Meat (BYND.US)$, off 3.8%. The meat-alternatives firm and meme stock continued its volatile movements, consolidating on Friday after rising 19% on Wednesday before the U.S. holiday.
Conversely, Friday's major percentage gainers included:
-- Select crypto-related stocks, which rose sharply early Friday on strength for Bitcoin and other cryptocurrencies and managed to keep some gains even after cryptos later turned negative. Winners included $CleanSpark (CLSK.US)$ (up 12.3%), $Circle (CRCL.US)$ (10% better), $Applied Digital (APLD.US)$ (ahead 8.7%), $Bitmine Immersion Technologies (BMNR.US)$ (4.4% firmer), $Coinbase (COIN.US)$ (which added 3%) and $Strategy (MSTR.US)$ (which added 0.9%).
-- Quantum-computing stocks, which rose with Big Techs' continued recovery. Gainers included $IonQ Inc (IONQ.US)$ (up 4.3%), $Quantum Computing (QUBT.US)$ (2.1% firmer) and $D-Wave Quantum (QBTS.US)$ (which added 1.2%).
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Jerry Kronenberg
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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webguybob : Happy Holidays!!!!!
102068646 : Huge potential
躺平族 : Intel should have the most potential for most profit but most risky .
rest is all overvalued especially AMD... there's no way it can generate that much profit in short time.
probably much better idea to get Nvidia stock when it's still low now .
老丁玩股 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
73937075 : next best technology
酷冷至尊雷霆650W : Currently, NVDA is at its lowest price compared to before.
104233549 : intc needs all the risks just to survive. It was dead for years