Wall Street Today: S&P 500, Nasdaq Composite and DJIA Rise on Gains for Amazon, Tesla and Netflix
The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all rose Friday on strength for key components like Amazon, which soared some 10% to record levels on well-received Q3 results and forward guidance.
The $Nasdaq Composite Index (.IXIC.US)$ gained 143.81 points (0.6%) to 23,724.96, while the $S&P 500 Index (.SPX.US)$ added 17.86 ticks (0.3%) to 6,840.20 and the $Dow Jones Industrial Average (.DJI.US)$ tacked on 40.75 points (0.1%) to 47,562.87.
Macro
The tech giant soared as much as 12.4% to a $255.50 intraday record high before pulling back some but still finishing 9.6% higher. Amazon is one of the largest members of the Dow-30, S&P 500 and Nasdaq Composite in terms of market capitalization.
Similarly, $Tesla (TSLA.US)$and $Netflix (NFLX.US)$ – major members of the S&P 500 and Nasdaq Comp, but not the Dow-30 – posted significant gains as well.
TSLA bounced back 3.8% after losing 4.6% on Thursday, while NFLX added 2.7% on plans for a 10-to-1 stock split.
Moo-vers
Despite the broad market's gains, only Amazon and Tesla ended higher Friday among the "Magnificent Seven" stocks.
$Meta Platforms (META.US)$ led the way lower among the Mag-7's decliners, shedding 2.7% for a second day of losses following poorly received Q3 earnings released Wednesday night.
Other Mag-7 stocks to finish weaker included $Microsoft (MSFT.US)$ (off 1.5%), $Apple (AAPL.US)$(down 0.4%), $NVIDIA (NVDA.US)$ (0.16% weaker) and $Alphabet-A (GOOGL.US)$ (which shed 0.1%).
Elsewhere on Wall Street, Friday's noteworthy percentage decliners included:
-- $Getty Images (GETY.US)$, down 6.5%. The image-licensing firm initially rose as much as 59.7% intraday on word of a deal to allow privately held AI search engine Perplexity to display Getty images. However, the stock later gave back all of those gains and more to end the session lower.
-- Select North American rare-earth-metals firms, which continued to trade volatilely following Thursday's U.S.-Chinese trade deal. The pact included at least a one-year pause on Beijing's threatened controls covering the key industrial substances' export, seeming to reduce the urgency to develop non-Chinese sources. Friday's decliners included $Energy Fuels (UUUU.US)$ (off 6%), $MP Materials (MP.US)$ (2.8% lower) and $USA Rare Earth (USAR.US)$ (down 1.2%). That said, $Nova Minerals (NVA.US)$ bucked the trend and gained 21.2%, while $Ramaco Resources-A (METC.US)$ briefly rose 18.7% and ended the day 2.4% higher on word of a deal with the U.S. Energy Department for rare-earth research and development.
Meanwhile, Friday's major percentage gainers included:
-- $AMTD Digital (HKD.US)$, up 74.6%. The Singaporean digital-solutions platform soared on well-regarded first-half results. Shares even rose as much as 223.7% intraday to a two-year high.
-- $Strive (ASST.US)$, which added 9.9%. The asset-management firm, which focuses on investing in $Bitcoin (BTC.CC)$, continued to swing up and down since gaining nearly 50% on Monday after tech investor Mike Alfred disclosed taking a major stake in the company.
-- Certain quantum-computing stocks led by $Quantum Computing (QUBT.US)$, which gained 11.6%. QUBT rallied after announcing that it'll release Q3 results on Nov. 14. $Rigetti Computing (RGTI.US)$ rose 4.1% in apparent sympathy, while $IonQ Inc (IONQ.US)$ added 3.7% and $D-Wave Quantum (QBTS.US)$ tacked on 2.6%.
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
Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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