Wall Street Today | U.S. Indexes Log Weekly Gains
RECAP
U.S. stocks ended the week on a high note, with all three major indexes climbing to book advances for the week. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ led the way, rising 2% to book its best day since May. The $S&P 500 Index(.SPX.US$ and $Dow Jones Industrial Average(.DJI.US$ rose more than 1%.
Stocks rose Friday after Thursday's mini-freakout, when the S&P 500 snapped a winning streak after a lackluster Treasury auction and a warning from Federal Reserve Chair Jerome Powell that victory over inflation wasn't assured.
MACRO
Fed's Daly: Not Sure Interest Rates Are High Enough to Finish the Job on Inflation
San Francisco Federal Reserve President Mary Daly said Friday she wasn't sure the central bank has raised interest rates high enough to bring inflation back down to the 2% target.
At the moment, Fed policy was "in a very good place," Daly said, able to react however the economy evolves. The Fed needs to stand in a "ready position," on its toes to raise interest rates again or stop monetary tightening depending on the economic data, she added.
U.S. Consumer Sentiment Slipped in November as Inflation Concerns Deepen
Sentiment among U.S. consumers dipped more than expected in mid-November, and for the fourth-straight month, as fears grew of the effects of higher interest rates on household incomes and geopolitical concerns intensified.
SECTOR
Semiconductor Stocks End the Week Sharply Higher
Semiconductor stocks end the week sharply higher, as interest rates settled down and investors moved back into tech stocks. Shares of $Taiwan Semiconductor(TSM.US$ , $Advanced Micro Devices(AMD.US$ , and $Broadcom(AVGO.US$ were on the rise Friday, appreciating 6.3%, 4.5%, and 5.1%, respectively.
COMPANIES
Plug Power Stock Falls Over 40% After Warning It May Go Bust
$Plug Power(PLUG.US$ are down more than 40% Friday after the upstart hydrogen producer and fuel-cell maker warned it will struggle to stay afloat in the next year without raising additional cash.
Wynn Resorts Stock Falls After Earnings and as Union Strike Deadline Approaches
Casino operator $Wynn Resorts(WYNN.US$ was falling Friday as it has yet to announce an agreement with Las Vegas Strip workers as a Friday strike deadline approached. Wynn Resorts posted earnings Thursday that beat expectations, but its Wynn Macau unit disappointed investors who had hoped for a stronger recovery.
Novavax Extends Slump to Second Day on Lower Revenue Outlook and Price-Target Cut
$Novavax(NVAX.US$ shares fell for a second session Friday after the company cut its full-year revenue outlook to a range of $900 million to $1.1 billion Thursday. That prompted an analyst to lower the price target on the stock.
Source: Bloomberg, Dow Jones, CNBC
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