Weekly Buzz: Stocks rebound, bonds tank, and the Fed stays put
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Weekly Buzz: Stocks rebound, bonds tank, and the Fed stayed put
U.S. Stocks traded higher Friday after a weaker-than-expected October jobs report sent Treasury yields lower. Following a dramatic week of loss, indexes returned strong after the FOMC decided to keep rates where they were.
All three indexes are on track for their strongest weekly gains since 2022. The $Dow Jones Industrial Average(.DJI.US)$ was up 0.66%, and about 6.6% for the week. The $S&P 500 Index(.SPX.US)$ rose nearly 1% on the day and 5.88% for the week, and the $Nasdaq Composite Index(.IXIC.US)$ climbed 1.39%, and 6.62% for the week.
Oil faced a volatile week as the Israel-Hamas conflict raged on.
Jobs data showed a marginal slowdown. Friday, we learned the unemployment rate for October rose 0.1% to 3.9%. Non-farm payrolls also came in Friday, showing the workforce added just 150k workers compared to estimates of 180k. Wage data showed a slower increase than projected, at 0.2% compared to 0.3%. The Fed decided to keep rates unchanged after the Wednesday FOMC meeting, judging job data and high yields to mean the market may have shown signs of slowing.
Treasuries rallied, with 10-year yields heading for their biggest three-day decline since the onset of the pandemic in 2020, as signs of softening U.S. labor data fueled speculation that the Federal Reserve is done hiking interest rates.
Friday, yields on 10-year bonds dropped 13 basis points to 4.5%, extending their decline since Tuesday to roughly 40 basis points after a government report showed the unemployment rate rose to an almost two-year high and wage growth was low. Bloomberg reported that over the past three decades, a move of this magnitude only occurred 10 times before this week.
“The market is increasingly confident that the Fed is done hiking,” said Tom Graff, chief investment officer at Facet, told MarketWatch.
Let's dive into the weekly buzzing stock list this week:
In recent news: Baron Capital founder Ron Baron had told MarketWatch that -- in which Baron was an early investor -- was headed over the coming decade for a $4 trillion market cap, up from a current $653.78 billion.
"We do need to knock the ball out of the park several times to achieve that value, but I think we can," Elon Musk said.
@MK GD: for sure will be 230 next week,
In recent news: Shares of AMC Entertainment Holdings Inc. climbed Friday after rival Cinemark Holdings Inc.'s third-quarter top- and bottom-line beat.
$AMC Entertainment(AMC.US)$ rose 5.7%, outpacing the S&P 500 index's SPX gain of 0.9%. After climbing in premarket trading, $Cinemark(CNK.US)$ fell 2.7%. Shares of the high-end movie-theater operator $IMAX Corp(IMAX.US)$reversed early gains and were down 0.1%.
@Piggy Bank Trader: Another beautiful day spent hiking
In recent news: AMD shares were rising 7.2% in recent Wednesday trading after the company's non-GAAP earnings and net revenue came in ahead of analysts' forecasts.
The company reported Q3 non-GAAP earnings late Tuesday of $0.70 per diluted share, up from $0.67 a year earlier. Analysts polled by Capital IQ expected $0.68.
@Picholo: time to sell it, this is extremely overbought with the guidance given
In recent news: Apple's iPhone sales had a 2.8% increase, showcasing the enduring appeal of the company's flagship smartphones. Mac and iPad sales have significantly declined, with Mac sales dropping by nearly 34%.
Despite a broader decline in hardware sales, Apple has defied the trend with its flagship product, the iPhone.
iPhone sales saw a modest yet significant 2.8% increase, shining as a beacon of growth amidst the downward trend of its hardware offerings.
@Bruski2023: watch what this does this afternoon…closing above 176 i can guarantee
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In recent news: $NIO Inc(NIO.US)$ reported deliveries of 16,074 vehicles in October, up from 10,059 units delivered in October 2022. In September, NIO delivered 15,461 units.
@Silverbat: Need a new CEO
In recent news: NVIDIA will host a conference call on Tuesday, Nov. 21, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the third quarter of fiscal year 2024, which ended Oct. 29, 2023.
@BrandonnW: Are Nvidia and Tesla shares cheap enough to buy now?
In recent news: Xpeng announced Friday that it will launch a new version of its flagship sedan, the P7i, on November 6, saying that the variant will have the 'golden range' and powerful smart driving capabilities.
@Moon it: China Tesla equivalent. 3 days ago opened at $14.6. its $16.9 now. 9 months sequential increase in deliveries. 14B market cap.
In recent news: Britain's Competition and Markets Authority said Friday it accepted Meta Platforms' (FB2A.F) commitments that would prevent the exploitation of its advertising customers' data, bringing the investigation to an end.
@Brandony: Q3 Revenue Growth, YoY % Change...Facebook $META: +23%
In recent news: Shares of $Palantir(PLTR.US)$ quickly reversed an early pullback to power up 4.0% toward a three-month high in morning trading.
The rally follows a 20.4% rocket ride higher on Thursday after the software company beat third-quarter profit expectations, with results showing strong demand for its artificial intelligence platform.
@c_mk: To the Moon!
In recent news: Amazon.com is closing its physical clothing stores, ending a brief attempt to bring its fashion offerings to bricks-and-mortar spaces.
The company said Thursday that it is shutting down the two “Amazon Style” locations in Glendale, Calif., and Columbus, Ohio. The move follows closings of other Amazon outlets, including bookstores and specialty retail stores. The company has concentrated its physical store ambitions o
@102932153: Nokia is suing Amazon in courts around the world because it says it’s invested billions in patented technologies, and the retail giant is using them for free
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Weekly Topic
If rate hikes are finally over, what sectors of the economy would be positively and negatively affected?
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SpyderCall : Way to go Moo'ers! Keep those insightful comments coming. Keep the retail army strong
PassiveLearner : Thank you
@Popular on moomoo for the Points,
Should the rate hikes finally start to stop & feds think it's time to lower the interest rates,
The majority of the stocks in my opinion would most likely be affected positively with consumers starting to open up more on spending.
for the affected sectors might be the financial sector as interest rates get relaxed the loan they give out have lower returns but in the longer run more people might be opening up to purchase houses which might negate the potential issue faced.
*I'm not a financial advisor and those are just my own opinions on the weekly question
ThirtyOne : Great info! Thank you
102362254 : If rate hikes are finally over? Good for housing, spending, and growth stocks. Bad for banks, bonds, savers, and defensive stocks. Interest rates' impact on sectors can vary based on economic conditions and other factors.
pdubtimm719 : Spot on
Meme_Short_Queen : tech and real estate will shine eventually
Edward Braunhut : Maybe it’s just the end of October :)
Asphen : yes. over. likely to rally until the cuts start. that's when the crash will happen.
HuatLady : The real estate sectors will thrive well with the Fed's decision to cease rates hikes. With this move, current homeowners have to pay less on their monthly mortgage payments. Importantly, prospective homeowners or investors would be lured too, because of the relatively cheaper costs.
Jennifer-Lashley : The biggest benefit of the end of interest rate hikes is the stock market. In addition, real estate and credit will also see a sharp boost. I'm afraid the bond market will be sluggish, and more capital will flow into the stock market from the bond market. This is just a personal opinion and is for reference only.
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