Stocks closed higher across the board Friday, with all three main benchmarks ending up on the week too. Looking ahead, next week will be a short one on Wall Street, with the stock and bond markets closed Thursday for Thanksgiving and wrapping up early on Friday.
At the close, the Dow Jones Industrial Average was up 1.0% at 44,296, the S&P 500 was 0.4% higher at 5,969, and the Nasdaq Composite had added 0.2% to 19,003. Helping the Dow outperform was Boeing (BA), which climbed 4.1%, as well as American Express (AXP, +2.8%) and Nike (NKE, +3.1%).
At the other end of the Dow was Nvidia (NVDA), which fell 3.2%, shedding $116 billion in market value along the way. The artificial intelligence (AI) chipmaker reported solid earnings earlier this week, though some on Wall Street huffed about its revenue forecast.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Most folks aren't concerned, though. William Blair analyst Sebastien Naji (Outperform, the equivalent of Buy), for one, said this was "a thesis-confirming quarter, highlighting the company's ability to record upside even as it transitions customers to its next-generation Blackwell systems."
He thinks accelerating demand for sovereign AI data centers and from enterprises will help Nvidia maintain its industry-leading growth.
MicroStrategy recovers as bitcoin nears $100,000
Elsewhere in the tech space, MicroStrategy (MSTR) surged 6.2%, recovering from Thursday's sharp selloff. Sparking yesterday's slide was a tweet from Citron Research that said the prominent short-selling firm had taken a short position in MSTR.
"Citron was the first to tell readers that MicroStrategy was the ultimate way to invest in Bitcoin, setting a $700 target. Fast forward to today: $MSTR has skyrocketed to over $5,000 (adjusted). Kudos to Michael Saylor for his visionary Bitcoin strategy ... Now, with Bitcoin investing easier than ever ... $MSTR's volume has completely detached from BTC fundamentals," Citron wrote on X.
The software firm and world's largest corporate bitcoin holder was quick to bounce back as bitcoin prices neared the psychologically significant $100,000 level. At last check, bitcoin – which trades 24 hours a day – was up 1.3% at $99,348.
Texas Pacific to join the S&P 500
Elsewhere, Texas Pacific Land (TPL, +14.2%) was tapped to join the S&P 500, replacing fellow energy stock Marathon Oil which was bought by ConocoPhillips (COP) in a deal that closed today. TXPL will begin trading on the S&P 500 at the start of trading this Tuesday, November 26, according to S&P Dow Jones Indices.
Being added to the main benchmark for the U.S. stock market "is kind of a big deal," wrote Dan Burrows, senior investing writer at Kiplinger.com, back in March. "Many trillions of passive dollars are invested in products that track the S&P 500," he added, noting that "hundreds of funds and ETFs now have to pick up shares" of the new S&P 500 stock, including the SPDR S&P 500 ETF Trust (SPY), which has more than $600 billion in assets under management.
Manufacturing, services PMIs improve
In economic news, S&P Global said its Flash Manufacturing Purchasing Managers Index (PMI) rose to 48.8 in November from October's 48.5. Still, any readings below 50 indicate contraction.
"S&P notes that anticipation of President-elect Donald Trump's proposed tariffs and trade protection has helped improve sentiment in the goods-producing sector, increasing factory employment," says José Torres, senior economist at Interactive Brokers. "At the same time, factories are trying to front-run tariffs by increasing their orders for imported input items."
S&P Global's Flash Services PMI jumped to 57 in November from 55 in October – a 32-month high.
Meanwhile, the University of Michigan said its Consumer Sentiment Index rose to 71.8 in November from October's reading of 70.5. The results missed economists' estimate of 70.5 and came in below the initial pre-election reading of 73.0.
"Ultimately, substantial uncertainty remains over the future implementation of Trump's economic agenda, and consumers will continue to recalibrate their views in the months ahead," UofM said in its release.
The report showed that year-ahead inflation expectations fell to their lowest level (2.6%) since December 2020, while long-run inflation expectations rose to 3.2% from 3.0%.
Related content
- Best Blue Chip Stocks: 21 Hedge Fund Top Picks
- Stock Market Holidays in 2024: NYSE, NASDAQ and Wall Street Holidays
- Earnings Calendar and Analysis for November 25-29
-
Will President Trump's Medicare Executive Order Raise Drug Prices?President Trump rescinded a Biden-era Executive Order that would have lowered the copays for some drugs to $2 for Medicare enrollees.
-
Stock Market Today: Dow Adds 538 Points on First Trading Day of Second Trump AdministrationStocks rise while the White House issues a historic series of executive orders.
-
Stock Market Today: Dow Adds 538 Points on First Trading Day of Second Trump Administration
Stocks rise while the White House issues a historic series of executive orders.
-
Nvidia Stock Up After President Trump Revokes Biden AI OrderNvidia stock is higher Tuesday after President Trump revoked a 2023 executive order targeting AI developers. Here's what we know.
-
Apple Stock Slapped With Another Sell Rating: What to KnowThe latest Apple stock downgrade centers around iPhone sales and the weakening consumer electronics market. Here's what investors need to know.
-
Why 3M Is the Best Dow Jones Stock Today3M stock is soaring Tuesday after the industrial conglomerate beat expectations for its fourth quarter and provided a positive outlook. Here's what to know.
-
Getting Divorced? Beware of Hidden Tax Traps as You Divide AssetsDividing assets fairly in a divorce means looking beyond their current values and asking whether they'll create tax liabilities — or tax breaks — in the future.
-
All-You-Can-Eat Buffets: Can You Get Kicked Out for Eating Too Much?Don't plan on practicing your competitive-eating skills at an all-you-can-eat buffet. You can definitely get kicked out. Plus, don't be a jerk.
-
5 Tips for Investing in the Trump PresidencyWith Trump back in office, expectations are high the bull market will continue. Here's how investors can prepare.
-
A Social Security Storm Is Gathering: Here's Your Safety PlanIf Social Security reserves are depleted by 2033, as predicted, future benefits could be cut by as much as 21%. Here’s how to weather the impending storm.
