Friday, major indexes accelerated to the finish. The Dow Jones Industrial Average finished the day at its highest level, up almost 400 points or 1.2% after new data showed a cooling of the economy.
The Dow Jones index rose 0.7% this week, and it is now at the convergence of 50- and 200 day moving averages.
Econoday reports that consumer sentiment in November was 60.4, which is below the 63.5 consensus forecast. This news may have calmed some investors' nerves after Fed Chair Jerome Powell warned caution on Thursday.
He left the question open as to whether his tightening of policy was restrictive enough. This weighed down on stocks Thursday night. Dow Jones and S&P 500 both fell to their 50-day moving averges but have recovered from that line today.
Today, the S&P 500 gained 1.6% on the stock exchange. The Nasdaq was the leader with a gain of 2%. Both indexes had a distribution day on Thursday, which led to the signs of recovery.
According to preliminary data, the volume on the NYSE was lower than on the Nasdaq. On the NYSE, advancers outnumbered decliners almost 3-to-1 and on the Nasdaq by less than 2-to-1.
The Russell 2000 small-cap index gained 1.2% while the Innovator IBD ETF (FFTY), which outperformed with a gain of 1.5%, was the best performer.
The yield on the benchmark Treasury 10-year note remained unchanged at 4.62%.
Dow Jones Stocks
Dow Jones grew at a faster pace than the Dow due to Intel (INTC), Microsoft (MSFT), Boeing(BA), Caterpillar(CAT), Apple (AAPL), and Merck (MRK). Microsoft reached a new high on Friday.
Copart (CPRT), a stock that was trading at 47.38, has broken out. The relative strength line has reached a new peak. Volume was 70% above the average, which is another positive sign.
Affirm, a payments company (AFRM), plunged by more than 7% from a buy-point of 25,63 to trigger a sell signal. Stocks rose Thursday after Affirm announced its September-quarter results. However, they fell and closed below their buy point.
Trade Desk, a digital advertising company, beat Q3 forecasts by a small margin. However, the company gave a bleak outlook. After reducing a base that had been forming, shares plunged, but recovered some of their losses.
Unity Software (U), a software company, reported strong third-quarter sales results. The increase was 69%. A loss of 32 cents was double the 13-cent loss from a year earlier. The shares plunged by more than 10% in the early going, but then reversed to a 7% increase.
Plug Power for Taiwan Semi-Movers And Other Movers
Plug Power (PLUG), a manufacturer of hydrogen fuel cells, saw its third-quarter sales also fall. Sales fell sharply from $188.6 to $198.7, a mere 5% increase. Plug continued to lose money, and its loss per share was 47 cents. This is higher than the 30-cent loss from last year. The company warned that it could run out of cash. The company's shares were down more than 40% on Friday.
Taiwan Semiconductor's (TSM) October revenue increased 35% compared to the previous month. TSM shares rose more than 6%, and the 200-day moving median was regained.
Cathie Wood has been accumulating TSM since June 23. In October, the ARK Autonomous Tech ETF(ARKQ) purchased 30,467 TSM shares. According to disclosures from the company, ARK Invest funds own more than 200,000 TSM shares.
Marvel Technology (MRVL), Axcelis Technologies(ACLS), Aehr Systems(AEHR) and Axcelis Technologies gained 4%-5.7%.
The third-quarter results for the medical research company Illumina were unchanged, while profits fell by one cent compared to last year. The company has lowered its revenue forecast for 2023 by 3%. Stocks fell by over 10% on Friday, reaching a new 10-year low. However, some of the losses were recouped at the closing bell.
Wynn (WYNN), too, fell but recovered some losses. Wynn announced results showing sales increasing for the third consecutive quarter. The company's earnings were also on the same track, after it reversed its losses.
Blink Charging's (BLNK), which grew its sales by 151%, was the biggest earner among other companies. Its earnings soared above the 50-day average. Doximity, a medical software provider, surpassed its 50-day average. Sales increased by 11%, while earnings remained unchanged.