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Benchmark US indices closed the week on a positive note on Friday, Nov 12, lifted by technology and basic materials stocks after the Federal Reserve said it will keep the interest rates low for now.
The S&P 500 was up 0.72% to 4,642.85. The Dow Jones rose 0.50% to 36,100.31. The NASDAQ Composite was up 1.00% to 15,860.96, and the small-cap Russell 2000 climbed 0.11% to 2,411.78.
Investors were relieved after the central bank said it will keep the interest rates low for now.
They were worried that it might increase the rates after new CPI data showed inflation rose to a 30-year high in October. Economists now expect a rate hike by mid next year to handle the rising prices.
On Friday, New York Fed President John Williams said higher inflation does not affect all households equally, but people on fixed incomes took a bigger hit.
Top Global Cues to set the market tone for the week ahead
Meanwhile, the latest Labor Department data showed that there had been more than 10 billion job openings since June, but the continued worker shortage might further fuel the inflation.
Communication, technology, and basic materials stocks were the top gainers on the S&P 500 index Friday. Utilities, financials, and energy stocks declined. Eight of the 11 segments stayed in the green.
Johnson and Johnson (JNJ) stock jumped around 1.2% intraday trading after announcing plans to split it into two companies for consumer health and pharma and medical devices segments.
In technology stocks, Alphabet Inc. (GOOGL) rose 1.71%, Meta Platforms Inc. (FB) gained 3.34%, and Netflix (NFLX) rose 3.24%. Activision Blizzard Inc. (ATVI) and Take-Two Interactive Software increased 2.79% and 1.36%, respectively.
Microsoft Corp. (MSFT) rose 1.14%, Apple Inc. (AAPL) increased 1.39%, and Mastercard Incorporated (MA) grew 2.19%. Adobe Inc. (ADBE) and Visa Inc. (V) rose 1.95% and 0.93%, respectively.
Meanwhile, filings showed on Friday that Tesla Inc (TSLA) CEO Elon Musk’s trust sold another lot of company shares worth about US$700 million the previous day. Earlier this week, he had disclosed offloading about US$5.1 billion worth of Tesla stocks. The stock closed at 2.95% down on Friday.
In the energy sector, Exxon Mobile Corporation (XOM) plunged 0.90%, Chevron Corporation (CVX) declined 0.14% and ConocoPhillips (COP) fell 0.39%. EOG resources Inc. declined 0.34% and Schlumberger N.V. (SLB) was down 0.43%.
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Futures & Commodities
Gold futures were up 0.25% to US$1,868.50 per ounce. Silver increased by 0.38% to US$25.398 per ounce, and copper was up 1.19% to US$4.4515.
Brent oil futures decreased by 0.89% to US$82.13 per barrel and WTI crude futures declined 0.87% to US$80.88.
Bond Market
The 30-year Treasury bond yields was up 1.39% to 1.945, while the 10-year bond yields up 1.31% to 1.578.
US Dollar Futures Index decreased by 0.06% to US$95.115.
