The Dow Jones Industrial Average saw gains on Friday as Wall Street anticipated consumer confidence numbers that would include expectations for inflation. Adobe (ADBE) was one of the early losers in earnings on the stock market, while Nvidia (NVDA) showed bullish signs by regaining a key level on Thursday.
After the opening bell, the Dow Jones Industrial Average increased by 0.5%, with the S&P 500 up by 0.4% and the Nasdaq composite rising by 0.3%. The 10-year Treasury yield slightly decreased to 3.65%, and oil prices showed an increase, lifting West Texas Intermediate futures to around $69.90 per barrel.
In the world of exchange-traded funds, both the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) saw gains following the open. Nvidia continued to look for stability above its 50-day moving average, a crucial level to monitor for the stock’s future performance.
The University of Michigan’s consumer sentiment survey was expected to be released later in the day, providing insights into inflation expectations for the coming year. Despite positive reports from some companies like RH (RH), Adobe faced a nearly 10% drop following a mixed performance in its fiscal third quarter.
On Thursday, major indices like the Dow Jones Industrial Average and the S&P 500 experienced gains, while the Nasdaq composite surged 1%. Notable companies to watch in the market today include Costco Wholesale (COST), DoorDash (DASH), Netflix (NFLX), Taiwan Semiconductor Manufacturing (TSM), and Uber Technologies (UBER).
Among the Dow Jones components, Home Depot and Amazon saw upward trends, while Tesla and Alphabet showed promising activity early in the trading session. With a mix of positive movements and earnings reports, investors continue to navigate and interpret the market landscape for potential opportunities.
