Towards the end of trading on Friday, buyers became more active, particularly in small-cap stocks. The Nasdaq composite and S&P 500 saw gains for the fifth consecutive session, resulting in weekly gains as well.
The S&P 500 finished 0.5% higher, trading 2% above its 50-day moving average. The Nasdaq composite also saw an increase of nearly 0.7%. Even though the Dow Jones Industrial Average closed off its session highs, it still climbed by 0.7%.
Small-cap stocks outperformed, with the Russell 2000 up by 2.5%, rebounding from a recent pullback. For the week, the Nasdaq rose by almost 6%, the S&P 500 by 4%, the Dow by 2.7%, and the Russell 2000 by 4.3%.
In the bond market, the 10-year Treasury yield dropped by three basis points to 3.65%. Overall, it was a positive day for the stock market, with advancing stocks beating declining ones on both the Nasdaq and NYSE.
The day also saw some significant movements in individual stocks, such as Uber Technologies partnering with Waymo, Boeing facing a strike from factory workers, Garmin being downgraded, and GE Aerospace breaking out.
In terms of market health, retail stocks like RH, Walmart, and Costco continued to perform well. Other tech stocks like Arm Holdings, Micron Technology, Lam Research, and Applied Materials also had a good day. However, China-based e-commerce giant PDD slumped after new regulations were imposed by the Biden administration.
Overall, the market showed signs of strength and resilience throughout the day, with investors closely monitoring individual stock movements and broader market trends for potential opportunities.
