Advertisement
U.S. markets open in 8 hours 57 minutes
  • S&P Futures

    5,033.50
    +37.25 (+0.75%)
     
  • Dow Futures

    38,723.00
    +46.00 (+0.12%)
     
  • Nasdaq Futures

    17,799.25
    +262.50 (+1.50%)
     
  • Russell 2000 Futures

    2,010.60
    +10.10 (+0.50%)
     
  • Crude Oil

    78.11
    +0.20 (+0.26%)
     
  • Gold

    2,038.80
    +4.50 (+0.22%)
     
  • Silver

    23.00
    +0.13 (+0.55%)
     
  • EUR/USD

    1.0835
    +0.0013 (+0.12%)
     
  • 10-Yr Bond

    4.3250
    0.0000 (0.00%)
     
  • Vix

    15.34
    -0.08 (-0.52%)
     
  • GBP/USD

    1.2643
    +0.0004 (+0.03%)
     
  • USD/JPY

    150.2730
    -0.0350 (-0.02%)
     
  • Bitcoin USD

    51,606.27
    -330.16 (-0.64%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,662.51
    -56.70 (-0.73%)
     
  • Nikkei 225

    38,932.49
    +670.33 (+1.75%)
     

S&P, Nasdaq notch highest closes since early 2022

STORY: Wall Street’s main indexes ended the week with gains on Friday, and the S&P 500 and Nasdaq closed at their highest levels since early 2022.

Fueling that: a robust jobs report that lifted investor optimism about a soft landing for the economy.

The Dow added more than three-tenths of a percent, while the S&P and Nasdaq each rose roughly four-tenths.

It was the sixth straight week of gains for the S&P… the index’s longest weekly winning streak since November 2019.

Friday’s nonfarm payrolls report from the Labor Department showed the economy added more jobs than expected in November.

That led investors to shift bets about when the Federal Reserve would cut rates – the consensus now May instead of March.

But what the market expects and what the data-dependent Fed actually does may not match up, says Tom Hainlin, National Investment Strategist at U.S. Bank Wealth Management.

“The Fed meets next week, they conclude their meeting on Wednesday. We'll get a new, revised outlook from what the Fed sees for interest rates. But that gap between what investors are looking for and what the Fed is putting forth in terms of their expectations is the biggest driver for market volatility through the remainder of this year and into 2024.”

Other data showed U.S. consumers felt inflation pressures easing, snapping four straight months of negative sentiment.

In company news, shares of megacaps Nvidia and Meta Platforms each gained nearly 2%, while Alphabet dipped 1.4%, giving up gains after an AI-led rally in the previous session.

Honeywell shed 1.6% after the industrial firm said it would buy air conditioner maker Carrier Global's security business for over $4.9 billion. Carrier's shares rose 4.5%.

And Paramount Global soared 12% after reports of takeover interest in the media company. Peer Warner Bros Discovery jumped 6%.

Advertisement