Stocks rose on Friday, after a day in bond earnings that Federal Reserve Chair Jerome Powell’s more hawkish tone helped the S&P 500 and Nasdaq post their longest winning streak in two years.
The Dow Jones Industrial Average (^DJI) rose about 0.5%, or more than 150 points, while the tech-heavy Nasdaq Composite (^IXIC) and the benchmark S&P 500 (^GSPC) each gained 0.3% and 0.4%, respectively.
Powell’s message remained in focus on Friday, describing the Fed’s policy as “restrained” but insisting that rate hikes are still on the table as the outlook for inflation remains cloudy.
“If it is appropriate to tighten policy further, we will not hesitate to do so,” Powell said in a speech before the International Monetary Fund in Washington.
Other central bank officials said they believe the central bank will implement more tightening this week. On Friday, Dallas Federer’s Lori Logan, Atlanta’s Raphael Bostick and San Francisco’s Mary Daly are scheduled to speak.
Meanwhile, bond yields fell after Thursday afternoon. The benchmark 10-year yield (^TNX) fell below 4.6%.
On Friday, Wall Street will get a fresh look at consumer sentiment with the release of the University of Michigan index.
Among commodities, oil rose for a second straight session after falling to a three-month low on worries about global consumption. West Texas Intermediate crude futures (CL=F) were at $77 a barrel, while Brent crude futures (BZ=F) traded above $80.
Plug Power, The Trade Desk, Tesla: Shares trending in morning trade
Here are some of the stocks leading Yahoo Finance’s Trending Tickers page in Friday morning trade:
Plug Power (PLUG): Shares plunged more than 30% after the company, which supplies fuel cells for industrial EVs used by Amazon and Walmart, warned in an SEC filing that its cash position and prospects “raise substantial doubt about the company’s ability to continue as a going concern.” Capital expenditure. The filing comes after the plug reported weak third-quarter results amid “unprecedented hydrogen supply challenges” in North America.
Trading Desk (TTD): Shares of the digital ad company tumbled about 20% after the company’s fourth-quarter revenue guidance came in softer than expected, as ad cuts continued across the industry. The company forecast revenue of $580 million, compared with an analysis of $610 million polled by Bloomberg.
Tesla (TSLA): Tesla shares traded flat on Friday Tesla continues to support the bulls Gary Black, Managing Partner of Future Fund and Dan Ives, Wedbush analyst. HSBC analyst Michael Tyndall initiated coverage on Tesla on Thursday with a cut (or sell) rating and a $146 price target, implying a 33% drop in Tesla’s share price. Check out Yahoo Finance’s Press Subramanian’s full coverage here.
Diageo (DEO): Shares of the alcohol company, which owns Johnnie Walker whiskey, Captain Morgan rum and Smirnoff vodka, fell 15% on Friday.” The region accounts for 11% of total sales, and the company expects first-half operating profit growth to decline as a result.
Stocks open higher
Stocks opened higher on Friday after snapping their longest winning streak in two years on Thursday. The Dow Jones Industrial Average (^DJI) led the morning session, rising about 0.5%, or more than 150 points. The tech-heavy Nasdaq Composite (^IXIC) and the benchmark S&P 500 (^GSPC) each gained 0.3% and 0.4%, respectively.
Futures rise ahead of the final trading day of the week
U.S. stock futures were higher after Friday’s opening bell, with Dow futures leading the way, up about 0.3%, while S&P 500 and Russell 2000 futures pointed to gains of 0.2% at the open. Nasdaq futures rose about 0.1%.
Stocks rebounded on Friday after posting their longest winning streak in two years on Thursday, following weak 30-year Treasury bids and Fed Chair Jay Powell’s comments that opened the door to future rate hikes by the central bank.