Wall Street experienced a slight upward trend on Friday, with major equity indices showing modest gains at midday in New York. The S&P 500 and Nasdaq 100 are poised to finish the week with their best performance since October 2023, marking seven consecutive days of positive trading. This positive momentum stems from a series of encouraging economic data, including stronger-than-expected figures that have quelled earlier concerns about a potential recession.
The University of Michigan’s Consumer Sentiment Index for August, released on Friday, surpassed expectations, adding to a string of positive data points. These include lower-than-anticipated jobless claims and robust retail sales growth reported the previous day. This positive economic landscape has buoyed investor confidence and contributed to the market’s upward trajectory.
Gold emerged as a standout performer, surging 1.5% to reach a record high of $2,500 per ounce. This surge was driven by market participants positioning themselves in anticipation of imminent Federal Reserve rate cuts. Such a move would typically weaken the dollar and boost the appeal of gold as a safe-haven asset. The surge in gold prices also propelled gold mining stocks, with the VanEck Gold Miners ETF (GDX) experiencing an increase of over 2%.
Meanwhile, oil prices dipped by 1.6% amidst a reduction in geopolitical tensions. This decline follows the resumption of ceasefire negotiations in Doha, Qatar, between Israel and Palestinian militant groups. In a joint statement, the United States, Qatar, and Egypt announced that Washington had presented a new proposal that has the potential to quickly narrow the gap between the parties and lead to a swift agreement.
In the cryptocurrency market, Bitcoin (BTC/USD) rose 1.6%, reaching a price of $58,368. This positive performance reflects broader market sentiment, influenced by the overall economic data and investor confidence.
Here’s a snapshot of the day’s performance in major US indices and ETFs:
*
Major Indices
* Russell 2000: 2,142.44 (up 0.2%)
* S&P 500: 5,552.80 (up 0.1%)
* Dow Jones: 40,619.51 (up 0.1%)
* Nasdaq 100: 19,507.26 (up 0.1%)
*
ETFs
* SPDR S&P 500 ETF Trust (SPY): $553.81 (up 0.1%)
* SPDR Dow Jones Industrial Average (DIA): $406.32 (up 0.1%)
* Invesco QQQ Trust Series (QQQ): $475.31 (up 0.2%)
* iShares Russell 2000 ETF (IWM): $212.42 (up 0.2%)
The Communication Services Select Sector SPDR Fund (XLC), The Financials Select Sector SPDR Fund (XLF), and The Consumer Discretionary Select Sector SPDR Fund (XLY) outperformed the broader market, each rising by 0.5%. Conversely, the Real Estate Select Sector SPDR Fund (XLRE) lagged, declining by 0.5%.
Among individual stock movers, H&R Block Inc. (HRB) rallied 15% after reporting stronger-than-expected results for the last quarter. Other stocks experiencing movement following earnings reports include:
*
Amcor plc (AMCR)
: Down 5%*
Applied Materials Inc. (AMAT)
: Down 1.5%*
Coherent Corp. (COHR)
: Up 8%*
Flower Foods Inc. (FLO)
: Down 0.3%*
Globant S.A. (GLOB)
: Up 4.9%Repligen Corp. (RGEN) experienced a decline of 13% after submitting an acquisition offer to Maravai LifeSciences Holdings (MRVI). Maravai, a company specializing in vaccine capping reagents with a market value of $2.2 billion, saw its shares surge by 23% following the offer.
