Stock Market Update

[BRIEFING.COM] The stock market closed this huge week on an upbeat note. The S&P 500 (+0.4%) traded above 6,000 for the first time and the Dow Jones Industrial Average (+0.6%) traded above the 44,000 mark for the first time before settling off session highs. 

The S&P 500 and Nasdaq Composite are 25.7% and 28.5% higher, respectively, in 2024. The Russell 2000 is nearly 20% higher this year following this week's 9.2% surge.

The Nasdaq Composite settled little changed from yesterday, weighed down by losses in some mega cap names. NVIDIA (NVDA 147.63, -1.25, -0.8%) which started trading as a Dow Jones Industrial Average component today, was a standout in that respect. The other $3 trillion companies in terms of market cap -- Apple (AAPL 226.96, -0.27, -0.1%) and Microsoft (MSFT 422.54, -2.89, -0.7%) -- also closed lower.

Tesla (TSLA 231.22, +24.31, +8.2%) did not struggle under selling pressure like other mega caps. Shares settled the week nearly 30% higher.

The price action in Tesla contributed to the move in the S&P 500 consumer discretionary sector (+1.2%). Five of the 11 sectors closed at least 1.0% higher. The rate-sensitive real estate (+1.7%) and utilities sector (+1.8%) responded favorably to a drop in the 10-yr yield.

Meanwhile, the materials sector logged the largest decline, down 0.9%.

The 10-yr yield dropped four basis points today to 4.31%.

• Nasdaq Composite: +28.5%
• S&P 500: +25.7%
• S&P Midcap 400: +18.5%
• Dow Jones Industrial Average: +16.7%
• Russell 2000: +18.4%

Reviewing today's economic data:

• November Univ. of Michigan Consumer Sentiment - Prelim 73.0 (Briefing.com consensus 70.6); Prior 70.5
  • The key takeaway from the report is that the responses were tabulated before the election results and reveal that consumers were already feeling more upbeat about their income prospects and short-run business conditions.

Looking ahead to Monday, the bond market is closed for Veterans Day. The NYSE is still open.