Major Wall Street indexes were slightly higher by midday Friday, supported by economic data that strengthened expectations of a Federal Reserve interest rate cut next week.
The S&P 500 ticked up 0.2% to roughly 6,875 — still about half a percentage point shy of its late‑October high. Tech stocks rose 0.4%, yet remained nearly 2 percentage points below their prior peaks.
The core Personal Consumption Expenditures price index — the Fed's preferred inflation gauge — slowed slightly, dropping from 2.9% to 2.8% year over year in September, a tad below expectations. According to the CME FedWatch tool, markets still place an 87% chance on a 25‑basis‑point cut next week.
The preliminary December consumer survey from the University of Michigan showed an improvement in the overall sentiment, up from 51 to 53.3, with inflation expectations softening further.
Among mega‑cap stocks, Adobe Inc. (NASDAQ:ADBE) surged over 5%, eyeing a sixth straight day of gains after slumping more than 50% from its January 2024 highs. Investors are now betting on a strong Dec. 10 earnings report and a potential turnaround in the company’s AI strategy.
Meanwhile, Netflix Inc. (NASDAQ:NFLX) dropped 3.5% in a volatile session, after announcing a definitive agreement to acquire Warner Bros. Discovery Inc. (NASDAQ:WBD), including its film and television studios as well as HBO and HBO Max — a transaction valuing Warner Bros. Discovery at $27.75 per share, implying an equity value of roughly $72 billion. Shares of Paramount Skydance Corp. (NASDAQ:PSKY) tumbled 7% after the company alleged the auction was biased and potentially rigged in Netflix's favor.
In earnings news, shares of Ulta Beauty Inc. (NASDAQ:ULTA) jumped 14% after the company beat analysts' estimates and raised its outlook, while shares of DocuSign Inc. (NASDAQ:DOCU) fell 6.5%.
In crypto markets, Bitcoin (CRYPTO: BTC) slipped 2.6% below $90,000, unable to overcome resistance near $95,000. Meanwhile, gold edged up 0.2% to $4,217 an ounce, and crude oil rose 1% to $60 a barrel, amid rising geopolitical risk.
Friday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day % |
| Nasdaq 100 | 25,680.72 | 0.4% |
| Dow Jones | 48,003.72 | 0.3% |
| S&P 500 | 6,873.35 | 0.2% |
| Russell 2000 | 2,524.13 | -0.3% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) inched 0.2% higher to $630.40.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) edged 0.2% up to $480.30.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 0.4% to $625.26.
- The iShares Russell 2000 ETF (NYSE:IWM) eased 0.3% to $251.07.
- The Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, up 1.2%; the HealthCare Select Sector SPDR Fund (NYSE:XLV) lagged, down 0.5%.
Russell 1000’s Top Gainers And Losers On Friday
| Stock Name | Chg % |
|---|---|
| Ulta Beauty Inc. | 13.39% |
| The Cooper Companies Inc. (NASDAQ:COO) | 8.18% |
| Dollar Tree Inc. (NASDAQ:DLTR) | 7.73% |
| Dollar General Corp. (NYSE:DG) | 7.06% |
| Albemarle Corp. (NYSE:ALB) | 6.42% |
| Stock Name | Chg % |
|---|---|
| Paramount Skydance Corp. | -6.17% |
| W. R. Berkley Corp. (NYSE:WRB) | -5.20% |
| Vistra Corp. (NYSE:VST) | -3.67% |
| Huntington Ingalls Industries Inc. (NYSE:HII) | -3.63% |
| Insulet Corp. (NASDAQ:PODD) | -3.53% |
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Image created using artificial intelligence via Midjourney.
