US close: Major indices extend CPI-fuelled rally

Wall Street stocks closed higher on Friday as investors continued to digest yesterday's cooler-than-expected CPI reading and mulled over a series of international headlines.

At the close, the Dow Jones Industrial Average was up 0.10% at 33,747.86, while the S&P 500 advanced 0.92% to 3,992.93 and the Nasdaq Composite saw out the session 1.88% stronger at 11,323.33.

The Dow closed 32.49 points higher on Friday, modestly extending gains recorded in the previous session and helping major indices register a winning week.

Stocks delivered their biggest one-day rally since 2020 on Thursday following the revelation from the Bureau of Labor Statistics that consumer prices had risen softer than expected in October, giving traders some hope that inflation may be slowing down. Treasury yields dropped on the news, while tech stocks surged.

Underlining sentiment on Friday was news that Chinese stocks and the renminbi had pushed higher after the Politburo Standing Committee issued new guidance aimed at better implementing its Zero-Covid policy. China has shortened quarantine times for close contacts of coronavirus cases and for inbound travellers, and also scrapped a penalty on airlines that bring in infected passengers. Casino stocks rallied on the news.

Also in focus, America's top general believes he sees scope for diplomatic talks between Kyiv and Moscow. Chairman of the Joint Chiefs of Staff, Mark Milley, reportedly said: "we don't know what the future holds, but we think there are some possibilities here for some diplomatic solutions." He also said that Russia's withdrawal, possibly in preparation for a spring offensive, together with the G-20 summit scheduled for the following week, presented "a window of opportunity for negotiation".

On the macro front, a preliminary reading of the University of Michigan's consumer sentiment index fell from 59.9 in October to 54.7 in November.

In the corporate space, Real Good Food said its net loss had widened by $1.3m to $13.1m in the third quarter as it reaffirmed full-year guidance for net sales to be at the lower end of its $155.0m-160.0m range.

Cryptocurrencies also struggled after FTX chief executive Sam Bankman-Fried retired and the group announced that it was filing for bankruptcy.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $41.26 7.20%
Nike Inc. (NKE) $106.01 6.63%
Dow Chemical Co. (DOW) $53.14 6.37%
Walt Disney Co. (DIS) $95.01 5.03%
3M Co. (MMM) $132.97 2.97%
Chevron Corp. (CVX) $186.46 2.85%
Intel Corp. (INTC) $30.43 2.25%
Apple Inc. (AAPL) $149.70 1.93%
Goldman Sachs Group Inc. (GS) $385.17 1.81%
Caterpillar Inc. (CAT) $236.78 1.74%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $522.08 -4.06%
Merck & Co. Inc. (MRK) $97.96 -3.86%
Johnson & Johnson (JNJ) $169.21 -2.99%
Amgen Inc. (AMGN) $285.02 -2.06%
Cisco Systems Inc. (CSCO) $44.79 -1.91%
McDonald's Corp. (MCD) $271.27 -1.63%
Travelers Company Inc. (TRV) $181.66 -0.86%
Verizon Communications Inc. (VZ) $38.30 -0.57%
Visa Inc. (V) $205.01 -0.28%
Procter & Gamble Co. (PG) $140.97 -0.15%

S&P 500 - Risers

Hanesbrands Inc. (HBI) $7.77 14.26%
Align Technology Inc. (ALGN) $218.98 11.45%
VF Corp. (VFC) $33.34 11.39%
Nektar Therapeutics (NKTR) $4.28 10.03%
PVH Corp. (PVH) $61.74 9.72%
Ralph Lauren Corp (RL) $104.38 9.36%
Tapestry Inc. (TPR) $35.39 8.70%
Under Armour Inc. Class A (UAA) $9.38 8.44%
Wynn Resorts Ltd. (WYNN) $77.98 8.31%
Under Armour, Inc. (UA) $8.14 7.81%

S&P 500 - Fallers

Northrop Grumman Corp. (NOC) $492.70 -7.32%
L3Harris Technologies Inc. (LHX) $224.95 -6.10%
CIGNA Corp. (CI) $303.82 -6.04%
Elevance Health Inc. (ELV) $491.36 -5.85%
Lockheed Martin Corp. (LMT) $463.86 -5.48%
Humana Inc. (HUM) $528.53 -5.33%
CF Industries Holdings Inc. (CF) $102.82 -5.23%
Unum Group (UNM) $40.48 -4.66%
Eli Lilly and Company (LLY) $352.30 -4.45%
Bristol-Myers Squibb (BMY) $75.96 -4.31%

Nasdaq 100 - Risers

Align Technology Inc. (ALGN) $218.98 11.45%
Wynn Resorts Ltd. (WYNN) $77.98 8.31%
Liberty Global plc Series A (LBTYA) $20.50 7.22%
Walgreens Boots Alliance, Inc. (WBA) $41.26 7.20%
JD.com, Inc. (JD) $48.93 6.30%
Seagate Technology Plc (STX) $57.15 6.23%
Idexx Laboratories Inc. (IDXX) $441.27 6.06%
Dish Network Corp. (DISH) $17.00 5.85%
DENTSPLY Sirona Inc. (XRAY) $32.05 5.85%
Liberty Global plc Series C (LBTYK) $21.14 5.75%

Nasdaq 100 - Fallers

O'Reilly Automotive Inc. (ORLY) $815.60 -3.35%
T-Mobile Us, Inc. (TMUS) $146.19 -2.83%
Vertex Pharmaceuticals Inc. (VRTX) $303.26 -2.50%
Kraft Heinz Co. (KHC) $36.99 -2.32%
Automatic Data Processing Inc. (ADP) $249.23 -2.22%
Amgen Inc. (AMGN) $285.02 -2.06%
Cisco Systems Inc. (CSCO) $44.79 -1.91%
Verisk Analytics Inc. (VRSK) $178.27 -1.57%
Biomarin Pharmaceutical Inc. (BMRN) $82.16 -1.39%
Monster Beverage Corp (MNST) $98.12 -1.19%