S&P 500, Nasdaq Nab 5 Straight as Tech Stocks Rally

The Federal Reserve's meeting minutes are due out tomorrow

Digital Content Manager
Nov 20, 2023 at 4:25 PM
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The Dow barged into the holiday-shortened week with a 203-point gain, marking its sixth daily win in seven. Microsoft (MSFT) helped fuel today's rally, after news that former OpenAI CEO Sam Altman will lead the company's new artificial intelligence (AI) research team. Tech stocks rallied in response, helping the Nasdaq and S&P 500 register their fifth-straight gains. Wall Street's focus is now turning to the Federal Reserve's meeting minutes, due out tomorrow. 

  • 2 restaurant stocks drawing analyst attention.
  • Call traders blast Best Buy stock before earnings.
  • Plus, why NET could keep rallying; more on MSFT's record highs; and Dow member upgraded.
 

Closing Index Summary November 202023

NYSE and Nasdaq Stat November 202023

5 Things to Know Today

  1. Lawmakers issued subpoenas to the CEOs of X, Snap (SNAP), and Discord to compel them to testify on a hearing about online child sexual exploitation. (CNBC)
  2. Amazon.com (AMZN) announced a new program to train millions of workers in AI, as it competes for qualified talent with other tech major tech names. (MarketWatch)
  3. Cloudflare stock's recent rally could have legs.
  4. Options bulls have continued to target Microsoft stock
  5. Boeing stock upgraded on increased jet deliveries.

There were no notable earnings reports.

Unusual Options Activity November 202023

Oil Prices Settle Higher on OPEC+ Speculation

Oil prices settled higher on Monday, as traders bet on the Organization of the Petroleum Exporting Countries and its allies (OPEC+) extending production cuts. December-dated West Texas Intermediate (WTI) rose $1.71, or 2.3%, to close at $77.60 a barrel on the day.

Rising Treasury yields weighed on gold prices, which settled lower as waited Federal Reserve remarks. December-dated gold fell $4.60, or 0.2%, to close at $1,980.10 an ounce for the day.

 

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