All three indexes are eyeing impressive weekly gains
Traders had no shortage of buzz to unpack before and after Thanksgiving, including a handful of earnings and more AI sector turmoil triggered by Nvidia (NVDA). Monday saw markets extend the previous week's gains, as Alphabet (GOOGL) and other large cap tech stocks surged. The Dow Jones Industrial Average (DJI) enjoyed its best day since Aug. 22 on Tuesday on reignited rate cut hopes, and by Wednesday had racked up 1,674 points.
The blue-chip index, Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are all headed for a fifth-straight daily pop this Friday. The week closed out with unexpected drama out of the Chicago Mercantile Exchange (CME), with data centers overheating and pausing futures trading for several hours. The DJI was eyeing a seventh-straight monthly gain on Friday, but the IXIC and SPX were on track to snap seven- and six-month win streaks, respectively.
Tech Continues Wall Street Takeover
There was no shortage of tech sector news, with the week kicking off with an AI update out of GOOGL and Alibaba (BABA). Applied Materials (AMAT) landed a bull note from UBS, just as Dell Technologies (DELL) enjoyed a post-earnings boost.
Furthermore, cloud concern Workday (WDAY) brushed off an earnings beat, while on the flip side software giant Autodesk (ADSK) popped after better-than-expected Q3 results. On Wednesday, blue chip 3M (MMM) logged a fourth-straight win, just as a historic bull signal began flashing.
First Week of December Reignites Earnings Buzz
There will be plenty of economic data to unpack during the first week of December, including some reports that had been delayed. On the earnings front, American Eagle Outfitters (AEO), Box (BOX), CrowdStrike (CRWD), C3.ai (AI), DocuSign (DOCU), Dollar General (DG), Dollar Tree (DLTR), Five Below (FIVE), Salesforce (CRM) ,Ulta Beauty (ULTA), and more are scheduled to report.
Meanwhile, Schaeffer's Senior V.P. of Research Todd Salamone knocked around the idea of why now is the time for contrarians to
buy the dip, and Senior Quantitative Analyst Rocky White noted some stocks to
purchase after Black Friday.