Biggest S&P 500 Movers on Friday
9 hr 46 min ago
Advancers
- Shares of solar technology provider Enphase Energy (ENPH) rose 8.6%, gaining the most of any S&P 500 stock, after OTR Global lifted its view on the stock to “mixed” from “negative.” According to channel-checks by the market research firm, Enphase is benefitting as competitor SolarEdge (SEDG) experiences a drop in U.S. orders for solar string inverters. Earlier this week, Enphase launched shipments of its home battery system in India.
- Palantir Technologies (PLTR) stock jumped 8.5%, extending a run-up that has now carried shares of big data analytics firm around 369% higher in 2024. Palantir said earlier this week that it extended its contract with the U.S. Army, which uses the company’s artificial intelligence (AI) software to help accelerate key decision-making processes. Palantir stock is set to join the influential Nasdaq 100 Index next week.
- Match Group (MTCH) shares gained 6.7% on Friday, bouncing back from earlier losses this week following downgrades by Jefferies and Morgan Stanley. Although analysts are concerned about growth trends for Tinder, the online dating company’s largest platform, a recent Wall Street Journal report highlighted investments to improve the app’s user experience and noted that reduced expectations could offer Match some flexibility to execute its turnaround plan.
- Cruise operator Carnival (CCL) posted better-than-expected fourth-quarter profits, boosted by year-over-year gains in passenger ticket, onboard and other revenue. The company struck an upbeat tone for 2025, noting the volume of bookings taken during the fourth quarter for voyages next year exceeded equivalent figures from last year despite lower available inventory. Carnival shares sailed 6.4% higher Friday, while shares of Norwegian Cruise Line Holdings (NCLH) added 5.9%.
Decliners
- Tesla (TSLA) shares wrapped up a volatile week of trading with a daily decline of 3.5%, logging the S&P 500’s weakest performance. Friday’s downturn came as the carmaker recalled around 700,000 vehicles in the U.S. to address an issue affecting tire pressure monitors.
- Package delivery giant FedEx (FDX) trimmed its full-year revenue guidance and announced plans to separate its freight business. While FedEx shares were essentially flat on Friday, the announcement raised concerns about the near-term performance of the less-than-truckload, or LTL, freight industry, weighing on other trucking stocks. Old Dominion Freight Line (ODFL) shares sank 3.4%
Nasdaq Snaps Four-Week Winning Streak
10 hr 28 min ago
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite rebounded on Friday from steep losses earlier in the week but still finished the week in the red. It was the first time in five weeks that all three indexes posted weekly losses.
The Dow fell 2.3% this week, while the S&P 500 and Nasdaq declined 2% and 1.8% respectively. The Nasdaq snapped a four-week winning streak, while the S&P 500 lost ground for the second straight week and the Dow recorded its third consecutive weekly decline.
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With this week’s losses, the Dow has risen 13.7% since the start of 2024, while the S&P 500 and and Nasdaq have gained 24.3% and 30.4%, respectively.
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S&P 500 and Nasdaq 100 Changes Take Effect Monday
12 hr 14 min ago
Software company Workday (WDAY) and asset manager Apollo Global Management (APO) will replace tech hardware company Qorvo (QRVO) and engineering firm Amentum Holdings (AMTM) in the S&P 500 effective Monday morning.
AI darling Palantir Technologies (PLTR), Bitcoin proxy MicroStrategy (MSTR), and taser-maker Axon Enterprise (AXON) will replace biotech Illumina (ILMN), AI server maker Super Micro Computer (SMCI), and vaccine maker Moderna (MRNA) in the Nasdaq 100, also effective Monday.
What Today’s Triple Witching Means for Your Stocks
13 hr 37 min ago
Stock traders and investors had a lot to be concerned about on Friday. Not only was the federal government flirting with a government shutdown on Saturday morning, but Wall Street also awaited triple-witching and its attendant volatility.
Triple-witching refers to the simultaneous expiration of stock options, index options, and index futures. It occurs four times a year, on the third Fridays of March, June, September, and December. Triple-witching usually triggers a flurry of activity as investors are forced to close out or extend their positions, and that activity can come with volatility.
While triple-witching can prompt abnormal trading volume and some surprising price swings, buy-and-hold investors don’t have too much to worry about. Any volatility related to options and futures activity should be short-lived. Plus, Wall Street is aware that triple-witching comes with volatility, so unexpected price swings are unlikely to have much bearing on market sentiment.
Active traders have much more incentive to be paying attention today, and not only because they’re more likely than your average retail investor to own a contract that’s expiring. The final hour of the day, the triple-witching hour, can sometimes result in a less liquid market for certain securities. That can increase spreads and give savvy traders the opportunity to trade the same security at different prices across multiple markets, known as arbitrage.
Read the full article here.
Nike Levels to Watch as Turnaround Efforts Weigh on Outlook
14 hr 46 min ago
Nike (NKE) shares bounced around Friday morning after the sports apparel company reported quarterly results that topped Wall Street’s estimates but provided an outlook that came in below expectations, as the company undergoes an ambitious strategy shift.
The company anticipates current quarter revenue to contract by low double digits from a year earlier. CEO Elliott Hill, who assumed the role in October, said on Nike’s earnings call late Thursday that the company plans to refocus on sports and selling more items at premium prices, but cautioned that the turnaround will take time and weigh on short-term results.
Nike shares have lost nearly 30% of their value since the start of the year amid intensifying competition in both domestic and international markets that has eroded its market share. The stock was flat at around $77 in midday trading Friday, after falling below $75 early in the session.
The stock has traded within a 15-month falling wedge, a chart pattern consisting of two converging downward sloping trendlines that often precedes an upward breakout.
Investors should watch major support levels on Nike’s chart around $71 and $65, while observing key resistance levels near $89 and $105.
Read the full technical analysis piece here.
Novo Nordisk Sinks on Disappointing Weight Loss Drug Trial
16 hr 5 min ago
Novo Nordisk (NVO) shares plunged Friday after the company released trial results for its next generation of weight loss drug, meant to add to its current lineup of Ozempic and Wegovy.
The Danish drugmaker said that in the study of just over 3,400 patients, its new injectable weight loss drug CagriSema met its primary goal, with an average weight loss of 22.7% of a patient’s body weight. That compared to 11.8% and 16.1% of body weight lost by the patients who took doses of just one of the two drugs that make up CagriSema, cagrilintide and semaglutide — the latter of which is the active ingredient in Ozempic and Wegovy.
The 22.7% average mark fell short of Novo Nordisk’s goal reported last month by Bloomberg of 25% weight loss. Novo Nordisk said about 40% of people taking CagriSema reached the 25% mark.
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Novo Nordisk’s U.S.-traded shares were down 21% in recent trading. The had already been trending lower since September, when sales slowed slightly and concerns started to grow about the increasing competition in the weight loss drug market.
FedEx Levels to Watch as Stock Rises on Freight Spinoff Plan
17 hr 21 min ago
FedEx (FDX) shares rose in early trading Friday after the shipping giant announced plans to spin off its freight business as a separate public company, overshadowing a lowered full year outlook.
The stock has oscillated in an orderly ascending channel since July last year, with the price recently finding buying interest around key moving averages.
Investors should watch key overhead areas on FedEx’s chart around $305 and $370, while also monitoring important support levels near $278 and $255.
FedEx shares were up 2% at around $282 in recent trading.
Read the full technical analysis piece here.
Stock Index Futures Point to Lower Open
19 hr 1 min ago
Futures tied to the Dow Jones Industrial Average were down 0.5%.
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S&P 500 futures were off 0.9%.
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Nasdaq 100 futures fell 1.4%.
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