US benchmark equity averages rose on Friday as the market ended a three-day losing streak. At the time of writing, the Dow Jones Industrial Average was up 0.3%, while S&P 500 rose 0.8% from the previous close.The Nasdaq Composite gained more than 1.3% on Friday. Nasdaq and S&P 500 ended in the green on Thursday buoyed by positive earnings results of Tesla and as Treasury yields fell in the US. The 10-year Treasury yield fell from its three-month highs touched on Wednesday.
Shares of Centene and Microsoft rise
Shares of Centene (CNC) are rallying after the health insurer’s third quarter profits exceeded expectations, driven by rate increases in Medicaid programs and higher membership in its health insurance exchange business. Microsoft’s (MSFT) stock gained after Chief Executive Officer Satya Nadella was given a pay package worth over $79 million for fiscal year 2024, a 63% increase from last year.The package would have been $5 million higher if Nadella had not taken a pay cut to reflect cybersecurity risks in the company. Meanwhile, shares of Colgate-Palmolive (CL) fell on Friday despite beating third-quarter earnings expectations and raising guidance.
Viking Therapeutics’ stock soars
Shares of Viking Therapeutics (VKTX) surged nearly 10% on Friday after the biotech company’s third-quarter earnings beat analysts’ expectations. According to Yahoo Finance, Wall Street currently holds 13 buy ratings on the stock. Additionally, shares of Deckers Outdoor (DECK) surged 14%, following its robust earnings results.Deckers posted earnings of $159 per share, comfortably beating expectations of $124 per share earnings by analysts from LSEG. Meanwhile, shares of real estate investment trust Digital Realty Trust (DLR) surged 11% before the opening bell after reporting record lease bookings for the third quarter.
Capri Holdings slump, while Tapestry rise
The stock of Capri Holdings (CPRI) slumped over 40% after a US judge blocked a pending merger. The merger was set to take place between the parent company of Michael Kors and Jimmy Choo and handbag maker Tapestry (TPR). Shares of Tapestry soared 15% on Friday. Additionally, shares of Apple (AAPL) fell nearly 1% before recovering all of its losses on Friday after data showed that iPhone sales in China fell in the third quarter, suffering from severe domestic competition.
Positive economic data from the US
New orders for key US-manufactured capital goods increased more than expected in September. Additionally, investors will be monitoring the release of the GDP data from the US for the third quarter. Also, the monthly jobs report from the US will be released.Traders will focus on the data, especially after the previous report came in hotter-than-expected.That led to reduced bets for an oversized US Federal Reserve interest rate cut.
Crude heads for weekly gains
Crude oil prices were on track for weekly gains after dropping by 7% last week. Oil prices were on the rise on increasing geopolitical tensions in the Middle East and uncertainties ahead of the US Presidential elections. At the time of writing, Brent crude prices were up 2.1% at $75.94 per barrel, while West Texas Intermediate oil was at $71.71 per barrel, up 2.2% from the previous close. More By This Author:Applied Materials Stock: Here Comes The Death Cross BRICS 2024: Can The Expanding Bloc Truly Challenge Western Dominance? Has IBM’s Stock Hit Its Peak?
