The stock market continued its upward trajectory on Friday, with the S&P 500 setting a new record and achieving its longest weekly winning streak of 2024. Netflix’s strong earnings report fueled the surge, setting the stage for upcoming Big Tech corporate results. The S&P 500 rose about 0.4%, marking a fresh all-time high and its sixth consecutive week of gains.
The tech-heavy Nasdaq Composite led the gains, moving up 0.6%, while the Dow Jones Industrial Average rose 0.1%. Netflix’s third-quarter results exceeded Wall Street estimates, with revenue and subscriber growth surpassing expectations. The company’s shares jumped around 11% following the report.
Gold prices also hit a new record due to concerns about the Middle East conflict and uncertainty surrounding the US presidential election. This prompted investors to shift to less-risky assets. Looking ahead to next week, major companies such as Coca-Cola, Boeing, and Hilton are set to report their quarterly results.
Dow, S&P 500 achieve milestones
Investors will also receive updates on consumer sentiment and new home sales. The S&P 500 Utilities ETF has been the best-performing sector so far this year, up 29% compared to the broader index’s 23% rise.
Power producers have benefited from the electrification boom, including Big Tech’s demand for AI data centers and electric vehicles. Despite concerns about potential reacceleration and inflationary pressures, Bank of America analysts argue that these worries are overdone. They believe the Federal Reserve is prepared to mitigate any signs of reignited price pressures.
The National Highway Traffic Safety Administration has opened an investigation into Tesla’s full self-driving software following reports of four crashes involving reduced roadway visibility conditions. The investigation covers 2.4 million Tesla EVs. Several stocks led afternoon trading on Friday, including American Express, Coinbase, Netflix, and CVS.
The Nasdaq Composite and S&P 500 moved up roughly 0.5% and 0.3%, respectively, while the Dow Jones Industrial Average rose just above the flatline. Apple stock jumped as much as 1.7% following an industry report showing a significant surge in China iPhone sales.
