The economy and inflation cooled, U.S. stocks posted three consecutive positive weeks, and oil prices rebounded by more than 4%
U.S. stocks fluctuated within a narrow range near the flat level throughout the day, and finally closed higher. As of the close, the Dow rose 1.81 points, or 0.01%, to 34947.28 points; the S&P 500 rose 5.78 points, or 0.13%, to 4514.02 points; the Nasdaq closed up 11.81 points, or 0.08%, to 14125.48 points.
Investors are betting that the Federal Reserve has completed its tightening actions. The 10-year U.S. bond yield fell to a two-month low during the day, hitting as low as 4.379%. The indicator hit 5% at the end of last month; the 2-year U.S. bond yield also fell. to a new low since September 1.
“To sum up the week, inflation data were overall lower than expected, giving investors hope that the worst period of inflation may be behind them and that the Federal Reserve is expected to change its hawkish stance on interest rate policy,” said Steve Sosnick, chief strategist at Interactive Brokers.
Therefore, the three major stock indexes all recorded three consecutive positive weeks. The S&P 500 index rose 2.2% on the week, the Nasdaq rose 2.4% cumulatively, and the Dow Jones Industrial Average rose 1.9% on the week. It was the first time since July to achieve three weekly gains.
In terms of commodities, international oil prices rose by more than 4% on the day. The day before, oil prices suffered a sharp sell-off due to growing concerns about surging crude oil supply and cooling demand, plunging 5% to a four-month low, and U.S. oil prices fell into a bear market. , which is a 22% retracement from its September high. On Friday, WTI crude oil futures closed up $2.99, or 4.1%, at $75.89/barrel; Brent crude oil futures closed up $3.19, or 4.1%, at $80.61/barrel.
In terms of individual stocks, the share price of clothing brand GAP surged 30.6% after its performance. For the quarter ended October 28, adjusted earnings per share were 59 cents, far exceeding market expectations of 19 cents; the company’s revenue during the period was US$3.77 billion, a 7% decrease from the same period last year, higher than expected Value was US$3.6 billion; net profit was US$220 million, a year-on-year decrease of 22.7%. The retailer gave mixed guidance for the holiday quarter, expecting sales to be flat or down slightly year over year.
OpenAI, a hot emerging technology company this year, has encountered a high-level earthquake. Media reports stated that the company’s CEO Sam Altman will leave and be replaced by the company’s chief technology officer Mira Murati. The company’s board of directors said it no longer has confidence that Altman has the ability to continue to lead. OpenAI capabilities.