Wall Street Eyes Fifth Day Of Gains, Silver Hits Record Highs At $55: What's Moving Markets Friday?
Piero Cingari 11 months ago
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Stocks were rising again midday Friday, putting Wall Street on pace for a fifth straight day of gains as rate cut hopes surged and risk appetite returned across tech, crypto and commodities.
Stocks were rising again midday Friday, putting Wall Street on pace for a fifth straight day of gains as rate cut hopes surged and risk appetite returned across tech, crypto and commodities.
Traders now see an 88% chance the Federal Reserve will cut interest rates by 25 basis points at its Dec. 10 meeting, up from just 50% last week, according to CME FedWatch data.
At midday, the S&P 500 was up 0.4% to 6,840, sitting just 1% below its all-time high and heading for its strongest five-day rally since May. The Nasdaq 100 climbed 0.6% above 25,340, while the Dow Jones Industrial Average added 300 points to trade near 47,730, eyeing a record-high close.
Intel Corp. (NASDAQ:INTC) led the S&P 500, jumping nearly 8%, as dip-buying returned to November’s beaten-down tech names.
Crypto-related stocks saw sharp intraday gains after Bitcoin (CRYPTO: BTC) steadied near $90,000. Circle Internet Group Inc. (NYSE:CRCL) rose 10%, Coinbase Global Inc. (NASDAQ:COIN) gained 3.5% and Strategy Inc. (NASDAQ:MSTR) added 2.2%.
Metals markets extended a blistering rally. Silver surged nearly 5% to an all-time high of $55.80 as Chinese inventories hit their lowest levels in a decade due to increased exports to London amid tight supply. Year-to-date, silver is now up 93% — on track for its best year since 1979. Gold was also higher, rising 1% to $4,200.
Copper gained 2.5% to $5.30 per pound, driven by persistent supply issues. It’s now up 31% on the year, its strongest performance since 2010.
Energy-related commodities also notched robust gains on Friday. Natural gas prices at the Henry Hub facility jumped 4.5% to $4.80 per million British thermal units, marking a new three-year high.
Crude oil climbed 1.5% as momentum from earlier losses faded. Optimism over a Russia-Ukraine peace deal cooled, with markets adjusting expectations and trimming short positions.
Read also: These 10 S&P 500 Stocks Are Dirt Cheap This Black Friday
Friday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day % Change |
| Dow Jones | 47,761.98 | 0.7% |
| Nasdaq 100 | 25,394.23 | 0.6% |
| S&P 500 | 6,844.19 | 0.5% |
| Russell 2000 | 2,494.57 | 0.3% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.5% to $628.02.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) rallied 0.7% to $477.49.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 0.6% to $617.91.
- The iShares Russell 2000 ETF (NYSE:IWM) gained 0.4% to $248.34.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 1.3%; the Health Care Select Sector SPDR Fund (NYSE:XLV) lagged, down 0.6%.
Russell 1000’s Top 5 Gainers and Losers On Friday
| Stock Name | Change % |
|---|---|
| Circle Internet Group Inc. | +11.40% |
| Intel Corp. | +8.68% |
| Coherent Corp. (NYSE:COHR) | +7.54% |
| Shift4 Payments Inc. (NYSE:FOUR) | +5.47% |
| Reddit Inc. (NYSE:RDDT) | +4.84% |
| Stock Name | Change % |
|---|---|
| AngloGold Ashanti plc (NYSE:AU) | −5.07% |
| RLI Corp. (NYSE:RLI) | −3.15% |
| Eli Lilly and Co. (NYSE:LLY) | −2.80% |
| Medpace Holdings Inc. (NASDAQ:MEDP) | −2.69% |
| Halozyme Therapeutics Inc. (NASDAQ:HALO) | −2.51% |
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