U.S. equities ended the week on a winning note, with the S&P 500 trading for much of the session above the 4,300 mark for the first time since August after entering bull market territory yesterday. The gains were fueled by renewed optimism that Federal Reserve policymakers may pause the central bank’s interest rate hike cycle at their meeting next week. For the week, the Dow, S&P 500, and Nasdaq were in the green.
Shares of Tesla (TSLA) advanced for the 11th consecutive day, tying its longest winning streak ever, as the electric vehicle (EV) maker and General Motors (GM) reached an agreement to let GM’s EVs use Tesla’s fast charging stations. It’s a similar deal to one Tesla recently made with Ford (F), and shares of both GM and Ford were up as well.
Shares of Netflix (NFLX) moved higher on data showing the streaming service’s crackdown on password sharing increased subscriptions. Analysts' upgrades lifted shares of Adobe (ADBE) and Corning (GLW). Sonoma Pharmaceuticals (SNOA) shares soared as the health care firm announced a product that could replace IV bags for some surgeries. Salesforce (CRM) was the Dow leader, as the cloud-based business software provider’s shares picked up more than 2%.
DISH Network (DISH) was the worst-performing stock in the S&P 500 following a report suggesting the struggling satellite company is looking to sell assets to pay for its plan to provide 5G coverage to 70% of the U.S. by the end of the month. Shares of chemical maker Dow (DOW) sank 2%, while shares of Home Depot (HD), Intel (INTC), and Walgreens Boots Alliance (WBA) all lost 1%.
Target (TGT) shares dipped for the 13th time in 15 days on a downgrade from Citi. Shares of Comerica (CMA), Zions Bancorporation (ZION), and other regional banks stumbled.
Oil futures slipped 1%. Gold prices were down. The yield on the 10-year Treasury note climbed. The U.S. dollar rose against the euro and yen, but lost ground to the pound. Most major cryptocurrencies traded lower.