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The S&P 500 posts a 6,000-point milestone as Wall Street expects its best week in a year

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The S&P 500 posts a 6,000-point milestone as Wall Street expects its best week in a year

US stocks hovered around record highs on Friday, with the Nasdaq lagging behind as post-election euphoria faded and China’s latest stimulus plan fell apart.

The S&P 500 (^GSPC) rose 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) fell about 0.1%. The Dow Jones Industrial Average (^DJI) rose 0.3%.

Stocks drifted higher, ending a banner week of gains, driven by optimism that newly elected President Donald Trump’s policies will boost the economy. But the initial ‘Trump trade rush’ appears to be dissipating as Wall Street questions whether Trump will be able to follow through on his ambitious policies. For example, dollar yields (DX=F) and government bonds have given up much of their post-election gains.

Disappointment with China’s new fiscal stimulus also dampened market sentiment, putting pressure on oil prices, the yuan and local stocks. The $1.4 trillion plan to refinance local government debt left investors unconvinced of its potential to boost a flagging economy.

Still, Wall Street’s key indicators are still on track for strong weekly gains after hitting more records on Thursday as the Federal Reserve made its expected rate cut. The S&P 500 is approaching the 6,000 point mark for the first time.

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On the corporate front, shares of Sony (SONY) soared in premarket trading after the PlayStation maker posted a 73% quarterly profit.

Meanwhile, Paramount Global (PARA) reported third-quarter earnings on Friday, showing further improvement in its streaming business that it is preparing to combine with Skydance Media.

LIVE 3 updates

  • Inflation expectations fall to the lowest level since December 2020

    Americans are feeling increasingly better about the short-term path of inflation.

    The latest consumer sentiment survey from the University of Michigan shows that consumers expect inflation to be 2.6% a year from now, down from last month’s expectation of 2.7%. November’s figures are the lowest since December 2020 and within a range of 2.3% to 3.0% in the two years before the pandemic.

    However, expectations for long-term inflation were higher, from 3% the month before to 3.1%.

    The overall consumer confidence index stood at 73, compared to 71 in October. The interviews for the study were completed on Monday and therefore did not include responses to the election results.

  • Major averages are rising, Nvidia is officially part of the Dow Jones

    U.S. stocks flirted around record highs like Nvidia ( NVDA ) on Friday after the latest rate cut announced by the Federal Reserve.

    The market euphoria following Trump’s White House victory appeared to fade as the Nasdaq Composite (^IXIC) was little changed. The S&P 500 (^GSPC) rose 0.1%, while the Dow Jones Industrial Average (^DJI) rose 0.3%

    On Thursday, the Federal Reserve announced a 25 basis point cut, a move widely anticipated by markets.

    On Friday, AI chip heavyweight Nvidia (NVDA) replaced semiconductor giant Intel (INTC) as one of the 30 constituents of the Dow Jones.

    The new addition should give the blue chip index an extra boost. Intel shares are down about 45% this year, while Nvidia is up more than 200%.

    Paint maker Sherwin-Williams (SHW) also replaced Dow Inc. (DOW) as one of the components of the highest average.

  • Good morning. This is what’s happening today.

    Here’s a look at the top market themes as you wake up today: China’s stimulus measures are falling short, Paramount is missing profits despite steady growth, and Nvidia is reaching a market cap of $3.6 trillion. Meanwhile, investors have retreated from Trump’s trades, unsure of his pricing plans.

    Economic data: University of Michigan Consumer Confidence, (November preliminary)

    Income: Canopy Growth (CGC), Icahn Enterprises (IEP), Sony (SONY), Paramount Global (PARA)

    Here are some of the biggest stories you missed last night and early this morning:

    Nvidia sets a record with a market value of $3.6 trillion after Trump’s victory

    Paramount’s revenue is lagging as streaming increases profits

    Investors recall ‘Trump trades’ as policy questions remain

    Trump’s victory sends US stocks up $20 billion

    China greenlights $1.4 trillion debt plan to stimulate economy

    TSMC will stop production of advanced AI chips for China, FT reports

    How a couple crowdfunded their restaurant dream

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