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Stock Market Today: Dow closes higher as rally mode continues into December

Published Nov 30, 2023 06:46PM ET Updated Dec 01, 2023 04:15PM ET
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Investing.com -- The Dow closed higher Friday, as Treasury yields were pressured by growing expectations for sooner rate cuts even as Federal Reserve Chairman Jerome Powell warned against "premature" bets on rate cuts.

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 294 points, or 0.8%, while the S&P 500 gained 0.6%, and the NASDAQ Composite added 0.6%. The S&P 500 ended the day at 4,594.63, a closing high for the year, following a jump in November. 

The gains followed stellar November performance for the major indexes, with the S&P 500 and NASDAQ Composite registered their biggest monthly percentage increases since July 2022, while the Dow Jones Industrial Average soared to its best month since October 2022.

Treasury yields sidestep Powell's attempt to pushback against rate cut bets

Treasury yields fells sharply, shrugging off Powell's warning that it "would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease."

The odds of a March cut jumped to 57.9% from 21.6% the prior week, according to Investing.com's Fed Rate Monitor Tool.

The yield on the 2-year Treasury, which is more sensitive to Fed policy, slumped 15 basis to 4.561%, its lowest level since June, while the 10-year Treasury also fell sharply to 4.217%.

Tesla cuts losses but ends lower after pricing Cybertruck at high-end of expectations

In corporate news,Tesla (NASDAQ:TSLA) cut some losses to end the day around 0.5% lower after the electric-vehicle manufacturer revealed a starting price of nearly $61,000 for its highly-anticipated Cybertruck, about 56% higher than the starting price announced in 2019.

"This pricing is at the high end of what we expected, and supports our view that conversion rate on the 1M + reservations will be low, likely under 20%," RBC Capital Markets said in a note. 

The base model Cybertruck is only set to roll out in 2025, leaving room for the price to "ultimately come down after deliveries to early adopters," RBC added.

Ulta Beauty fashions impressive quarter; Marvell falls on outlook

Ulta Beauty (NASDAQ:ULTA) lifted its full-year guidance and talked up the outlook going into the key holiday shopping season after the cosmetics retailer reported Q3 results that topped Wall Street estimates. Its stock jumped nearly 11%.

Ulta's quarterly results showed "that demand for beauty remains strong," UBS says, and the set up for the stock into 2024 "looks quite appealing as the company articulated confidence that it can maintain its algo next year."

Marvell Technology Inc (NASDAQ:MRVL), meanwhile, fell more than 5% as better-than-expected quarterly results were overshadowed by weaker guidance than expected. 

The results weighed down by its legacy businesses in enterprise and carrier markets, but some analysts remained optimism pointing to AI-related growth. 

"The good news is cloud/AI is solidly on track," analysts at Bank of America Securities said in a note.

Apple, Paramount in talks to team up on streaming bundle; Disney reinstates dividend

Apple (NASDAQ:AAPL) and Paramount Global (NASDAQ:PARA) are reportedly in early discussions to bundle their streaming services at a discounted rate, The Wall Street Journal reported Friday.  

Walt Disney (NYSE:DIS) stock fell 0.2% despite announcing the reinstatement of its dividend, as the entertainment giant turned down the request of Trian Fund Management, led by activist investor Nelson Peltz, for board representation.

Oil gains after OPEC-induced losses

Oil prices edged higher Friday, clawing back some losses from the previous session when the voluntary oil output cuts agreed by OPEC+ producers fell short of expectations.

The Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to a voluntary output reduction of 900,000 barrels per day in addition to extending 1.3 million barrels per day in production cuts already in place. 

(Peter Nurse and Oliver Gray contributed to this item.)

Stock Market Today: Dow closes higher as rally mode continues into December
 

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Comments (21)
Maximus Maximus
Maximus Maximus Dec 01, 2023 6:14PM ET
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Bidenomics baby!
Stan Smith
Stan Smith Dec 01, 2023 5:28PM ET
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If this rally is so great why aren't all investors in stocks. Seems Gold is soaring for some reason...any insights into that?
Ronald Warren
Ronald Warren Dec 01, 2023 5:28PM ET
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We've had investors steadily buying bonds this week. Last shot at security? I really have no idea. Any thoughts?
Dec 01, 2023 4:29PM ET
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Biggest evil nasty spike in a month. Something must be wrong
First Last
First Last Dec 01, 2023 4:29PM ET
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You're wrong.
Stonezy Gh
Stonezy Gh Dec 01, 2023 4:20PM ET
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hi dear
soho electronics
soho electronics Dec 01, 2023 4:19PM ET
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this is soooo easy. I quit my job and everyday all I do is buy the Dow. made more money this past month than the whole of last year on a salary, easy money!
Ac Tektrader
Ac Tektrader Dec 01, 2023 4:19PM ET
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more dangerous spam.
Ac Tektrader
Ac Tektrader Dec 01, 2023 4:19PM ET
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Ac Tektrader sorry soho nothing wrong with your post
Mitchel Pioneer
Mitchel Pioneer Dec 01, 2023 4:04PM ET
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BIGGEST INVESTMENT JOKE IN THE WORLD.
TheLast LoserDon
TheLast LoserDon Dec 01, 2023 3:43PM ET
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I am getting a little tired of winning with Dark Brandon, not.
tony gal
tony gal Dec 01, 2023 2:46PM ET
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Jesus Christ🤦‍♂️it isn't about the rate cuts, it's about the pause because as soon as they do cut its game over.
Mitchel Pioneer
Mitchel Pioneer Dec 01, 2023 2:38PM ET
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And after a criminal run-up earlier, the laughingstock of the financial world walks a clothesline into the close.  Of course, it won't tank "in late trade."  Only losses are vanquished in the final hour.  BIGGEST INVESTMENT JOKE ON EARTH.
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TheLast LoserDon
TheLast LoserDon Dec 01, 2023 2:38PM ET
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No have never lied there Jeff.
Ronald Warren
Ronald Warren Dec 01, 2023 2:38PM ET
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Howdy Jeff. Click on those three little dots to the right of your post or someone else's post. You can block that person from your view of the site. I prefer to see Mitchel's posts. Just my preference.
Ac Tektrader
Ac Tektrader Dec 01, 2023 2:38PM ET
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Mitch is an idiot who proves his ignorance on a daily basis anyone agreeing with him should not be trading in these markets.
Ac Tektrader
Ac Tektrader Dec 01, 2023 2:38PM ET
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Mitch every day with his canned ignorance. anyone beliving his b's shouldn't be trading in these markets.
Ac Tektrader
Ac Tektrader Dec 01, 2023 2:38PM ET
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TheLast LoserDon Mitch is lying to himself and believing it.
Casador Del Oso
Casador Del Oso Dec 01, 2023 2:15PM ET
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Seeking clues? Everyone is already convinced a pivot is imminent. Once that happens, yield curves will uninvert and the recession can begin in earnest.
First Last
First Last Dec 01, 2023 2:15PM ET
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Soft landing
Katarína Štellárová
Katarína Štellárová Dec 01, 2023 2:15PM ET
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Kedy? 🤔
 
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