Nasdaq jumps 1% but hot inflation reading ends the market's 5-week winning streak
- US stocks jumped 1% on Friday, but the gain wasn't enough to extend a five-week winning streak.
stock marketsaw increased volatility after the hottest CPI inflation print since 1990.
- The SEC rejected an application for a long-awaited spot bitcoin ETF from VanEck.
US stocks surged on Friday, with the
The volatile sell-off mid-week came after CPI data showed the sharpest rise in consumer prices since 1990, highlighting the ongoing concern that rising inflation may lead the Fed to raise interest rates sooner than expected.
On the flip side, corporate earnings continue to impress investors, likely adding to Friday's gain. With 91% of S&P 500 companies having reported third-quarter earnings so far, 81% have beat profit estimates by a median of 9% while 72% have beat revenue estimates by an average 5%, according to data from Fundstrat.
Here's where US indexes stood at the 4:00 p.m. ET close on Friday:
- S&P 500: 4,682.83, up 0.72%
- Dow Jones Industrial Average: 36,100.04, up 0.5% (178.81 points)
- Nasdaq Composite: 15,860.96, up 1%
Rivian's post-IPO surge to a valuation of more than $100 billion makes the EV maker the second most valuable US carmaker after Tesla, and its founder is now worth more than $2 billion.
Elon Musk sold another $690 million worth of Tesla shares on Thursday as he faces a multi-billion dollar tax bill related to deep in-the-money options that have fully vested and are set to expire next year. Musk has sold more than $5 billion in Tesla stock this week.
Nvidia received a rare downgrade from Wedbush to Neutral on Friday, despite continued strong fundamentals and an improving business outlook.
Coffee prices have surged to multi-year highs amid a convergence of global supply headwinds and steady demand from consumers.
The SEC once again rejected a bitcoin spot ETF that directly owns the underlying cryptocurrency, citing concerns about the potential for fraud and market manipulation.
Gold jumped as much as 0.18% to $1,867.30 per ounce.
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