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Stock Market Today: S&P 500 rises to clinch longest weekly win streak since 2017


Stock Market Today: S&P 500 rises to clinch longest weekly win streak since 2017 By

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AuthorYasin EbrahimStock Markets

Published Dec 22, 2023 11:08
Updated Dec 22, 2023 21:32

© Reuters. — The S&P 500 closed slightly Friday to clinch its longest weekly winning streak since 2017 after data showing inflation cooled more than expected stoked bets on faster and deeper Fed rate cuts strengthening the bulls’ grip on stocks ahead of the long holiday weekend.         

By 16:00 ET (21:00 GMT), the S&P 500 Futures was 0.2% higher, Nasdaq 100 Futures rose 0.2%, and the Dow was down 18 points, or 0.1%,These averages wrapped up an eighth positive week in a row – a first for the S&P 500 since 2017 and for the DJIA dating back to 2019. 

Fed pivot party rages on as disinflation train gains steam

The personal consumption expenditures report, the Fed’s primary inflation gauge, for November slowed by 0.1%, taking the annualized rate through November to 2.6%, below expectations of 2.8%. 

The core measure that strips out volatile food and energy costs, and is more important measure of underlying inflation slowed to a 0.1%, compared with expectations for 0.2%. 

Signs of faster slowdown inflation boosted expectations for a sooner rather than later rate cut, with the odds of a March cut at 85%, compared with 75% a day, according to’s Fed Rate Monitor Tool. 

Investors are now expectations 175 basis points of by the end of next year, taking the Fed funds rate to a range of 3.5% to 3.75% range. That is much more aggressive the three rate cuts for 2024 the Fed projected at its December meeting. 

Nike slumps on weak revenue outlook; Tesla recalls over 120K EVs 

Nike (NYSE:NKE) cut its annual sales forecast, warning of a softer second-half revenue outlook on cautious consumer spending, sending its shares nearly 12% lower.

The sportswear giant now sees full fiscal-year revenue rising about 1%, down from its prior forecast of mid-single-digit percentage growth. 

The company also detailed plans to cut up to $2 billion in costs over a three-year period, which is equivalent of 50% of Nike’s annual demand creation expense budget, RBC says, so “if redeployed effectively, could be helpful towards mid-term growth and profitability in our view.”

The lowered guidance reflecting a worse than expected consumer demand environment across markets, sent shares of peers and retailers including Foot Locker Inc (NYSE:FL) sharply lower.

Tesla (NASDAQ:TSLA) was slightly lower as the EV maker is set to recall over 120,000 Model S and Model X vehicles in the U.S. over the risk of cabin doors being unlocked during a crash, the country’s road safety regulator said on Friday.

Karuna Therapeutics jumps on Bristol Myers Deal; Rocket Lab flies higher after on $515M contract win

Karuna Therapeutics Inc (NASDAQ:KRTX) jumped nearly 48% after Bristol-Myers Squibb Company (NYSE:BMY) announced a deal to buy the company for $14 billion. 

Rocket Lab USA, Inc. (NASDAQ:RKLB) said its subsidiary won a contract worth $515 million from the U.S. government to produce and operate 18 space vehicles. Its shares climbed 23%.

(Peter Nurse contributed to this report.)

Stock Market Today: S&P 500 rises to clinch longest weekly win streak since 2017

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U.S. inflation falls by more than expected in November, bolsters case for lower interest rates from the Fed

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