Benzinga - by Piero Cingari, Benzinga Staff Writer.
U.S. stocks are poised to close their seventh consecutive week of gains, marking their longest winning streak since October 2017.
In Friday’s session, the S&P 500 index hovered around the flatline at 1 p.m. in New York, while the Nasdaq 100 rose by 0.4%, getting closer to retesting their all-time highs.
The Dow Jones continues to set new highs, reaching 37,275, but it entered a technically overbought condition not seen since January 2018.
Small-cap stocks declined by 0.9%, but they are in their fifth consecutive winning week, marking their best streak since December 2020.
The dollar, as tracked by Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), is up 0.6% after New York Federal Reserve John Williams said it’s premature to think about rate cuts. Gold, as tracked by the SPDR Gold Trust (NYSE:GLD) slipped 0.6%, while Bitcoin (CRYPTO: BTC) tumbled 2.6%.
Friday Performance In Major US Indices, ETFs
| Nasdaq 100 | 16,614.32 | +0.5% |
| Dow Jones | 37,303.26 | +0.1% |
| S&P 500 | 4,720.30 | 0.0% |
| Russell 2000 | 1,983.03 | -0.9% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.5% lower to $469.71, the SPDR Dow Jones Industrial Average ETF (NYSE:DIA) was 0.2% lower to $372.63 and the Invesco QQQ Trust (NASDAQ:QQQ) edged 0.5% higher to $405.28, according to Benzinga Pro data.
Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:XLRE) was the laggard, falling 1.6% after rallying over 3% Thursday. Technology, as tracked by the Technology Select Sector SPDR Fund (NYSE:XLK), outperformed, up 0.4%.
Among industries, solar stocks, as tracked by the Invesco Solar ETF (NYSE:TAN), rose 1.7%. Regional banks, as tracked by the SPDR Regional Banking ETF (NYSE:KRE), lagged behind, down 1.6%.
| Technology | +0.8% |
| Consumer Discretionary | +0.2% |
| Consumer Staples | 0.0% |
| Materials | -0.1% |
| Industrials | -0.1% |
| Communications | -0.4% |
| Financials | -0.5% |
| Energy | -0.7% |
| Health Care | -0.9% |
| Utilities | -1.5% |
| Real Estate | -1.6% |
Stocks In Focus
- First Solar Inc. (NASDAQ:FSLR) rose 5.4% as Jefferies initiates the coverage with Buy rating, setting a price target of $211.
- Shares of of Steel Dynamics Inc. (NASDAQ:STLD) rose 5.2% as the company released stronger-than-expected fourth-quarter guidance.
- Costco Wholesale Corp. (NASDAQ:COST) rose 4.3% after reporting better-than-expected earnings.
- Exelon Corp. (NASDAQ:EXC) tumbled 5.2% after falling 7.6% on Thursday amid a slew of analyst rating downgrades.
- Boeing Company (NYSE:BA) rose 3% to the highest since March 2021 after UBS raised the price target from $275 to $315. Shares are up 50% since end October.
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