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What you need to know
- The S&P 500 added 0.4% on Friday, Nov. 22, 2024, wrapping up a strong week for stocks highlighted by earnings from chipmaker Nvidia and major retailers.
- Super Micro Computer shares wrapped up a week of massive gains with an 11.6% advance on Friday, notching the top daily performance in the S&P 500 for the fourth time this week.
- Intuit, despite its strong sales and profit figures, issued a lackluster forecast for the current quarter and the company’s shares fell.
The U.S. major equities indexes finished the week on a high note, boosted by strong earnings from Nvidia (NVDA), a chipmaker, and retailers.
The S&P 500 closed the day 0.4% higher, while the Dow gained 1%, boosted by a surge in shares of aircraft manufacturer Boeing (BA). Nasdaq fluctuated around the flatline throughout Friday’s trading session, but it ended up with a 0.2% gain.
Super Micro Computer (SMCI) shares wrapped up a week of massive gains with an 11.6% advance on Friday, notching the top daily performance in the S&P 500 for the fourth time this week. The gains were made after the server maker filed an compliance plan to avoid delisting earlier this week and received a shout-out from Nvidia during the chipmaker’s earnings call.
Copart shares (CPRT), a provider of online vehicle auctions, surged 10.2% in value after exceeding expectations for fiscal first quarter sales. Copart provides remarketing for totaled and damaged cars. Its remarketing business has benefited from the higher volume of salvaged automobiles.
Moderna (MRNA), shares rose 7.5% on Thursday after a senior executive gave bullish remarks at a health conference. The stock’s late week bounce has reclaimed some of its losses in recent weeks, following the appointment of vaccine-skeptic Robert F. Kennedy Jr. to the cabinet. Moderna management stated this week that they do not expect vaccines will be removed from the market during the Trump administration.
Shares of TurboTax parent Intuit (INTU) fell 5.7%, marking the biggest loss of any S&P 500 stock on Friday, after the company’s current-quarter outlook missed estimates. Intuit’s shares fell earlier this week after reports that the Trump administration was considering launching an alternative free tax-filing application.
After initially rising on stronger-than-expected quarterly results and a series of price target boosts by investment analysts, NetApp (NTAP) shares reversed direction to end Friday’s session with a loss of 3.4%. Analysts have praised NetApp’s performance with its flash portfolio but expressed concern about macroeconomic pressures that persist and the sustainability of NetApp’s gross margins.
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