The benchmark US equity indexes increased on Friday, as the stock market snapped a losing streak of three days.
The Dow Jones Industrial Average rose by 0.3% at the time this article was written, and the S&P 500 gained 0.8% since the previous closing.
On Friday, the Nasdaq Composite Index gained over 1.3%.
The Nasdaq, S&P 500 and Dow ended the day in green Thursday due to positive results from Tesla as well as falling Treasury yields in the US.
The yield on the 10-year Treasury fell off its highs of three months, reached Wednesday.
Centene shares and Microsoft share prices rise
Centene shares are rising after exceeding expectations in the third quarter profit of this health insurer. This was due to rate increases for Medicaid and a higher number of members in their health insurance exchange.
Microsoft stock rose after Satya Nadella, the Chief Executive Officer of Microsoft was awarded a salary package totaling $79,000,000 for fiscal year 2024. This is a 63% rise from last year.
If Nadella hadn’t taken a salary cut in order to reflect the cybersecurity risks at his company, then Nadella’s package would have been higher by $5 million.
Colgate-Palmolive shares fell Friday, despite exceeding expectations for the third-quarter and increasing guidance.
Viking Therapeutics stock is soaring
The shares of Viking Therapeutics soared by nearly 10% after its third-quarter earnings exceeded analysts’ expectations.
Yahoo Finance reports that Wall Street has 13 current buy ratings for the stock.
Deckers Outdoor shares also surged by 14% following its strong earnings.
Analysts from LSEG had predicted earnings per share of $124, but Deckers exceeded this by $159 comfortably.
Digital Realty Trust, a real estate investment trust that reported record-breaking lease bookings in the third quarter, saw its shares surge 11% ahead of the opening bell.
Capri Holdings falls, but Tapestry is on the rise
Capri Holdings’ stock fell by over 40% following a US court ruling that blocked an upcoming merger.
It was planned that the handbag manufacturer Tapestry and Michael Kors, Jimmy Choo’s parent company, would merge.
Tapestry shares jumped 15% Friday.
Apple shares also fell by nearly 1%, before recovering their losses completely on Friday, after it was revealed that iPhone sales fell in China in the third-quarter, due to fierce domestic competition.
US economic statistics are positive
In September, new orders of key capital goods manufactured in the US increased by more than anticipated.
Investors will also be watching the US GDP for the third-quarter.
The US monthly employment report will also be published.
Traders will focus on the data, especially after the previous report came in hotter-than-expected.
This led to a reduction in bets on a large-scale US Federal Reserve rate cut.
Weekly gains from crude heads
After a 7% drop last week, crude oil prices are on course for a weekly gain.
The rise in oil prices is due to the increasing tensions geopolitically in the Middle East, and the uncertainty ahead of the US Presidential election.
Brent crude oil prices are up by 2.1% to $75.94 per barrel, and West Texas Intermediate Oil is up by 2.2% at $71.71 a barrel.
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