U.S. Stocks See Further Upside, Poised For Strong Weekly Gains

On Friday, stocks largely advanced, building on the gains from the previous day. The Dow is at the forefront of this upward trend, whereas the Nasdaq, known for its technology focus, is showing a smaller increase.

At present, the Dow hovers below its session peak but has risen by 268.10 points or 0.6% to stand at 44,138.45. Meanwhile, the S&P 500 has increased by 19.29 points or 0.3% to 5,698.00, and the Nasdaq is up by 18.82 points or 0.1% to reach 18,991.24.

This steady climb sets the major averages for significant weekly gains, partly balancing the significant downturn observed the previous week. The stocks initially surged following President-elect Donald Trump's clear win earlier this month but dropped before recovering in recent sessions.

This market progress continues even as Nvidia (NVDA), a leader in AI, experiences a 2.2% decline. Nvidia previously ended the last session with a 0.5% rise, benefitting from better-than-expected third-quarter earnings and revenue reports.

Market trading remains somewhat restrained, as investors anticipate key U.S. economic data next week, particularly metrics on consumer price inflation closely monitored by the Federal Reserve.

On the company front, Gap (GAP) shares have spiked after the clothing retailer announced third-quarter earnings surpassing expectations and upgraded its full-year forecast. NetApp (NTAP), a data technology enterprise, also saw substantial upward movement after reporting fiscal second-quarter profits that exceeded analyst predictions. Conversely, Intuit (INTU) faces downward pressure, despite outperforming fiscal first-quarter projections, due to less favorable guidance for the upcoming quarter.

In U.S. economic developments, revised data from the University of Michigan revealed a lesser-than-expected improvement in consumer sentiment for November. The index for the month has been adjusted downward to 71.8 from an initial estimate of 73.0. Economists anticipated an upward revision to 73.7, though the index remains higher than October's final figure of 70.5. Despite the unanticipated downward adjustment, the sentiment measure still marks its highest level since April's 77.2.

In sector-specific updates, computer hardware stocks continue their rally from the prior session, pushing the NYSE Arca Computer Hardware Index up by 2.5% to its best intraday level in over three months. Networking stocks also exhibit notable strength, reflected in a 1.6% rise in the NYSE Arca Networking Index. Banking stocks are on the rise too, with the KBW Bank Index achieving a two-year intraday peak, up 1.3%. Oil service, pharmaceutical, and telecommunications stocks are similarly gaining ground, while utility stocks are retreating slightly.

Internationally, Asia-Pacific stock markets delivered mixed results on Friday. Japan's Nikkei 225 Index improved by 0.7%, contrasting with declines in Hong Kong's Hang Seng Index, down 1.9%, and China's Shanghai Composite Index, which dropped 3.1%. In Europe, major markets rallied; the U.K.'s FTSE 100 Index increased by 1.4%, Germany's DAX Index climbed 0.8%, and France's CAC 40 Index rose 0.5%.

In the bond market, U.S. treasuries are modestly gaining ground after two days of losses, resulting in the yield on the benchmark ten-year note falling by 1.4 basis points to 4.418%.