US stocks rose on Friday as investors surveyed President-elect Donald Trump’s efforts to build his team and bitcoin’s (BTC-USD) bid to reach a key milestone.
The S&P 500 (^GSPC) advanced 0.3%, while the Dow Jones Industrial Average (^DJI) gained 250 points or 0.6%. The tech-heavy Nasdaq Composite (^IXIC) flipped between positive and negative territory, after the major gauges closed Thursday in the green.
The major gauges are still on track to close the week with wins of over 1%, despite getting it off to a lackluster start as the post-election rally stalled.
Wall Street is still waiting to learn who Trump will tap for his Treasury secretary — an announcement that could sway markets, given its importance to the economy. The president-elect tapped former Florida Attorney General Pam Bondi to be the US attorney general after his prior pick, Matt Gaetz, withdrew his name from consideration on Thursday.
Meanwhile, surging bitcoin continued to move near the landmark $100,000 level, buoyed by growing confidence that the Trump administration will support pro-crypto policies. The leading token broke above $99,500 early on Friday before retreating amid hopes for looser regulatory oversight after SEC Chair Gary Gensler said he will step down soon. Smaller cryptocurrencies also got a boost.
On the data front, a monthly update on consumer sentiment is due later. The first S&P Global readings from US factory and services activity surveys in November are also on the docket.
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Super Micro on track for over 65% weekly gain
Super Micro Computer (SMCI) — an AI server maker that uses Nvidia’s chips and has a major deal with Elon Musk’s xAI — continued a sharp ascent Friday.
Shares rose over 9% in early trading, putting the stock on track to record a weekly gain of over 65%.
The stock’s rally this week has been driven by the company’s announcement that it’s hired a new auditor and submitted a compliance plan to avoid delisting by the Nasdaq. Super Micro’s prior accountant, Ernst & Young, resigned in late October, saying it was “unwilling to be associated with the financial statements prepared by management,” and the server maker has been at risk of delisting.
Super Micro is reportedly being investigated by the Department of Justice over allegations of accounting violations and other questionable business dealings outlined in a scathing report by short seller firm Hindenburg Research in late August.
11 mins ago
Reddit stock plummets on report of 7.8 million share sale
Reddit (RDDT) stock fell over 8% in early trading on Friday as investors reacted to a Bloomberg report that a company shareholder — Conde Nast parent Advance Magazine Publishers Inc. — is looking to establish a credit facility using its stake in the social media platform.
Citing people familiar with the matter, Bloomberg reported that Advance Magazine Publishers Inc. is offering 7.8 million shares for $145.38 to $148.54 each, which would be valued at as much as $1.2 billion. That price range represented as much as an 8% discount on Reddit’s closing price Thursday of $158.
Reddit stock has been on a massive rally over the past month, surging more than 90% since its earnings beat in late October.
The social media company went public in March in one of 2024’s few hot IPOs, surging nearly 50% after its debut.
Shares rose 16% on Thursday alone.
14 mins ago
Dow gains 250 points as S&P 500, Nasdaq also rise
The Dow Jones Industrial Average (^DJI) added 250 points, or 0.6%, shortly after the market open as shares of Home Depot (HD), Honeywell (HON), and Nike (NKE) rose.
The S&P 500 (^GSPC) gained 0.4%, while the Nasdaq Composite (^IXIC) stepped above the flat line.
30 mins ago
Stocks waver at open, bitcoin eyes $100,000
Stocks wavered at the open on Friday, but the major averages were still on track to end the week with wins. Meanwhile, investors watched the price of bitcoin (BTC-USD), with the leading token trading a stone’s throw away from $100,000.
The S&P 500 (^GSPC) rose slightly, while the Dow Jones Industrial Average (^DJI) was little changed. The tech-heavy Nasdaq Composite (^IXIC) fell slightly.
Alphabet (GOOGL, GOOG) shares extended losses after dropping more than 4% on Thursday amid the threat of a forced sale of Google’s Chrome browser.
Bitcoin climbed above $99,400 early on Friday before retreating. The cryptocurrency has been on fire since Donald Trump’s presidential victory earlier this month, amid optimism that his incoming administration will implement crypto-friendly policies.
By 9:30 a.m. ET, bitcoin was trading at just under $98,000.
Today at 1:56 PM UTC
Bitcoin flirts with $100,000
Bitcoin (BTC-USD) neared the $100,000 level Friday in its latest flirtation with the milestone.
Yahoo Finance’s Julie Hyman reports on bitcoin’s recent surge, up nearly 50% in the past month:
The most-held cryptocurrency has been surging since the US presidential election as the crypto community expects a more friendly regulatory regime with President-elect Trump as “HODLer-in-chief.” That added to an already torrid rally this year, prompted by the introduction of spot bitcoin ETFs.
On the policy front, encouraging signs have been mounting: Coinbase (COIN) CEO Brian Armstrong reportedly met with Trump to discuss his picks for the head of the Securities and Exchange Commission. And SEC boss Gary Gensler and FDIC Chair Martin Gruenberg, seen as crypto foes by the industry, are stepping down around Inauguration Day.
