Key Takeaways
- 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.
- Although Intuit posted strong sales and profit results, the financial software firm issued a lackluster outlook for the current quarter, and its shares moved lower.
Major U.S. equities indexes rose Friday to close out a strong week for stocks highlighted by earnings from chipmaker Nvidia (NVDA) and major 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). The Nasdaq fluctuated near the flatline for most of Friday’s session, but ended with an uptick of 0.2%.
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 came after the server maker filed a compliance plan earlier this week to avoid delisting and received a shoutout from partner Nvidia in the chipmaker’s earnings call.
Copart (CPRT) shares surged 10.2% after the online vehicle auction provider reported fiscal first-quarter sales that exceeded expectations. Copart operates remarketing services for damaged and totaled cars, and this part of its business benefitted from a higher volume of salvaged vehicles.
Moderna (MRNA) shares jumped 7.5% after a senior executive made bullish comments at a healthcare conference Thursday, with the stock’s late-week bounce reclaiming some of the losses earlier this month in the wake of the cabinet appointment of vaccine skeptic Robert F. Kennedy Jr. Moderna’s management said this week that it does not expect vaccines to be pulled from the market under 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 shares had already tumbled earlier this week following reports the incoming Trump administration is considering launching a competing free tax-filing app.
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 praised the performance of NetApp’s flash portfolio, but expressed concerns about persistent macroeconomic pressures and the sustainability of the company’s gross margins.