Stock Market Rallies: Nasdaq Posts Third Straight Gain Thanks to Netflix
Stocks closed higher as the Nasdaq climbed by triple digits, marking its third consecutive day of gains. This upward movement was significantly aided by Netflix’s (NFLX) impressive post-earnings performance. Over the course of this week, all three major indices recorded their sixth straight weekly gains, with both the Dow and S&P 500 achieving their longest winning streaks since December. These indices also reached all-time highs. Meanwhile, small caps outpaced the market, with the Russell 2000 Index (RUT) showing a 1.9% gain for the week.
Here’s what you need to know about today’s market movements:
Key Insights from Today’s Market
- A potential cease-fire in Gaza seems possible after Israel killed Hamas’ lead figure on Wednesday. (Bloomberg)
- Stellantis (STLA) is continuing its cost-cutting measures, this time considering land sales in Arizona. (CNBC)
- The streaming giant experienced a significant post-earnings boost.
- A C-suite shakeup led to a decline in drugstore stocks.
- Here are three retail stocks with major contrarian potential.
Oil Prices Plummet: The Worst Week in Over a Year
Although there was a brief respite yesterday, oil prices fell sharply both for the day and the week due to persistent concerns over demand. November-dated West Texas Intermediate (WTI) crude dropped by $1.45, or 2.1%, closing at $69.22 per barrel for the day. This reflects an 8.4% decline for the week, marking the largest weekly drop in over a year.
In contrast, gold prices saw a healthy rise, climbing around 2.4% amid ongoing election uncertainties and tensions in the Middle East. For the day, December gold delivery increased by 0.9%, trading at $2,732.40 at the latest check.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
