Important points
Major US stock indexes rose on the final day of an eventful week for the market.
Friday’s rise came as the latest personal consumption expenditures (PCE) data, a measure of inflation closely monitored by the Federal Reserve, showed price increases slowed in November compared to the previous month. I woke up after receiving it. The reading was welcomed by investors hoping for a signal that the Fed will follow up on this week’s rate cut with another one in 2025.
The S&P 500 regained some of the losses it posted earlier in the week, rising 1.1% as the Federal Reserve signaled cautiousness regarding its policy moves next year. The Dow and Nasdaq rose 1.2% and 1%, respectively.
Shares of solar technology provider Enphase Energy (ENPH) rose 8.6%, the biggest gainer among S&P 500 stocks, after OTR Global upgraded its view on the stock from “negative” to “mixed.” . Enphase is benefiting from rival SolarEdge (SEDG)’s decline in orders for solar string inverters in the U.S., according to market research firm Channel Check. Earlier this week, Enphase began shipping home battery systems in India.
Palantir Technologies (PLTR) stock soared 8.5%, extending the big data analytics company’s catch-up to rise about 369% in 2024. Palantir announced earlier this week that it had extended its contract with the U.S. Army. The company’s artificial intelligence (AI) software helps accelerate critical decision-making processes. Palantir stock is expected to join the influential Nasdaq 100 index next week.
Match Group (MTCH) stock rose 6.7% on Friday, rebounding from losses earlier this week following downgrades by Jefferies and Morgan Stanley. Analysts are concerned about the growth trends of Tinder, the largest online dating platform, but a recent Wall Street Journal report highlighted investments to improve the app’s user experience, raising expectations. It has been pointed out that the reduction could give Match the flexibility to implement its turnaround plan.
Cruise company Carnival (CCL) posted a better-than-expected fourth-quarter profit, helped by year-over-year increases in ticket, onboard and other revenue. The company struck a positive tone for 2025, noting that bookings for voyages in the fourth quarter of next year were higher than comparable numbers last year, despite reduced available inventory. On Friday, Carnival stock rose 6.4%, while Norwegian Cruise Line Holdings (NCLH) stock rose 5.9%.
Medical device maker Dexcom (DXCM) this week added the ability to use generative AI to provide personalized health tips to patients to its over-the-counter blood sugar monitors. Dexcom shares rose 5.6% on Friday after Zacks Equities Research released a report that said upbeat earnings and revenue growth expectations could support strong returns for the stock in 2025.
Tesla (TSLA) stock fell 3.5% for the day, ending a volatile week of trading and posting the weakest performance in the S&P 500. Friday’s slump came as automakers recalled about 700,000 vehicles in the U.S. to address an issue affecting tire pressure monitors.
Package delivery giant FedEx (FDX) lowered its full-year earnings forecast and announced plans to spin off its cargo business. FedEx stock was mostly flat on Friday, but the announcement raised concerns that the short-term performance of the less-than-truckload (LTL) freight industry will weigh on other trucking stocks. Old Dominion Freight Line (ODFL) stock fell 3.4%.
