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Ford was the best-performing stock in the S&P 500 Friday.
A major automaker led gains on the S&P 500 Friday, while a shoes and apparel maker lost ground after warning about a pullback in consumer spending.
Ford shares soared after the automaker posted quarterly earnings that topped analysts’ estimates.
Deckers Outdoor shares plunged after the shoe and apparel maker said it expects consumers could pull back in the face of tariffs and higher prices.
Shares of a major automaker surged Friday on a strong earnings report, while a shoes and apparel maker lost ground after warning tariffs and higher prices could discourage shoppers.
Major U.S. equities indexes finished the week at record highs after the release of a cooler-than-expected inflation report, reinforcing expectations of an interest rate cut by the Federal Reserve next week. The Nasdaq rose 1.2%, the S&P 500 added 0.8%, and the Dow climbed 1% to finish above 47000 for the first time. All three indexes posted roughly 2% gains for the week. See here for more coverage from Investopedia of Friday’s market moves.
Ford Motor (F) was the best-performing stock in the S&P 500 Friday, soaring over 12% after the automaker posted third-quarter earnings that topped analysts’ estimates. The strong results overshadowed a cut to Ford’s outlook, related to the impacts of a fire at an aluminum supplier. Shares of other big automakers, including General Motors (GM), also rose. Tesla (TSLA), which reported quarterly results late Wednesday, finished more than 3% lower.
Shares of International Business Machines (IBM) and Advanced Micro Devices (AMD) jumped nearly 8% to finish at record highs following a report that IBM found it could run a key quantum computing error-correcting algorithm on an easy-to-get and reasonably priced chip made by AMD.
Micron Technology (MU), which supplies memory solutions for AMD and Nvidia (NVDA) chips, also gained following the news, adding 6%. The SOX index of semiconductor stocks finished the day up 1.9%.
Deckers Outdoor (DECK) shares plunged more than 15% to lead decliners on the benchmark index. The Ugg and Hoka shoe maker gave a weaker-than-expected outlook, saying it anticipates a pullback in consumer spending because of tariffs and higher prices.
Shares of Newmont (NEM), the world’s largest gold miner, fell 6.2% amid concerns about its production outlook, though its third-quarter results topped analysts’ estimates as the price of gold has lately surged.
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