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Markets Push Higher as Consumer Sentiment Improves in November

MarketDash Editorial Team
16 days ago
U.S. stocks rallied Friday with the Dow jumping over 500 points as healthcare shares led gains. Consumer sentiment rose to 51.0 in November, beating preliminary estimates, while economic data showed mixed signals across manufacturing and services sectors.

Friday brought some welcome relief to investors, with U.S. stocks pushing higher across the board by midday trading. The Dow Jones jumped 1.20% to 46,299.83, notching a gain of more than 500 points, while the Nasdaq rose 0.66% to 22,224.05. The S&P 500 split the difference, climbing 0.91% to 6,598.00.

Sector Performance Shows Clear Winners

Healthcare shares stole the show Friday, jumping 2.4% to lead all major sectors. On the opposite end of the spectrum, information technology stocks barely budged, managing just a 0.1% gain for the session.

Consumer Sentiment Beats Expectations

The University of Michigan's consumer sentiment index delivered a pleasant surprise, edging higher to 51.0 in November compared to the preliminary reading of 50.3. It's a small move, but it suggests American consumers aren't quite as gloomy as initially thought.

Notable Stock Movers

Several stocks made dramatic moves Friday. Iveda Solutions Inc (IVDA) shot up 28% to $0.8351 after announcing an expansion of its regional strategy in Egypt with a new tri-lateral manufacturing partnership between the Arab Organization for Industrialization and ZeroTech.

Nuvve Holding Corp (NVVE) surged even more dramatically, jumping 42% to $0.2327. The company entered into a Memorandum of Understanding with The City of Socorro and Socorro Electric Cooperative to collaborate on accelerating transportation electrification, modernizing local electric infrastructure and strengthening community resilience.

Enviri Corporation (NVRI) gained 29% to $17.50 after announcing a $3.04 billion clean earth sale to Veolia and the spin off of its new Enviri business.

Not everyone had a good day though. Elastic N.V. (ESTC) dropped 15% to $69.96, which is particularly puzzling considering the company posted upbeat second-quarter earnings after Thursday's closing bell. Sometimes the market is weird like that.

authID Inc (AUID) fell 22% to $1.3350 after announcing pricing of approximately $3,675,000 registered direct offering. Dilution concerns likely spooked investors.

Pasithea Therapeutics Corp (KTTA) declined 21% to $0.3337 following the announcement of interim Phase 1 data from its ongoing first-in-human trial evaluating PAS-004 in patients with MAPK pathway-driven advanced solid tumors with a documented RAS, NF1 or RAF mutation, or in patients who have failed prior BRAF/MEK inhibition.

Commodities Mixed

Oil took a beating, trading down 2.3% to $57.65, while gold managed a modest 0.1% gain to reach $4,065.80. Silver dropped 2% to $49.315, while copper edged up 0.1% to $4.9715.

International Markets Struggle

European markets closed in the red across the board. The eurozone's STOXX 600 fell 0.52%, while Spain's IBEX 35 Index dropped 1.19%. London's FTSE 100 declined 0.07%, Germany's DAX 40 fell 0.86%, and France's CAC 40 slipped 0.17%.

Asian markets had an even rougher day Friday. Japan's Nikkei 225 dipped 2.40%, Hong Kong's Hang Seng fell 2.38%, China's Shanghai Composite dropped 2.45%, and India's BSE Sensex declined 0.47%.

Economic Data Roundup

Beyond the consumer sentiment data, several other economic indicators crossed the wire Friday. U.S. wholesale inventories came in flat month-over-month at about $908 billion in August, compared to a revised 0.1% gain in July.

The S&P Global composite PMI climbed to 54.8 in November from 54.6 in October, beating market estimates of 54.5. The services component rose to 55 in November versus 54.8 in the previous month, showing continued strength in the dominant sector of the economy.

Manufacturing told a different story. The S&P Global manufacturing PMI declined to 51.9 in November, marking the lowest reading in four months. Still above 50 means expansion, just slower expansion than before.

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Markets Push Higher as Consumer Sentiment Improves in November

MarketDash Editorial Team
16 days ago
U.S. stocks rallied Friday with the Dow jumping over 500 points as healthcare shares led gains. Consumer sentiment rose to 51.0 in November, beating preliminary estimates, while economic data showed mixed signals across manufacturing and services sectors.

Friday brought some welcome relief to investors, with U.S. stocks pushing higher across the board by midday trading. The Dow Jones jumped 1.20% to 46,299.83, notching a gain of more than 500 points, while the Nasdaq rose 0.66% to 22,224.05. The S&P 500 split the difference, climbing 0.91% to 6,598.00.

Sector Performance Shows Clear Winners

Healthcare shares stole the show Friday, jumping 2.4% to lead all major sectors. On the opposite end of the spectrum, information technology stocks barely budged, managing just a 0.1% gain for the session.

Consumer Sentiment Beats Expectations

The University of Michigan's consumer sentiment index delivered a pleasant surprise, edging higher to 51.0 in November compared to the preliminary reading of 50.3. It's a small move, but it suggests American consumers aren't quite as gloomy as initially thought.

Notable Stock Movers

Several stocks made dramatic moves Friday. Iveda Solutions Inc (IVDA) shot up 28% to $0.8351 after announcing an expansion of its regional strategy in Egypt with a new tri-lateral manufacturing partnership between the Arab Organization for Industrialization and ZeroTech.

Nuvve Holding Corp (NVVE) surged even more dramatically, jumping 42% to $0.2327. The company entered into a Memorandum of Understanding with The City of Socorro and Socorro Electric Cooperative to collaborate on accelerating transportation electrification, modernizing local electric infrastructure and strengthening community resilience.

Enviri Corporation (NVRI) gained 29% to $17.50 after announcing a $3.04 billion clean earth sale to Veolia and the spin off of its new Enviri business.

Not everyone had a good day though. Elastic N.V. (ESTC) dropped 15% to $69.96, which is particularly puzzling considering the company posted upbeat second-quarter earnings after Thursday's closing bell. Sometimes the market is weird like that.

authID Inc (AUID) fell 22% to $1.3350 after announcing pricing of approximately $3,675,000 registered direct offering. Dilution concerns likely spooked investors.

Pasithea Therapeutics Corp (KTTA) declined 21% to $0.3337 following the announcement of interim Phase 1 data from its ongoing first-in-human trial evaluating PAS-004 in patients with MAPK pathway-driven advanced solid tumors with a documented RAS, NF1 or RAF mutation, or in patients who have failed prior BRAF/MEK inhibition.

Commodities Mixed

Oil took a beating, trading down 2.3% to $57.65, while gold managed a modest 0.1% gain to reach $4,065.80. Silver dropped 2% to $49.315, while copper edged up 0.1% to $4.9715.

International Markets Struggle

European markets closed in the red across the board. The eurozone's STOXX 600 fell 0.52%, while Spain's IBEX 35 Index dropped 1.19%. London's FTSE 100 declined 0.07%, Germany's DAX 40 fell 0.86%, and France's CAC 40 slipped 0.17%.

Asian markets had an even rougher day Friday. Japan's Nikkei 225 dipped 2.40%, Hong Kong's Hang Seng fell 2.38%, China's Shanghai Composite dropped 2.45%, and India's BSE Sensex declined 0.47%.

Economic Data Roundup

Beyond the consumer sentiment data, several other economic indicators crossed the wire Friday. U.S. wholesale inventories came in flat month-over-month at about $908 billion in August, compared to a revised 0.1% gain in July.

The S&P Global composite PMI climbed to 54.8 in November from 54.6 in October, beating market estimates of 54.5. The services component rose to 55 in November versus 54.8 in the previous month, showing continued strength in the dominant sector of the economy.

Manufacturing told a different story. The S&P Global manufacturing PMI declined to 51.9 in November, marking the lowest reading in four months. Still above 50 means expansion, just slower expansion than before.

    Markets Push Higher as Consumer Sentiment Improves in November - MarketDash News