The Dow Jones Industrial Average added to gains after opening slightly higher on Friday. At noon, the blue chip index was 0.5% higher after a slew of good news from Big Tech and retailers. The S&P 500 held its 0.2% gain while the Nasdaq, which was flat earlier, declined 0.2%.
The small-cap Russell 2000 led, gaining 0.5% Friday afternoon.
Crude oil tanked nearly 3% to $79.06 per barrel.
U.S. oil futures flashed possible oversupply for the first time this year. The spread between December and January contracts fell to a narrow range — a bearish indicator. The expiry date for December deliveries may be driving the plunge, even as demand concerns rise. Underlying global demand weakness and the continuing Texas outage are also pressuring U.S. oil exports and dimming the near-term outlook.
The yield on the 10-year Treasury note rose 3 basis points to 3.8%
Bitcoin rose over 1% but continued to hover below $17,000.
Volume on the NYSE and on the Nasdaq was lower compared to the same time on Thursday.
On Friday, Boston Fed President Susan Collins affirmed confidence in the Fed's ability to bring down inflation while maintaining that its "intent is not a severe downturn."
Existing home sales fell 5.9% in October, continuing a nine-month string of weak housing demand. All regions reported declines.
BMO Harris economists believe that housing will continue to weaken in November and December while LPL Financial economists think the low supply of homes makes a replay of the 2008 housing crash unlikely.
Market Rally Finds Support, But New Buys Struggle
Social Media Freaks Out After Twitter Closes Doors
Elon Musk has shuttered Twitter offices until at least Monday, according to reports.
As more workers leave after Tesla CEO Musk's ultimatum for longer work hours, the social media platform has hit record active users.
However, the website is at risk, with fewer engineers manning the site. Heavy outages were reported overnight, adding to the rapidly-spreading #RIPTwitter hashtag.
Mounting security risks may also trigger a probe from the U.S. Fair Trade Commission and congressional committees.
Tesla shares fell over 4% today.
Earnings Outside Dow Jones
Applied Materials, Ross Stores and Palo Alto Networks beat views on Thursday. AMAT's sales of $6.75 billion and earnings of $2.03 per share came above estimates of $6.45 billion and $1.73. The chip equipment maker lowered its Q4 outlook by $400 million due to China's ongoing Covid lockdown.
Shares were up less than 1% at noon and are testing the 200-day line.
Palo Alto Networks posted $1.6 billion in revenue and earnings of 83 cents per share, topping estimates of $1.55 billion and 69 cents. PANW stock gapped up over 13% Friday, lifting above its 50-day line.
Ross booked $4.6 billion in sales with earnings of $1 per share. Elsewhere, Gap reported sales of $4.04 billion and 77 cents per share.
GPS stock rose 2.5% while ROST stock is on pace for its best performance since Nov. 9, 2020, when it rose 15.56%.
China's e-commerce giant JD.com beat views and bucked ongoing pressure from China's lockdowns, earning 38 cents per share on sales of $34.2 billion. Shares fell over 1%.
Footlocker beat top and bottom-line estimates and raised its outlook. The stock rallied more than 6%.
Analyst Ratings Change
Coinbase got downgraded to neutral by BofA Securities' Jason Kupferberg, who also lowered the price target to $50. COIN fell 6% at noon on Friday.
JPMorgan's Lisa Gill upgraded Walgreens to overweight. The Dow Jones bellwether stock was down 1% at noon.
UBS' Cody Ross upgraded Conagra to buy, with a $41 price target. Shares have rallied over 2%.
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