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Key Takeaways
- 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.
