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Key Takeaways
- The Dow, S&P 500, and Nasdaq climbed to record highs in intraday trading Friday after a flurry of strong corporate earnings and the release of a cooler-than-expected inflation report.
- Ford Motor shares surged after the automaker posted quarterly results that topped analysts’ estimates.
- Deckers Outdoor shares plunged after the Hoka maker gave a weaker-than-expected outlook and warned of a consumer pullback because of tariffs and higher prices.
The Dow, S&P 500, and Nasdaq climbed to record highs in intraday trading Friday after a flurry of strong corporate earnings and the release of a cooler-than-expected inflation report.
Ford Motor (F) was the best-performing stock in the S&P 500, as shares soared after the automaker beat profit and sales estimates on strong demand for its “Pro” commercial and fleet vehicles.
Shares of Advanced Micro Devices (AMD) also jumped following a report IBM (IBM) determined it could run certain quantum computing algorithms on an easily accessible AMD chip. IBM shares rose as well.
Coinbase Global (COIN) shares advanced after an upgrade from JPMorgan, citing potential sources of new growth for the cryptocurrency exchange and strengths relative to its peers.
Deckers Outdoor (DECK) shares plunged to lead decliners on the benchmark index after the company behind the Ugg and Hoka shoe brands gave a weaker-than-expected outlook, saying it sees consumers pulling back because of tariffs and higher prices.
Shares of Newmont (NEM) fell amid concerns about production from the world’s biggest gold miner, though its third-quarter results topped analysts’ estimates.
Illinois Tool Works (ITW) shares slid after the industrial products maker missed sales estimates and narrowed its guidance as it anticipates supply chain issues related to tariffs.
Oil futures climbed and gold prices declined. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained on the pound and yen, but lost ground to the euro. Trading in major cryptocurrencies was mixed.
