To The Moon

Friday Market Rebounds Some of Weeks Loss

By the end of the day, the market had regained some ground lost when the FOMC released less promising inflation predictions for 2025 after cutting rates on Wednesday. 

At the closing bell 4 pm ET, the S&P 500 climbed 1.28%, the Dow Jones Industrial Average climbed 1.52%, and the Nasdaq Composite Index climbed 1.21%.

Oil futures settled little changed on Friday but tallied losses for the week after feeling pressure from a surging U.S. dollar and continued concerns about the demand outlook, particularly from China, the world's largest crude importer. 

West Texas Intermediate $WTI Crude Oil - main 2311(CLmain)$   edged up by 8 cents, or 0.1%, to settle at $69.46 a barrel on the New York Mercantile Exchange. According to Dow Jones Market Data, prices based on the front month lost 1.9% for the week. 

In other sector news, the Consumer Financial Protection Bureau sued the operator of payment app Zelle and three major banks on Friday, alleging they did not protect consumers from fraud adequately. The regulator sued Bank of America, JPMorgan Chase, Wells Fargo, and Zelle's operator, Early Warning Services, which is co-owned by these three banks, among several others. The CFPB argued that the companies rushed Zelle to the market to compete with Venmo and CashApp without creating enough fraud defense.  

Elsewhere in the economy, $Crude Oil Futures(FEB5) (CLmain.US)$ it remained at $68. Gold and silver climbed, and treasuries fell. $Bitcoin (BTC.CC)$ hovered at $96k, falling from its over 100k grace Thursday. 

Just past 11:43 am ET, the market was turning around: The $S&P 500 Index (.SPX.US)$ climbed 1.78%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.77%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.84%.

$Pfizer(PFE)$   said Friday that the Food and Drug Administration approved its treatment for patients with metastatic colorectal cancer. 

$BlackBerry(BB)$   shares jumped more than 22% Friday morning after reporting better-than-expected third-quarter results, days after announcing it was shedding its ailing cybersecurity business, Cylance, at a steep loss. 

$Berkshire Hathaway(BRK.A)$   has increased its stake in Occidental Petroleum (OXY), purchasing about $409.2 million in shares over the last three days, a regulatory filing on Friday showed. The filing revealed that Berkshire acquired 8.9 million shares of Occidental Petroleum between Dec. 17 and Dec. 19, 2024.

$Trump Media & Technology(DJT)$  's stock fell 6% Friday after President-elect Donald Trump transferred his stake in the company into a revocable trust, according to filings. Trusts are often set up to help avoid the public probate process for the distribution of wealth to beneficiaries. They also may help minimize estate taxes. Trump transferred 115 million DJT shares worth more than $4 billion, accounting for about 53% of the total stock.

$Nike(NKE)$  put options volume jumped after the world's largest sportswear company's outlook highlighted its continued struggle to regain the market share it lost to smaller rivals. Shares swung on Friday from a gain of as much as 1.2% to a loss as big as 2.9% as investors and analysts pondered how long the recovery could take. The company has reported three straight quarters of declining revenue through the three months ended November, sending the stock tumbling 29% this year.

$Novo-Nordisk A/S (NVO.US)$ Shares dropped 20% after a trial of the CagriSema obesity drug, which showed that patients lost 22.7% of their body weight, less than their 25% expectations. Shares of rival weight-loss drug maker Eli Lilly were up 4%. 

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