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Market Performance
Economic Insights
Market Dismisses Fed Comments
Friday witnessed a strong performance across all three indices, with the market seemingly dismissing Federal Reserve (US Central Bank) Chair Jerome Powell’s remarks about potential further increases in interest rates.
Moody's Downgrade
The prevailing sentiment today might not be as upbeat, with Moody’s downgrading the US credit rating from “Stable” to “Negative.” This decision stems from ongoing excessive borrowing at higher rates, making debt less affordable.
Stocks Moving The Market
The repetitiveness is getting boring, but the “Magnificent Seven” drove the market higher again. Investors run to these seven stocks whenever there is positive news or market euphoria.
领英推荐
TSMC Delivers
The semiconductor industry had a good day after Taiwan Semiconductor Manufacturing Co (TSMC) announced a 15.7% increase in October revenue year-on-year (YoY) due to higher demand. Semiconductor companies Broadcom (AVGO) and Advanced Micro Devices (AMD) were the most in-demand stocks in the industry on Friday as their share prices appreciated +5.1% and +4.5%, respectively.
Winners & Losers
The standout performer on Friday was medical tech company Hologic (HOLX), finishing with a +7.3% gain after reporting robust full-year (FY) 2023 results
Conversely, Illumina (ILMN) faced headwinds, losing -8.1% of its value after reporting another disappointing quarter of results.
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