US benchmark equity indexes experienced positive momentum intraday, largely driven by a post-earnings rally in Netflix shares. The Nasdaq Composite saw an increase of 0.7%, reaching 18,506.9 around midday Friday. The S&P 500 rose by 0.5%, landing at 5,867.7, while the Dow Jones Industrial Average climbed slightly by 0.1% to 43,289.1.
With the exception of the energy sector, all other sectors saw gains, most notably in communication services. In corporate developments, Netflix emerged as the leading gainer on both the S&P 500 and Nasdaq, soaring by 10%. The streaming powerhouse reported better-than-anticipated third-quarter financial results, with new subscriber counts exceeding Wall Street's expectations, significantly boosting investor confidence. Another notable performer was Intuitive Surgical, whose shares surged by 9.5%, ranking as the second-best performer on both major indexes.
The company, which specializes in robotic surgical systems, announced third-quarter results that outperformed forecasts, driven by double-digit growth in the volume of procedures performed. On the other hand, CVS Health appointed David Joyner as the new chief executive on Friday. However, the healthcare giant also provided a preliminary outlook for third-quarter earnings that fell short of industry estimates, resulting in a notable share price drop of 6.5%, marking the steepest decline on the S&P 500. Meanwhile, the US 10-year yield dipped by 1.9 basis points to 4.08% during intraday trading.
The two-year rate also slid by two basis points to 3.97%. In commodities, West Texas Intermediate crude oil decreased by 1.4%, pricing at $69.65 per barrel. According to D.A. Davidson in a note to clients, oil prices appeared to be heading towards their largest weekly loss in over a month, primarily due to concerns regarding reduced demand. Economic indicators reflected a decline in US housing starts last month.
Government data revealed that while there were gains in single-family housing projects, these were offset by a decrease in the multi-family sector. Looking ahead, analysts at Oxford Economics predict a recovery in housing starts gaining momentum next year. They foresee an annualized pace of 1.5 million starts, supported by decreasing mortgage rates as the Federal Reserve continues to lower interest rates, less stringent credit conditions for builders, and an ongoing need for increased housing supply. In precious metals, gold prices ticked up by 0.8%, reaching $2,729.70 per troy ounce, while silver saw a more substantial jump of 4.6%, pricing at $33.22 per ounce..