US equity indexes showed positive movement during midday trading on Friday, bolstered by a consumer sentiment gauge that exceeded expectations. The S&P 500 experienced a 0.4% increase, reaching 5,999.1, while the Dow Jones Industrial Average gained 0.6%, climbing to 43,982.5. Both indexes set new intraday record highs for the third consecutive day, benefiting from the results of the US presidential elections alongside the Federal Reserve's ongoing monetary easing.
The Nasdaq Composite slightly increased, achieving 19,280.3 after earlier reaching new highs this week. Each of the three main indexes was on the rise this week, as investors appeared to have eliminated electoral uncertainties from their 2024 strategies. Sectors that led the gains included real estate, utilities, and consumer staples, while materials lagged behind as one of the few sectors showing losses. In terms of economic updates, the University of Michigan's preliminary consumer sentiment index improved to 73.0 in November, up from 70.5 in October, surpassing the forecasted rise to 71.0 according to a Bloomberg survey.
Survey respondents anticipated one-year inflation at 2.6%, a slight decrease from October's 2.7%, while five-year inflation expectations rose to 3.1% from 3%. US Treasury yields presented a mixed picture: the 10-year yield fell by 4.3 basis points to 4.3%, while the two-year note increased by 5.3 basis points, reaching 4.25%. Within corporate news, Axon Enterprise reported a significant increase in Q3 adjusted earnings and sales, revising its revenue forecast for 2024 upward.
This announcement propelled shares by an impressive 25% during intraday trading, marking it as the top gain among the S&P 500. Conversely, Akamai Technologies fell by 13% intraday, making it the poorest performer on the S&P 500, as its Q4 non-GAAP earnings and revenue guidance presented disappointing numbers, coupled with a revised lower full-year earnings outlook. In the commodity market, West Texas Intermediate crude oil dropped 2.6%, trading at $70.46 per barrel.
China's crude oil imports continued to decline for the sixth consecutive month in October, raising concerns about demand as US inventories increase, even with OPEC+'s plans to restore 2.2 million barrels per day of production cuts to the market starting in January. OPEC+ also aims to add 180,000 barrels per day monthly for the upcoming year. Gold prices decreased by 0.4%, settling at $2,695.01 per ounce, while silver dropped 1.3% to $31.46 per ounce..