Stock Market Today (11/12/21): Nasdaq Outperforms as Mega-Cap Tech Stocks Soar – Kiplinger’s Personal Finance

Stocks ended a choppy week on a positive note but it wasn’t enough to pull the major market indexes into the green on a weekly basis.

In focus today was the University of Michigan’s consumer sentiment index, which fell to 66.8 in November from 71.7 in October – its lowest level in a decade and well below the 72.5 expected by economists.

Also on the economic front, the latest Job Openings and Labor Turnover Survey (JOLTS) showed the number of job openings eased slightly in September (to 10.4 million from August’s 10.6 million), though the number of quits hit a record high of 4.4 million.

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At the close, the Nasdaq Composite was up 1.0% at 15,860 as Meta Platforms (FB, +4.0%) led a rally in mega-cap tech stocks.

The S&P 500 Index gained 0.7% to 4,682 and the Dow Jones Industrial Average rose 0.5% to 36,100 on strength in Johnson & Johnson (JNJ, +1.2%). The healthcare giant gained on news it will split into two publicly traded companies, which you can read more about here.

Still, all three benchmarks notched their first down week since Oct. 1.

Other news in the stock market today:

  • The small-cap Russell 2000 rose 0.1% to 2,411.
  • U.S. crude futures shed 1% to settle at $80.79 per barrel.
  • Gold futures edged up 0.3% to end at $1,868.50 an ounce.
  • The CBOE Volatility Index (VIX) plunged 7.8% to 16.29.
  • Bitcoin slipped 1% to $64,192.14. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
  • A day after rocketing higher on the sale of its Ohio plant, Lordstown Motors (RIDE, -17.6%) pulled a 180 after its third-quarter earnings report. Results didn’t repel investors – the company’s 54-cent-per-share loss was actually better than the 62-cent deficit Wall Street expected. The bears were instead focused on the electric vehicle maker’s announcement that the launch of its first vehicle – the Endurance pickup truck – was being pushed back to the second half of 2022.
  • Kura Sushi USA (KRUS, +30.2%) exploded to new all-time highs after the conveyor-belt sushi chain reported a smaller operating loss and higher revenues for its fiscal fourth quarter. The company’s 32 locations had returned to full indoor dining as of Aug. 31, helping to spur revenues by more than 400% year-over-year to $27.9 million. Meanwhile, its operating loss narrowed …….


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