Dow closes in the red
The Dow Jones Industrial Average closed lower on Friday. The blue-chip Dow slid 86 points, or 0.2%, to close at 43,828.06. The broad market S&P 500 was relatively unchanged, finishing at 6,051.09. Conversely, the tech-heavy Nasdaq Composite advanced 0.1% to settle at 19,926.72.
Equities ‘remain constructive’ heading into year-end
Stocks may be due for more upside in the coming weeks, according to Piper Sandler. « As we approach mid-December, the equity markets remain constructive within their primary uptrends into year-end, » said chief market technician Craig Johnson, who has a year-end S&P 500 target of 6,100. His year-end 2025 target for the broad market index is 6,600. « Alternating tactical rotations between large caps and SMID caps appears to be a developing short-term theme within the context of the broadening process, » he continued. « Use ‘healthy’ pullbacks that confirm support to add to positions. »
Dollar strengthens against yen
The dollar advanced 0.7% against the yen to trade at 153.73 on Friday. Week to date, the greenback strengthened 0.7% versus the yen. Meanwhile, the euro rose 0.3% against the dollar on Friday and was last at 1.05. However, the euro is also weaker against the dollar for the week by 0.7%. The South Korean won also depreciated 0.4% compared to the dollar ahead of the country’s second impeachment vote against President Yoon Suk Yeol on Saturday. The dollar was last trading at 1,435.80. Month to date, the greenback has climbed 2.9% against the won.
CNBC Pro: Tech investor Dan Niles is the least interested in the ‘Magnificent 7’ he’s been in years
Tech investor Dan Niles is the least excited about the group of « Magnificent Seven » stocks than he has been in years, citing lofty valuations and slowing growth in the megacap tech leaders that is turning him instead to look at a broader-based basket of stocks. « We’ve had a Mag Seven stock in our top five picks which we put out for the last several years, » Niles told CNBC’s « Money Movers » on Friday. « This is the first year where I’m debating whether I have none because a lot of these big things that have driven growth, it’s starting to slow down. AI spending, it’s going to slow down. »
Source : www.cnbc.com