Major U.S. indexes experienced a modest drop during midday Friday, signaling a pause from the record-setting trends that followed the recent presidential election. The Dow, S&P 500, and Nasdaq all lost some ground.
Shares of Super Micro Computer (SMCI) faced a downturn due to worries that its stock might be eliminated from the Nasdaq 100 Index. Meanwhile, shares of Charles Schwab (SCHW) saw a decline as reporting indicated its sweep cash in November was unchanged from the previous month.
However, not all stocks underperformed. Shares of EVgo (EVGO) surged following a $1.25 billion loan guarantee granted by the federal government to the electric vehicle charging station network.
Broadcom (AVGO) emerged as the champion performer in the S&P 500, with its shares escalating to an all-time high after the chipmaker reported results surpassing expectation and projected a strong demand for its artificial intelligence (AI) products.
Penn Entertainment (PENN) also enjoyed an increase in share prices, courtesy of an upgrade and price target hike from JPMorgan. This called for optimism regarding future growth as Penn’s investments begin to pay off.
With regard to commodities, oil futures saw an increase while gold prices slumped. The yield on the 10-year Treasury note advanced, and the U.S. dollar gained against the pound and yen, but fell against the euro. Most major cryptocurrencies exhibited a downtrend.