US stocks enjoyed a surge on Friday, capping off a stellar November despite a warning from Federal Reserve Chair Jerome Powell that rate hikes may not be over. The S&P 500 rose 0.6% to a 2023 closing high, the Dow Jones Industrial Average increased 0.8%, and the tech-heavy Nasdaq Composite advanced 0.5%. Investors adjusted to Powell’s cautioning on rate cuts and digested their implications on the market. Looking ahead, Toll Brothers and Dollar General are set to report earnings, offering insight into the future of the housing and retail markets, while new data on job openings and the labor market will provide further clues on the Federal Reserve’s tightening campaign. In streaming news, reports of a potential bundling strategy between Apple and Paramount are gaining attention, driving Paramount’s stock to rise by more than 9%. In the crypto realm, Coinbase saw a price jump of over 6% following a major settlement in the industry and Bitcoin is optimistic about the prospects of a spot exchange-traded fund. As the market navigates a variety of news, stocks continue to trade positively.
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