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Major U.S. equities indexes gained Friday afternoon as comments from a Federal Reserve official boosted confidence in the likelihood of an interest rate cut in December. The Dow climbed 1.4%, the S&P 500 rose 1.2%, and the Nasdaq was up 1.1%.
Ross Stores (ROST) was the best-performing stock in the S&P 500 after the off-price retailer beat earnings and revenue estimates and raised its outlook as bargain-hunting shoppers flocked to its stores. Its shares jumped 7%, leaving them on track to close at a record high.
Shares of Gap (GAP) popped 8% after the company behind Gap, Banana Republic, Old Navy, and Athleta also posted better-than-expected results and lifted its guidance on strong demand at its namesake stores.
Intuit (INTU) shares surged 6% after the maker of accounting software reported strong quarterly results as it benefited from demand for its artificial intelligence tools.
Persistent worries about valuations of AI-related firms pressured some tech stocks. Oracle (ORCL) was the worst-performing stock in the S&P 500 Friday, as shares fell close to 6%, extending their recent decline.
Veeva Systems (VEEV) dropped over 10% as the provider of cloud services for the life sciences industry warned it expects fewer biopharmaceutical firms will use its Vault CRM customer relationship management system.
Oil futures sank and gold prices gained. The yield on the 10-year Treasury note ticked down to 4.08%. The U.S. dollar was up on the euro, but lost ground to the pound and yen. Major cryptocurrencies extended their selloff.
