Stock Market Today: Dow Futures Rise, S&P 500 Slips After Breaking Below 6,550—New Fortress Energy, Gap, Intuit In Focus
U.S. stock futures swung between gains and losses on Friday after Thursday’s sharp sell-off. Futures of major benchmark indices were mixed.
The S&P 500 index dropped below Walter Murphy's support line of 6,550 on Thursday, just after it slipped below its 50-day moving average (DMA) for the first time in months on Monday.
Investors digested September’s hotter-than-expected job report, with non-farm payrolls rising by 119,000 in September, more than double the 50,000 economists had forecast, further trimming hopes for easing next month
Meanwhile, the 10-year Treasury bond yielded 4.08% and the two-year bond was at 3.53%. The CME Group's FedWatch tool‘s projections show markets pricing a 66.9% likelihood of the Federal Reserve not cutting the interest rates during its December meeting.
| Futures | Change (+/-) |
| Dow Jones | 0.28% |
| S&P 500 | -0.14% |
| Nasdaq 100 | -0.47% |
| Russell 2000 | -0.09% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and the Nasdaq 100 index, respectively, were lower in premarket on Friday. The SPY was down 0.35% at $650.25, while the QQQ declined 0.77% to $581.15, according to Benzinga Pro data.
Stocks In Focus
New Fortress Energy
- New Fortress Energy Inc. (NASDAQ:NFE) surged 19.86% in premarket on Friday as it worked through debt restructuring by extending credit agreement and removing liquidity requirements.
- Benzinga’s Edge Stock Rankings indicate that NFE maintains a weaker price trend over the short, medium and long terms, with a poor growth ranking. Additional performance details are available here.
Gap
- Gap Inc. (NYSE:GAP) advanced 3.86% after reporting upbeat third-quarter financial results and raising its FY25 sales guidance above estimates.
- GAP maintained a stronger price trend over the short, medium and long terms, with a strong quality ranking. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.
Elastic NV
- Elastic NV (NYSE:ESTC) tumbled 12.21% despite posting a solid earnings beat and offering strong guidance for the current quarter and full year.
- Benzinga’s Edge Stock Rankings shows that ESTC maintains a weaker price trend over the short, medium, and long terms, with a moderate growth ranking. Additional information is available here.
Veeva Systems
- Veeva Systems Inc. (NYSE:VEEV) dropped 6.69% despite posting upbeat results for the third quarter after Thursday's closing bell. It also raised its fiscal year earnings and revenue estimates to ranges above the analyst estimates.
- It maintained a weaker price trend over the short, medium, and long terms, with a strong growth ranking. Additional performance details, as per Benzinga's Edge Stock Rankings, are available here.
Intuit
- Intuit Inc. (NASDAQ:INTU) rose 3.23% after reporting better-than-expected first-quarter financial results. It expects second-quarter revenue growth of approximately 14% to 15%. The company sees second-quarter adjusted earnings in the range of $3.63 to $3.68 per share, versus estimates of $3.83 per share.
- INTU maintained a weaker price trend over the short, medium, and long terms, with a solid quality ranking. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.
Cues From Last Session
Information technology, consumer discretionary, and industrials stocks recorded the biggest losses on Thursday as most S&P 500 sectors closed negatively, though consumer staples bucked the trend to finish higher.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | -2.15% | 22,078.05 |
| S&P 500 | -1.56% | 6,538.76 |
| Dow Jones | -0.84% | 45,752.26 |
| Russell 2000 | -1.82% | 2,305.11 |
Insights From Analysts
Scott Wren, Senior Global Market Strategist at Wells Fargo Investment Institute, maintains a confident outlook for the equity market through 2026, despite potential near-term volatility.
While acknowledging the historical likelihood of a “Santa Claus rally” in December, Wren emphasizes fundamentals over holiday cheer, noting that “sometimes all that cheer needs a shot of reality” regarding current valuations.
Fundamentally, Wren is bullish, stating, “Do we look for higher stock prices in the coming 13 months? Yes, we do”.
He forecasts an “accelerating economy” in the coming year, driven by deregulation, tax refunds, and expected Federal Reserve rate cuts in 2026. This positive backdrop anchors his 2026 year-end S&P 500 target range of 7,400-7,600.
To capitalize on this, Wren advises trimming fully valued technology sectors and reallocating into Financials and Industrials, which are poised to benefit from AI infrastructure growth.
See Also: How to Trade Futures
Upcoming Economic Data
Here's what investors will be keeping an eye on Friday:
- Federal Reserve Governor Michael Barr will speak at 8:30 a.m., Vice Chair Philip Jefferson at 8:45 a.m., and Dallas Fed President Lorie Logan at 9:00 a.m. ET.
- November’s S&P flash U.S. services and manufacturing PMI will be out by 9:45 a.m., and November’s final consumer sentiment data will be released by 10:00 a.m. ET.
Commodities, Gold, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 2.10% to hover around $57.77 per barrel.
Gold Spot US Dollar fell 0.68% to hover around $4,049.96 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.02% lower at the 100.1370 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 10.27% lower at $$82,355.15 per coin.
Asian markets closed higher on Friday as China’s CSI 300, India’s NIFTY 50, Hong Kong's Hang Seng, Japan's Nikkei 225, Australia's ASX 200, and South Korea's Kospi indices fell. European markets were mostly lower in early trade.
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