Boeing helps lift Dow 358 points as tech shares drive S&P, Nasdaq

The FAA is set to evaluate Boeing's 737 Max Jet next week, per reports

U.S. equity markets turned losses into gains late Friday as investors piled back into technology stocks.

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The Nasdaq Composite gained over 2% with Tesla, Nvidia and Amazon among the top performers and helping the composite register a small 1.1% weekly gain.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11478.882835-192.67-1.65%
TSLATESLA INC.430.83-8.84-2.01%
NVDANVIDIA CORPORATION539.91-12.55-2.27%
AMZNAMAZON.COM INC.3,207.21-65.50-2.00%

The Dow Jones Industrial Average rallied over 359 points or 1.34% as Boeing led the charge after the FAA confirmed plans to evaluate the 737 Max Jet next week with Administrator Steve Dickson set to pilot the plane.

This follows news that the jet could return to service before the end of this year, Europe’s top regulator said Friday. The jet was grounded in March 2019, following two crashes that killed everyone on board.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28195.42-410.89-1.44%
BABOEING COMPANY167.11-0.24-0.14%

Apple and United Health also posted gains but it wasn't enough to curb weekly losses.

TickerSecurityLastChangeChange %
AAPLAPPLE INC.115.98-3.04-2.55%
UNHUNITEDHEALTH GROUP INCORPORATED324.22-5.68-1.72%

And the S&P 500 experienced a broad rally with the exception of energy stocks which posted modest declines contributing to a weekly loss for the broader average.

TickerSecurityLastChangeChange %
SP500S&P 5003426.92-56.89-1.63%
XLEENERGY SELECT SECTOR SPDR ETF29.55-0.64-2.12%

Investors honed in on a potential COVID-19 stimulus package which is being discussed by Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi.

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House Democrats are hammering out a $2.3 trillion package that would include direct payments to individuals. While the plan is more expensive than what Republicans have called for, White House advisor Larry Kudlow noted this revision is more favorable than the initial $2.5 to $3 trillion proposals.

Looking at stocks, Novavax Inc. has launched its late-stage COVID-19 vaccine trial in the U.K. The trial is expected to last up to six weeks.

TickerSecurityLastChangeChange %
NVAXNOVAVAX INC.102.05-4.99-4.66%
AZNASTRAZENECA PLC52.44-0.59-1.11%

European regulators gave AstraZeneca PLC partial immunity over side effects from its experimental COVID-19 vaccine after agreeing to a low price, according to Reuters.

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Looking at earnings, Costco Wholesale Corp. beat on both the top and bottom lines amid a 91% surge in digital orders.

TickerSecurityLastChangeChange %
COSTCOSTCO WHOLESALE CORPORATION375.56-5.98-1.57%

Cruise operators Carnival Corp., Norwegian Cruise Line Holdings and Royal Caribbean Group were all upgraded to “overweight” at Barclays because of their attractiveness from a risk/reward standpoint. The firm expects the Centers for Disease Control and Prevention (CDC) to discuss when ships may be allowed to once again set sail.

TickerSecurityLastChangeChange %
CCLCARNIVAL CORP.14.15+0.07+0.50%
NCLHNORWEGIAN CRUISE LINE HOLDINGS LTD.16.45+0.25+1.54%
RCLROYAL CARIBBEAN CRUISES59.71+0.88+1.50%

Looking at commodities, West Texas Intermediate crude oil fell $1.07 this week to $40.25 per barrel and gold posted a five-day drop of $94.40 to $1857.70 per ounce.

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Economic data was light with durable goods orders rising 0.4% month-over-month in August, but missing the 1.5% increase that analysts surveyed by Refinitiv were expecting.

U.S. Treasurys were little changed as the yield on the 10-year note held near 0.659%.

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In Europe, Germany’s DAX paced the decline, down 1.6%, while France’s CAC and Britain’s FTSE were weaker by 1.56% and 0.46%, respectively.

Asian markets finished mixed with Japan’s Nikkei up 0.51%, China’s Shanghai Composite off 0.12% and Hong Kong’s Hang Seng weaker by 0.32%.