• A stellar rebound from last week's reversal. The market rebounded this with U.S. stock indexes rising around 2%. At Friday’s close, the Dow went over its record high that it had achieved just 11 days earlier, the S&P 500 finished 0.5% shy of its own record, and the NASDAQ ended 1.5% below its highest-ever close.  
• Small cap stocks surged. Rallies on Thursday and Friday for a U.S. small-cap stock benchmark, the Russell 2000, pushed the index to a weekly return of 4.5%. Last week the index saw a 4% decline. The Russell 2000’s month-to-date gain for November was nearly 10% as of Friday’s close.
• Large cap stocks trended higher. A U.S. large-cap value stock benchmark significantly outpaced its growth counterpart. The value index posted a 2.5% return for the week versus 1.7% for the growth benchmark.
• Consumer sentiment went lower. Friday’s final reading from the University of Michigan’s Consumer Sentiment Index showed the gauge slipping to 71.8 from the 73.0 preliminary figure.  This was the first postelection reading from the gauge.
• Oil went higher. A week after dropping nearly 5%, the price of U.S. crude oil rose more than 6%. On Friday afternoon, oil was trading just above $71 per barrel. 
• Bitcoin hit a record high. The price of the leading cryptocurrency rose to a record high for the third week in a row. After finishing the previous week at around $91,000, Bitcoin was trading above $99,000 on Friday afternoon. At the beginning November, the price of the digital coin was around $70,000. 
• Q3 earnings season nears an end. Almost all third-quarter results have been posted as of Friday. Companies in the S&P 500 are expected to post average earnings gain of 5.8% over the same quarter a year earlier, according to the latest data from FactSet. This would mark the index’s fifth consecutive quarter of year-over-year earnings growth if the expectation holds true. With 96% of S&P 500 companies having reported earnings, 77% beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 4%, according to data from Fundstrat.
• Gold went higher. The precious metal increased 1.28% to $2,708.90 an ounce.
• The yield remained flat. The 10-year Treasury yield was flat at 4.42%.
• Volatility in other markets. European markets were mostly higher and Asian markets ended mixed. 
• Meta Platforms fell. Facebook owner Meta Platforms fell 1.3% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. 

• Nextracker, Inc. (NXT)
• Mara Holdings, Inc. (MARA)
• Tesla, Inc. (TSLA)
• CleanSpark, Inc. (CLSK)
• Nvidia (NVDA)

Biggest Gainers

• SoundHound AI, Inc. (SOUN) +18.19%
• LandBridge Company, LLC (LB) +14.84%
• UGI Corporation (UGI) +15.01%
• Elastic N.V. (ESTC) +14.77%
• CleanSpark, Inc. (CLSK) +16.47%

Biggest Losers

• Reddit, Inc. (RDDT) -7.18%
• Grab Holdings Limited (GRAB) -10.58%
• Centessa Pharmaceuticals (CNTA) -6.32%
• Intuit, Inc. (INTU) - 5.68%
• Tsingtao Brewery Company (TSGTF) -24.08%

Weekly Notables

Nvidia Earnings Were a Blowout

Nvidia reported another quarter of stellar revenue last Wednesday. Sales came to $35 billion for the three months ending in October, for year-over-year growth of 94%. The company’s data-center business, driven by AI demand, grew at 112%. Net profit doubled to $20 billion over the prior year. The company also provided an optimistic outlook for the current quarter, exceeding Wall Street expectations.

CoreWeave Targets Valuation of Over $35B in 2025 IPO

Artificial intelligence cloud platform CoreWeave, is aiming for a valuation of more than $35 billion in its U.S. initial public offering. The offering is expected to occur in 2025. The New Jersey-based CoreWeave is likely to target raising more than $3 billion from its share sale, which could launch during the second quarter of 2025, unidentified sources said. They cautioned that the company’s plans are subject to market conditions and could change.

The Week Ahead

• Potential market moving catalysts this week: While the new week will bring Thursday’s U.S. Thanksgiving holiday, Tuesday and Wednesday will have potentially market-moving economic reports. The U.S. Federal Reserve on Tuesday will release minutes from the latest Fed policy meeting. On Wednesday an inflation report and an updated government estimate of third-quarter GDP growth is expected. 
• Earnings on deck this week: Bath and Body Works (BBWI), Agilent Technologies (A), Zoom Video Communications, Inc. (ZM), Woodward Inc. (WWD), Analog Devices, Inc. (ADI), Best Buy Co. (BBUY), Burlington Stores, Inc. (BURL), Dick's Sporting Goods (DKS), Abercrombie & Fitch Co. (ANF), Dell Technologies, Inc. (DELL), CrowdStrike Holdings, Inc. (CRWD), Workday, Inc. (WDAY), Frontline PLC (FRO).
  

Earnings Spotlight: Best Buy

Wall Street analysts expect Best Buy (BBY) to post quarterly earnings of $1.30 per share in its upcoming report this week. This would indicate a year-over-year increase of 0.8%. Revenues are expected to be $9.63 billion, down 1.3% from the year-ago quarter. With a market cap of $18.6 billion, Best Buy operates a vast network of retail stores and an e-commerce platform, providing customers with a wide range of products and services, including home entertainment, computing, and smart home solutions. Best Buy will be reporting on 11/26 ahead of market open.