:max_bytes(150000):strip_icc()/k53KU-s-p-500-biggest-gains-and-losses20-4d5037b20a17437196e5cbf0acbfcea8.png "S&P 500 Gains and Losses Today: Paramount Gets a Boost From the NFL and Streaming")
Key Takeaways
- The S&P 500 rose 0.9% on Friday, Nov. 3, 2023, after the Labor Department reported fewer jobs were created in October than expected, boosting optimism the Fed might not hike rates further this year.
- Higher NFL viewership and an increase in streaming service subscribers boosted shares of Paramount Global.
- Expedia reported record revenue on booming travel demand, and shares moved higher.
U.S. equities closed out the week with gains, with the S&P 500 jumping 0.9% after a report showed that fewer jobs were created in October than expected. This lifted optimism the economy might be slowing enough to discourage the Fed from raising interest rates further to bring down inflation. The news helped send the yield on the 10-year Treasury note down 9 basis points to 4.57%. For the week, the Dow, S&P 500, and Nasdaq all finished higher.
Expedia Group (EXPE) shares soared 18.8%, leading gains on the S&P 500 as a boom in travel demand helped the company set a record for revenue.
Insulet (PODD) shares skyrocketed 15.8% after the insulin pump maker exceeded profit forecasts and increased its outlook as U.S. demand boomed.
Paramount Global (PARA) shares added 15.4% as an increase in NFL viewership and subscribers to its Paramount+ streaming service boosted earnings and revenue at the media company.
Gartner (IT) shares picked up 14.6% as the information technology firm beat profit and sales estimates and raised its guidance. The firm said that the uncertain macroeconomic environment is causing more businesses to turn to Gartner to help them navigate it.
Fortinet (FTNT) shares plunged 12.3% after the cybersecurity provider’s profit, sales, and outlook were short of estimates as companies reduced spending on internet firewalls. Shares of rival Palo Alto Networks (PANW) dropped 2.7%.
Church & Dwight (CHD) shares lost 5.6% as the maker of Arm & Hammer and other consumer products indicated that it faced higher costs for marketing, compensation, and taxes. The company also gave guidance that fell short of expectations for the current quarter.
