Stock Market This Week: CEG Surges on GOOGL Deal, SPCX Spectrum, Chips Sell

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Let's take a look at where the markets closed to end the week. The S&P 500 rose 1.2% and the NASDAQ 100 was up 2 tenths of a percent, with both hitting all time highs earlier in the week. The Dow was up nearly 1%.

Consumer staples, utilities and energy led the way all up more than 3%.

Industrials and tech were the only negative sectors falling marginally. Now let's look at some of this week's biggest movers. Constellation Energy, one of the best performers in the S&P 500, rallying 16% after agreeing to a 20-year deal to sell 890 megawatts of nuclear power to Alphabet. Constellation has already signed deals to supply energy to Microsoft, Meta and Amazon's data centers. And shares of T-Mobile, AT&T and Verizon were the worst performers on Friday, down more than 10% each after SpaceX took one step closer to becoming a US mobile carrier. The company is acquiring a nationwide low-band spectrum license portfolio that will address one of the key remaining gaps in Starlink Mobile's plans to build a nationwide network. And Intel dropping 12% and other chip stocks saw weakness despite positive demand data in Taiwan's Semi-September report. Revenue rose 55% year-over-year but fell slightly from August. The Financial Times also reporting that OpenAI's annual revenue is $50 billion, significantly less than the $70 billion previously reported. Micron and AMD fell 4%.

NVIDIA lost 2% despite hitting an all-time high on Tuesday. As we look ahead to next week, earning season kicks off on Tuesday with JPMorgan Chase, Goldman Sachs, Wells Fargo, Johnson & Johnson and Citigroup reporting. Bank of America, Morgan Stanley, Taiwan Semi and ASML report later in the week. There will also be key data points with the September CPI and PPI reports being released. That is going to do it for the rep. I'm Marley Kayden. Remember you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.