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Happy Friday. Stock futures were rising after the major averages rose following Wednesday’s first Federal Reserve interest rate hike in three years.
The rate hike, along with falling oil prices and Treasury yields, pushed markets higher on Thursday.
“There was a quick swing at the open on Thursday, but it turned into an OK day for investors,” said TheStreet Pro contributor James “Rev Shark” DePorre. “The opening gap was sold off, the market drifted higher through the afternoon, and it closed with solid gains.”
DePorre noted that breadth was good, with 63% of stocks advancing. The Nasdaq 100 (QQQ) and the Magnificent Seven led the market, while the semiconductor group (SMH) rose close to 3%.
The biggest negative was the Russell 2000 (IWM), which closed at the lows of the day with a gain of 0.6%, he added.
“The question all week was whether yields would break decisively through 5% or stabilize, and on Thursday they stabilized, which let the chips and the big-cap technology names catch a bid,” DePorre said.
Meanwhile, Berkshire Hathaway (BRK.A) is in focus after Warren Buffett announced that he is stepping down as chairman and will become chairman emeritus.
The company said Buffett will remain on its board and continue to advise Berkshire, while his son, Howard Buffett, will become chairman.