Key Takeaways

• The S&P 500 added 0.4% on Friday, Nov. 8, posting its highest-ever close to end a momentous week that included an election and a Fed rate cut.

• Axon Enterprise shares surged after the Taser maker beat quarterly estimates, boosted by sales growth for its cloud products, software, and services.
  

• Shares of Akamai Technologies dropped as the cloud services provider issued lower-than-expected guidance and announced plans to reduce its workforce.

Major U.S. equities indexes ticked higher to wrap up an eventful week of political and economic news. Election Day on Tuesday was followed by the Federal Reserve's announcement on Thursday of a quarter-point interest-rate cut.

After crossing the 6,000-point threshold in intraday trading for the first time in history, the S&P 500 ended Friday just below that level, posting a daily gain of 0.4% to finish the historic week with an all-time closing high. The Dow advanced 0.6%, while the Nasdaq eked out a gain of 0.1%, with both indexes joining the S&P 500 in notching record closes.

Shares of police and military equipment supplier Axon Enterprise (AXON) led the S&P 500 higher on Friday, surging 26.7% to an all-time high following a strong quarterly earnings report. The Taser manufacturer topped third-quarter sales and profit estimates, boosted by revenue growth from its marquee "less-lethal" weapon, its software and sensors business, and its cloud services products.

Cybersecurity firm Fortinet (FTNT) also exceeded expectations with its third-quarter revenue and earnings per share (EPS) results, and its shares popped 10.0% higher. Although Fortinet's guidance for current-quarter billings came in below consensus forecasts, the company posted record gross margins and touted a return to growth in product revenue. In addition, Fortinet's board of directors authorized a $1 billion increase in the company's stock buyback authorization.

Insulet (PODD) shares jumped 9.4% after the maker of insulin delivery devices posted better-than-expected quarterly sales and profits, driven by record year-over-year revenue growth. The company saw solid demand for its wearable insulin pumps, which eliminate the need for multiple daily injections for patients with insulin-dependent diabetes. In August, the Food and Drug Administration (FDA) expanded the indication for Insulet's Omnipod 5 device, making it the first and only automated insulin delivery device that's been greenlighted to treat both type 1 and type 2 diabetes.