Stock market news today: Dow hits record high as stocks cap longest weekly winning streak since 2017

Investors drove stocks even higher to close the week, lifting the Dow to another all-time record as Wall Street banks reflect on the Federal Reserve's tightening campaign soon coming to an end.

The Dow Jones Industrial Average (^DJI) ticked up about 0.2%, or roughly 50 points. The S&P 500 (^GSPC) was virtually unchanged, while the tech-heavy Nasdaq Composite (^IXIC) gained 0.4%.

The last full trading week of the year is quickly arriving.

Following what was seen as a dovish and optimistic take on the Fed's tightening campaign, investors are still breathing sighs of relief, even as doubts about the speed and amplitude of rate cuts are in the air.

Fresh inflation data will also arrive next week. The Fed's preferred measure, the PCE price index, is scheduled for Friday, helping to show if the central bank's fight to tamp down on price pressures is making enough process, as many hope.

On the corporate earnings front, Nike (NKE) FedEx (FDX), and General Mills (GIS) will offer insight into the state of the economy and how the American consumer is doing heading into 2024.

Yahoo Finance's Brent Sanchez has a graphical breakdown of what to watch next week:

Crude snapped a seven-week losing streak with modest gains after a choppy trading session on Friday. West Texas Intermediate (CL=F) closed at $71.43 per barrel, up 0.28% for the week. Brent (BZ=F) futures settled at $76.55 per barrel, closing out the week 0.94% higher.

Futures wavered between positive and negative territory during Friday's session. Crude surged 4% in the last two days as the dollar weakened on market expectations that the Federal Reserve will cut rates next year. Oil is invoiced in US dollars.

Crude has been on a downward trend over the last two months, despite output cuts by OPEC+, a consortium of oil producers led by Saudi Arabia.

Sensationalized videos of young people looting stores brought to life one of the biggest business stories of the year: the rise in retail crime.

Target (TGT), Home Depot (HD), and Dick's Sporting Goods (DKS) were among the big names who used their earnings calls to highlight the problem of “shrink,” the industry catch-all term for merchandise that goes missing without being paid for. Target even said it was closing nine stores due to retail theft.

But it turns out a key claim at the heart of the retail crime story was wrong.

A prominent lobbying group, the National Retail Federation, recently retracted a widely cited estimate that “organized retail crime” accounted for “nearly half” of the $94.5 billion in total lost merchandise in 2021.

The NRF said the inaccurate statement was a mistaken inference. The group has since updated the report and in its latest findings does not offer an estimated loss amount that is specific to organized retail crime.

But in light of the withdrawn claim, it’s unsettling to consider the impact of all the official statements and media coverage that were based at least in part on a gross exaggeration.

While faulty figures can be fixed, how do you retract an idea?

Here are some of the stocks leading Yahoo Finance’s trending tickers page during afternoon trading on Friday:

Costco (COST): Shares rose 4% Friday afternoon following earnings results that beat expectations. Costco reported adjusted earnings per share of $3.58, higher than Wall Street expectations of $3.41. Revenue came in at $57.8 billion, up 6% year over year, compared to expectations of $57.71 billion, per Bloomberg data.

CrowdStrike (CRWD): The cybersecurity company gained more than 2% as a new set of security standards for corporate America were set to take effect starting Dec. 18. The new rules from the Securities and Exchange Commission require companies to disclose a breach within four days of determining that a hack will have a material impact on the business.

JD.com (JD): Shares of the Chinese e-commerce company advanced more than 4% Friday after weaker-than-expected economic data out of Beijing prompted new stimulus measures to prop up the economy. Initiatives to aid China's troubled property market included reducing down payment ratios and extending deadlines for mortgage repayments. Alibaba (BABA) also rose close to 3% on the news.

All three major indexes were in the green Friday afternoon, as the Dow and the S&P climbed over the flat line with optimism over deeper and earlier interest rate cuts lifting sentiment on Wall Street.

The Dow Jones Industrial Average (^DJI) ticked up about 0.1%, or roughly 30 points, after the blue chip index closed at a fresh all-time high Thursday. The S&P 500 (^GSPC) was virtually unchanged, while the tech-heavy Nasdaq Composite (^IXIC) gained 0.4%.

While streamers pull in customers and play up the strength of their libraries by touting their exclusive movies and shows, licensed content drives a significant portion of audience engagement time.

From January to June 2023, 45% of viewing on Netflix came from licensed titles, according to the company's s first-ever biannual viewing report, "What We Watched: A Netflix Engagement Report."

The resurgence of licensed content complicates a vision of the streaming wars in which rivals hoarded content to fuel their own growth. And it highlights the particular strengths of Netflix in finding an audience for programming that isn't theirs.

Shows like "Suits," for instance, have enjoyed a second life on the platform, as old fans and newcomers sink their teeth into a dramatic series built for television but one that is thriving on streaming.

The latest data underscores how licensing remains a crucial part of the streaming business model, even as sharing content with rivals was once characterized as arming a competitor. But the comforts of familiar shows and the deep repository of older content is part of what keeps streaming customers hooked on the platform. Licensed content keeps viewers engaged in between marquee premieres and offers audiences background or ambient viewing during downtime at home, completing chores, or winding down at the end of the day.

Netflix in particular has elevated licensed content that was available on other networks, but only now has enjoyed a new kind of success.

"What's interesting is a show like 'Suits,' which has been played on USA for a long time, has been available on Peacock and had been available on Amazon for a couple of years before it hit Netflix, and yet we were able to unlock this enormous, enormous global audience for it," Netflix co-CEO Ted Sarandos said in response to question from Yahoo Finance's Alexandra Canal regarding its licensing strategy.

"That's the combination of our large subscriber base and our recommendation system that knew to put 'Suits' in front of people who were going love it the most."

But Netflix doesn't plan to license its own content to competitors any time soon.

"I do not think that that necessarily would happen in reverse," Sarandos continued. "I do think that we can add tremendous value when we license content; I'm not positive that that's reciprocal."

Crude slipped into negative territory on Friday after Fed official John Williams dampened expectations of rate cuts next year.

West Texas Intermediate (CL=F) futures lost earlier gains to trade just above $71 per barrel. Brent (BZ=F) crude oil, the international benchmark price, was also down fractionally trading just over $76 per barrel.

Futures gained more than 4% in the prior two sessions as the dollar weakened amid expectations that the Federal Reserve will cut rates in 2024.

New York Federal Reserve President John Williams said Friday that the central bank is not discussing rate cuts even as the market has run with the optimistic narrative that the central bank's tightening campaign is coming to an end.

“We aren’t really talking about rate cuts right now,” he said during an interview on CNBC’s “Squawk Box.” He said that officials are instead focused on what Chair Powell has said is the primary goal at the moment: setting monetary policy to pull inflation back down to 2%.

Following Powell's remarks on Wednesday, Wall Street stepped on the gas, interpreting the central bank's latest outlook as one that would invite deeper rate cuts than previously expected. That has helped drive a record-setting rally in US stocks, and the major indexes have posted six winning sessions in a row.

But the optimism has already started to fade, as Williams and other market watchers pump the breaks on the exuberant mood.

For now, Williams said talk of rate cuts is "premature."

Manhattan tenants may increasingly be finding themselves in the driver's seat when it comes to negotiating with landlords.

The market's median rent dipped to $4,000 in November, a 4.6% drop from October and a 2.3% decline from a year ago, according to a report released this week from brokerage firm Douglas Elliman and real estate appraiser Miller Samuel. It was the first time in 27 months that the monthly median rent had fallen year over year.

New lease signings were up 9.7% year over year but down nearly 29% from October. Meanwhile the vacancy rate in November was 2.9%, up from 2.4% a year ago and 2.8% in October. The Manhattan market is of interest nationally because it's one of the largest rental markets in the country and offers a lens into demand from affluent renters. The pandemic caused an exodus that upended normal leasing patterns, but in 2022 New York’s expats returned in droves, spurring bidding wars and pushing prices to record highs.

Nationwide, the rental market has been cooling, in part because there’s a lot more inventory, pushing landlords to grapple with rising vacancies and giving them less leverage to raise rents. Seasonality may also be a factor, as demand is lower in colder months.

Stocks opened on either side of the flatline Friday as investors caught their breath after an initial rush of optimism on hopes of deeper and earlier interest rate cuts next year.

The Dow Jones Industrial Average (^DJI) ticked down 0.2%, or about 75 points, after the blue chip index closed at a fresh all-time high Thursday. The S&P 500 (^GSPC) also moved down 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) gained 0.2%.

A preliminary look at manufacturing data in December highlights a relatively quiet economic and corporate calendar on Friday.

Economists expect the initial look at manufacturing and service sector activity from S&P Global published Friday morning to show activity continued contracting in the manufacturing sector and expanded at a modest rate in the services sector this month.

On the corporate side, results from Darden Restaurants (DRI) should serve as the lone notable highlight.