Chip-equipment maker Applied Materials weighed on the technology sector, plunging over 9% after issuing weak revenue guidance for the current quarter despite exceeding earnings expectations. Tesla, another focal point in recent trading, declined 3% this week following a dramatic 29% rally last week driven by President-elect Donald Trump’s vocal support for CEO Elon Musk.
In contrast, Domino’s Pizza added nearly 2% after Berkshire Hathaway disclosed a new stake in the company, signaling confidence in its growth prospects. Alibaba shares gained over 3% after the Chinese e-commerce giant posted a 58% increase in net income, despite sales falling short of analyst expectations.
Macroeconomic Data Provides Mixed Signals
Economic data painted a mixed picture. Retail sales rose 0.4% in October, slightly beating expectations, but the core “control group” sales—used in GDP calculations—declined 0.1%, raising concerns about underlying consumer strength. Import prices climbed 0.3% last month, indicating lingering inflationary pressures, while the Empire State Manufacturing Index surged to 31.2, its highest level since December 2021.