Another day, another new high in the stock market today. However, Friday’s action felt … different. Maybe it was the way a number of high-profile stocks opened higher and turned lower. Perhaps it’s the way the SPDR S&P 500 ETF (NYSEARCA:SPY) acted tired throughout the session as bulls struggled to keep it in positive territory. Or it could just be a light-volume session amid the holidays.
The SPY has hit new all-time highs eight times in the last 11 trading sessions. Various technical indicators suggest that it’s overbought in the short term and investors are finding things to be a little frothy.
Will that lead to a pause or a pullback? Time will tell.
Movers in the Stock Market Today
Although the stock finished slightly lower on the day, Tesla (NASDAQ:TSLA) hit new all-time highs again on Friday. While the automaker confirmed that it’s taking a $1.29 billion loan from a group of Chinese banks, production of the Model 3 taking place at the Shanghai factory likely has bulls feeling more optimistic.
The first 15 units will be delivered to company employees on Monday and while Musk was hoping that Tesla would be producing 1,000 vehicles per week by year end, just having Gigafactory 3 up and running before the end of the year is impressive. Can Tesla build on its 2019 momentum in 2020?
Boeing’s (NYSE:BA) CEO is out, and now one of its top lawyers is too. John Michael Luttig will retire from Boeing at the end of the year. He has served as Boeing’s general counsel since 2006 and has been handling the the 737 MAX crashes with Lion Air and Ethiopian Airlines.
While not under pressure because of KO previously, at one point it was believed that the beverage giant was looking to enter the cannabis drink market with Aurora. The company has since said that’s not the case, and just recently reiterated that it’s not looking to enter the CBD market. This stock needs a lifeline, bad.
Well, Comcast is prepping to launch its video streaming service, Peacock, in April. The acquisition of Xumo will likely serve as a way to bolster Peacock and other Comcast platforms, as it looks to compete with a growing field of other products.
That said, it’s going up against Disney’s (NYSE:DIS) Disney+ and Hulu, Netflix (NASDAQ:NFLX), Alphabet’s (NASDAQ:GOOGL, NASDAQ:GOOG) YouTube TV, Amazon (NASDAQ:AMZN) Prime and Apple’s (NASDAQ:AAPL) Apple TV+.
Good thing Comcast’s NBC owns the rights to The Office, one of the top-streaming shows on Netflix, which will come off the platform in 2020. So will Friends, as it now belongs to AT&T (NYSE:T), which will launch another streaming product next year too.