The stock market climbed to another round of records on Friday, as the Dow and S&P 500 wrapped up their best week in a year after Donald Trump's election win.

The Dow Jones Industrial Average rose 259.65 points, or 0.59%, to close at 43,988.99. The blue chip average traded above 44,000 for the first time ever during the session. The S&P 500 gained 0.38% to close at 5,995.54, after briefly trading above 6,000 for its own milestone. The tech-heavy Nasdaq Composite lagged, up just 0.09% to 19,286.78, but set an intraday record high as well.

All three averages finished the week at record closing levels.

It was a strong week across the board for equities, due in large part to Wednesday's huge rally following Trump's victory. The S&P 500 finished up 4.66% for the week, as the Dow was higher by 4.61%. Both indexes notched their best week since November 2023. The Nasdaq outdid even those moves, toting a 5.74% advance, while the small-cap benchmark Russell 2000 surged 8.57%.

"Equities are eager to price in Trump's domestic growth policies (via small-caps) and hopes for easier regulation relative to the Biden administration," Barclays strategist Venu Krishna said in a note to clients.

"Whether these moves are sustainable remains to be seen; momentum is extending lofty gains as 'winners keep winning', and the sharp post-Election Day moves have pushed major gauges near (or into, in the case of [Russell 2000]) technically overbought territory," Krishna added.

Investors generally view a Republican-controlled government as more favorable on expectations for deregulation, the potential for more mergers and acquisitions and proposed tax cuts. However, concerns over the large federal deficit and increased tariffs have also sparked fears of an uptick in inflation.

Some stocks associated with Trump performed well again on Friday. Tesla, whose CEO Elon Musk campaigned with the president-elect, rose 8.2% and was on track for its fourth straight positive session. The automaker's market cap surpassed the $1 trillion mark. Law enforcement tech stock Axon Enterprises jumped more than 28% after the company raised its full-year revenue guidance. Trump Media jumped 15% after the president-elect said he had no plans to sell his shares in the social media company.

Stocks also got a boost from the Federal Reserve this week, as the central bank lowered interest rates by a quarter percentage point on Thursday. Fed Chair Jerome Powell noted he is "feeling good" about the economy during a press conference following the change.

While some on Wall Street are worried about the valuations for the stock market, the strength of this week's move has bolstered confidence that there could still be room to move higher in the final months of the year.

"When everything seems like it's all working well, it's like, 'what's going to hit us?'" Keith Lerner, co-chief investment officer at Truist Wealth, said on CNBC's "Closing Bell" on Friday.

"There's probably something from left field. Sentiment's getting a little bit stretched, maybe some choppiness after this round number. But all in all, we still think you want to stick with that primary uptrend," he continued.

Record closes for Wall Street

The Dow, S&P 500 and Nasdaq Composite all closed at record highs on Friday.

— Jesse Pound

Emcor is 'most sensible swap' to go into S&P 500, Gordon Haskett says

The "most sensible swap" when the S&P 500 is rebalanced later this quarter is for Emcor Group, with a market value of $23 billion, to enter the benchmark stock index, replacing Amentum Holdings, with a capitalization of some $8 billion, according to analysts led by Don Bilson at Gordon Haskett in a note published Friday.

Both stocks are engineering companies, and the larger of the two is currently in the S&P Midcap 400 index while the smaller is in the S&P 500, Bilson wrote.

Other companies that might potentially be relegated from the S&P 500 include Match Group, which slumped 18% on Thursday; Qorvo, whose market capitalization has shrunk to $7 billion; FMC; Borgwarner; and Huntington Ingalls Industries, the Wall Street researcher said.

"If S&P were to make a relegation decision today, QRVO is the odds on favorite to pack its bags," Bilson wrote.

— Scott Schnipper

Coinbase is heading for its best week since January 2023

Coinbase extended its rally on Friday as most of the crypto sector took a pause following its postelection rocket rally.

Shares of the crypto exchange operator were higher by 5% in afternoon trading and on pace for a weekly gain of about 47%, which would make it its best week since January 2023, when it gained 50%.

Meanwhile, bitcoin inched higher by less than 1% to new records. It is currently sitting at $77,014.49, after reaching a new high in the same day of $77,158.42. The flagship cryptocurrency is heading for an 11.3% gain, which would be its best week since September, when it gained 11.75%.

MicroStrategy had a less than 1% gain, while most miners were in the red, including Mara Holdings and Iren, formerly known as Iris Energy.

— Tanaya Macheel, Nick Wells

Tesla shares head for best week since January 2023

Tesla shares have rallied more than 30% since the start of the week and are headed for their best week since January 2023, when shares popped more than 33%.

The rally came on the heels of Donald Trump's U.S. presidential defeat over Vice President Kamala Harris as investors bet the electric vehicle company will benefit from the new administration.

CEO Elon Musk has been a vocal supporter of Trump, donating at least $130 million to the president-elect's campaign. Shares surged 7% during Friday's trading session, putting the company above a $1 trillion market value.

Shares are already up 27% a little more than a week into the new trading month, and on pace for their best month since June 2023.

— Samantha Subin

Small caps head for best week since 2020

The Russell 2000 is poised to notch its best week in more than four years, underscoring the strength of small caps' rally following Donald Trump's victory.

The small cap-focused index has gained about 8.4% this week. If that holds, it would mark the index's best week since April 2020, when it climbed more than 18%.

This is seen as a winning group under Trump given expectations for less business regulation, which can more heavily affect smaller firms. Fundstrat's Tom Lee told CNBC on Friday that he expects small caps to outperform by more than 100% over the next few years under the president-elect's policies.

— Alex Harring

Stocks making headlines in midday trading

Check out some of the companies making headlines in midday trading:

• Tesla — The electric vehicle stock gained nearly 7%, continuing to rally on the heels of Donald Trump winning a second presidential term. The Elon Musk-helmed company saw its market capitalization rise to $1 trillion on Friday. Shares have gained more than 26% this week.
• Trump Media & Technology — Trump's social media company advanced 12% after he said he had no plan to sell any of his nearly $3 billion stake.
• Five Below — The discount retailer slipped more than 4% as the ramifications of Trump's potential tariffs on Chinese imports continued to weigh on the stock.

Read the full list here.

— Brian Evans

S&P 500 crosses 6,000 for the first time

The S&P 500 got a round-number milestone of its own on Friday.

The broad market averaged ticked above the 6,000 level for the first time shortly before 1 p.m.

— Jesse Pound

Goldman Sachs leads weekly Dow gains

Financials giant Goldman Sachs is more than 13% higher on the week, making it the top performer across the Dow Jones Industrial Average.

Goldman Sachs' week-to-date rally comes on the back of President-elect Donald Trump's victory in the election on Nov. 5. Financials broadly moved higher on the news as investors anticipated more deregulation and increased mergers and acquisitions.

JPMorgan Chase, which is also a Dow member, advanced 6.8% week to date.

— Hakyung Kim

Top-line results weak across the S&P 500, says JPMorgan

Although 84% of the companies that have reported third-quarter results in the S&P 500 have posted an earnings beat this reporting season, sales have remained broadly muted, according to JPMorgan.

"Despite the better earnings delivery, we note that topline delivery is more subdued, where the proportion of companies beating sales estimates has stayed weak in both the US and in Europe," strategist Mislav Matejka wrote in a Friday note.

Meanwhile, three-fifths of the companies in the Stoxx600 have beat earnings estimates, Matejka added.

— Hakyung Kim

Trump Media shares soar 10% after Trump reiterates no plans to sell

Shares of Trump Media shot up more than 10% Friday after President-elect Donald Trump reaffirmed he has no plans to offload his majority stake in his social media company.

The stock had sold off 23% in the previous session, erasing Wednesday's pop trigger by Trump's election win. Week to date, Trump Media shares are flat.

— Yun Li

Dow crosses 44,000 for first time

The Dow's gains have continued to build throughout morning trading. The 30-stock average traded above the 44,000 mark for the first time, crossing another round-number milestone.

— Jesse Pound

Tesla hits $1 trillion market cap in postelection rally

Shares of Tesla climbed more than 6% in midmorning trading Friday, pushing the electric vehicle maker's market cap past $1 trillion.

Elon Musk's EV company saw shares soaring more than 27% this week alone as Donald Trump's presidential win is widely seen as a positive catalyst for the firm due to the CEO's close tie with the Republican president-elect. Musk stood out as a prominent Trump backer in the election cycle.

— Yun Li

Consumer sentiment gauge better than expected

The University of Michigan's consumer sentiment gauge came in at 73 in November, rising to the highest level since April. The reading was also better than the consensus expectation of 71 and up from 70.5 in October.

— Yun Li

Semiconductors, media stocks weigh on the Nasdaq

Chip stocks were underperforming in Friday morning trading, weighing on the Nasdaq.

The VanEck Semiconductor ETF (SMH) dipped 0.8%. Arm Holdings dropped 3%, while Nvidia was down 1.2%.

Media stocks were also a weak spot. Paramount Global was down 4% after third-quarter revenue missed expectations, according to data from LSEG. Rival Warner Bros. Discovery was also down 4%. Advertising stock The Trade Desk sank 9% despite topping Wall Street estimates on the top and bottom lines for its third quarter.

— Jesse Pound

Dow, S&P 500 hit intraday record highs

Stocks have been trending higher during the first hour of trading. The Dow and S&P 500 both hit intraday record highs.

— Jesse Pound

S&P 500 opens little changed, Dow jumps 100 points

Stocks were largely calm when trading began at 9:30 a.m. in New York.

The S&P 500 ticked up about 0.1%, while the Nasdaq Composite was marginally lower. The Dow rose more than 100 points, boosted by a strong start for UnitedHealth Group.

— Jesse Pound

Cathie Wood's ARK Innovation ETF on pace for best week in a year

Cathie Wood's ARK Innovation ETF (ARKK) has surged 11.6% this week, on pace for the best week since November 2023.

Notable leaders in the fund this week include Coinbase, Palantir and Robinhood, which are believed to benefit from loose regulations under a Trump administration. Its biggest holding Tesla, whose CEO Elon Musk is a prominent backer of President-elect Donald Trump, also rallied significantly this week.

Still, the exchange-traded fund is up just 0.6% through Thursday's close, massively underperforming the broader market and the tech sector.

— Yun Li, Gina Francolla

Nvidia officially joins the Dow

Friday marks the first trading session that chip giant Nvidia will have a place in the Dow Jones Industrial Average.

Nvidia and Sherwin Williams officially join the 30-stock average the morning, as announced last week. The stocks replace Intel and the chemical stock Dow Inc.

Shares of Nvidia have gained nearly 220% over the past year.

— Jesse Pound

Barclays cuts GDP growth, raises inflation forecast on Trump tariff expectations

Barclays is raising its inflation projections and lowering its growth estimates for gross domestic product in 2025 and 2026 in anticipation of President-elect Donald Trump implementing his sweeping tariff policy.

"With the election of Donald J. Trump as the next U.S. president, increases in import tariffs and tighter restrictions on immigration in coming months have become much more likely, regardless of the election outcomes in the House of Representatives," the bank's analysts said.

"We expect these measures to boost inflation relative to our prior baseline in the second half of 2025, and to slow the pace of disinflation in 2026," the analysts continued. "We also expect restrictions on aggregate supply from both influences to weigh on activity after mid-2025, with the slower projected pace of growth accompanied by diminished jobs gains."

With that in mind, Barclays also now expects the Federal Reserve to cut by 25 basis points only twice next year, which would bring the federal funds rate to a target range of 3.75% to 4%. The bank previously expected the central bank to cut rates three times in 2025.

The former president has suggested during his campaign that he would propose tariffs of 10% to 20% on all U.S. imports and tariffs of at least 60% on Chinese goods.

— Sean Conlon

Sweetgreen falls sharply after third-quarter miss

The market is punishing Sweetgreen harshly after the salad chain reported a wider-than-expected loss for the third quarter.

Shares were down 14% in premarket trading after the quarterly report. Sweetgreen said it lost 18 cents per share on $173 million of revenue. Analysts surveyed by LSEG were looking for a loss of 13 cents on $175 million of revenue.

The company reported improved restaurant-level margins, but not enough to hit Wall Street's bottom-line estimates.

Goldman Sachs downgraded Sweetgreen to neutral from buy following the report, saying that the near-term drivers for the stock have already been priced in.

— Jesse Pound

See the stocks moving in premarket trading

These are some of the stocks moving before the bell:

• Pinterest — Shares plunged roughly 12.6% after the online image-sharing platform posted disappointing fourth-quarter guidance.
• Upstart — The artificial intelligence-focused lending marketplace surged 20% after third-quarter results surpassed Wall Street expectations.
• Lucid Group — Shares advanced about 5% after the electric carmaker's third-quarter results beat Wall Street's expectations.

See the full list here.

— Alex Harring

Barclays downgrades Bath & Body Works to underweight

Weakening U.S. consumers could weigh down Bath & Body Works, according to Barclays.

In a Friday note, analyst Adrienne Yih downgraded the fragrance retailer to an underweight rating from equal weight. Yih accompanied the move by lowering her price target for the stock to $28 from $31.

This updated price target now represents a 13% downside from where the stock closed Thursday. Shares of Bath & Body Works have already tumbled more than 26% this year.

"While 2H24 is largely derisked on recent guidance reset, we believe 2025 may see sustained negative sales and margin contraction," Yih wrote. "While it is entirely possible that aggressive promotions throughout 3Q24 have accelerated sales, we believe that this is an indication that conversion is struggling."

Furthermore, these promos may actually be hurting the company in the long run by "pantry loading" consumers, Yih added.

"Although BBWI's product is a consumable, there may be some categories such as candles, body, hair care, and fragrance that may be getting 'pantry loaded' with each successive promotion as s/he stocks up on items," the analyst added.

Yih expects the U.S. consumer to continue to weaken into 2025, which could further damper Bath & Body Works' performance. Shares of the company could even underperform the broader retail sector.

— Lisa Kailai Han

Goldman Sachs upgrades Wingstop to buy from neutral

A recent pullback has highlighted an attractive entry point for shares of Wingstop, according to Goldman Sachs.

The bank upgraded shares of the chicken wing retailer to a buy rating from neutral. However, analyst Christine Cho accompanied the move by lowering her 12-month price target to $377 from $458.

This updated forecast still represents a nearly 14% upside for shares of Wingstop. The stock has soared more than 29% in 2024.

"Despite solid fundamentals with best-in-class returns and growth, WING is down 25% in the last month (S&P up 3%) following a cost-driven 3Q24 miss and in light of investor concerns over potential SSSG deceleration in FY25 given tougher [year over year] compares," Cho wrote. "We are bullish on WING, as the company continues to drive strong multi-year [same-store sales growth], consistent double-digit unit growth, and sustainable EBITDA growth in a largely franchised model."

Meanwhile, Wingstop's new multiyear partnership with the National Basketball Association presents a significant brand awareness opportunity. Cho also expects the launch of Wingstop's proprietary tech platform MyWingstop, which provides hyperpersonalization for digital guests, to help improve guest frequency.

Another catalyst for the company comes from its "unmatched" store unit economics, Cho added.

"Unit economics for Wingstop franchisees remain some of the best in the industry," she said. "Coupled with new supply chain initiatives supporting stable food costs, we believe top-notch franchisee unit economics/profits set the company on a path to mid-teens unit growth in the next few years."

— Lisa Kailai Han

China unveils $1.4 trillion stimulus package

China announced Friday that it would allocate $1.4 trillion in fiscal stimulus aimed at tackling local governments' "hidden" debt.

"The local government's hidden debt resolution measures introduced by China today are a concrete manifestation of the central government's economic policy shift, with a total debt amount beating market expectations, to a certain extent," said Haizhong Chang, executive director for corporates at Fitch Bohua.

— Evelyn Cheng

DoubleLine's Gundlach sees higher rates if GOP wins House

Billionaire investor Jeffery Gundlach warned Thursday of higher rates if Republicans win a majority in the House of Representatives after obtaining control of the White House and Senate.

"If the House goes to Republicans, there's going to be a lot of debt, there's going to be higher interest rates at the long end, and it'll be interesting to see how the Fed reacts to that," the DoubleLine Capital CEO said on CNBC's "Closing Bell."

"Trump says he's going to cut taxes … he's very pro cyclical stimulus," Gundlach said. "So it looks to me that there will be some pressure on interest rates, and particularly at the long end. I think that this election result is very, very consequential."

The race was undecided as of Friday morning.

— Yun Li

Stocks making the biggest moves after hours

Check out the companies making headlines in extended trading:

• Airbnb — Shares of the online homestays company slipped nearly 3%. Airbnb posted third-quarter earnings of $2.13 per share, 1 cent shy of the consensus forecast, per LSEG. Quarterly revenue of $3.73 billion was slightly above analysts' estimates for $3.72 billion.
• Akamai Technologies — Shares slid 6% as the cloud computing company issued disappointing full-year guidance. Akamai said its adjusted earnings for the period will range between $6.31 and $6.38 per share on revenue of $3.966 billion to $3.991 billion. Analysts polled by FactSet anticipated $6.43 per share in earnings and $3.99 billion in revenue.
• Block — Shares dipped 2% after the fintech firm reported a third-quarter revenue miss. Block posted sales of $5.98 billion, while analysts polled by LSEG had anticipated $6.24 billion. On the other hand, Block's adjusted earnings of 88 cents per share beat analysts' estimates by one cent.

The full list can be found here.

— Hakyung Kim

Stock futures open flat Thursday

U.S. stock futures were little changed Thursday night.

Futures tied to the S&P 500 added just 0.02%. Dow Jones Industrial Average futures inched up 16 points, or 0.04%. Meanwhile, Nasdaq 100 futures slipped 0.04%.

— Hakyung Kim