In late afternoon trading, the Dow Jones Industrial Average rallied to reach new highs, gaining nearly 320 points or 0.9%. This surge came in response to fresh data indicating a cooling economy, which helped to ease investor jitters after Federal Reserve Chair Jerome Powell's cautious remarks earlier in the week.

Consumer sentiment for November, as reported by Econoday, fell below the consensus forecast of 63.5, coming in at 60.4. This unexpected drop may have contributed to the surge in the Dow Jones, as investors saw it as a positive sign in the midst of uncertain economic conditions.

On Thursday, Powell's uncertainty regarding whether tightening policy was restrictive enough had a negative impact on stock markets, causing both the Dow Jones and the S&P 500 to test their 50-day moving averages. However, today's rebound from these levels provided much-needed relief.

The broader market also experienced gains, with the S&P 500 recording a 1.4% increase in today's trading session, while the Nasdaq led with an impressive 2% gain. This positive momentum in the market was a welcome change following a distribution day for both indexes on Thursday.

Despite the rebound, trading volume on both the New York Stock Exchange (NYSE) and the Nasdaq was lower compared to the same time on Thursday. On the NYSE, advancers outperformed decliners by a margin of more than 2-to-1, while the Nasdaq had a slightly less favorable ratio of less than 2-to-1.

Notable gainers within the Dow Jones included Intel (INTC), Microsoft (MSFT), Boeing (BA), and Apple (AAPL), while Disney (DIS), Merck (MRK), and Nike (NKE) lagged behind.

In company-specific news, Copart (CPRT) broke out from a buy point of 47.38, though volume was not particularly impressive. The Innovator IBD 50 ETF (FFTY) also outperformed, gaining 1.5%.

However, Affirm (AFRM), a payments company, experienced a significant drop of over 7% below a buy point of 25.63, triggering a sell signal. This decline came shortly after Affirm's September-quarter results, which initially led to a breakout but failed to sustain momentum, closing below the buy point.

Trade Desk (TTD), a digital advertising company, slightly surpassed Q3 expectations but provided a weak outlook, leading to a dive in its share prices. Unity Software (U) reported a strong increase of 69% in sales for the third quarter, though losses per share were higher compared to the previous year. Despite the initial drop of over 10%, Unity Software managed to reverse its losses and ended the day with a 5% gain.

Plug Power (PLUG), a hydrogen fuel cell maker, witnessed a sharp deceleration in sales growth, which led to a 40% drop in share prices. Moreover, the company issued a warning that it may face financial difficulties. On a more positive note, chip stocks, including Taiwan Semiconductor (TSM), Marvel Technology (MRVL), Axcelis Technologies (ACLS), and Aehr Systems (AEHR), experienced gains following TSM's announcement of a 35% rise in October revenue.

Medical research company Illumina (ILMN) reported flat third-quarter sales and slightly lower earnings, causing a decrease in its 2023 revenue outlook. Consequently, the stock fell by over 10% to a 10-year low, although it managed to recover some of its losses. Similarly, Wynn (WYNN) saw a decline in share prices despite reporting accelerated sales growth for the third consecutive quarter, as earnings remained on track after a reversal from losses.

Among other earnings movers, Blink Charging (BLNK) surged by 30% and rose above its 50-day moving average, driven by a substantial 151% growth in sales. Medical software provider Doximity (DOCS) also surpassed its 50-day moving average after posting an 11% increase in sales, while earnings remained unchanged from the previous year.

Overall, today's market rally in response to the cooling economy indicates that investors are finding some reassurance amidst the uncertainty. However, concerns over tightening policy and potential financial difficulties for certain companies continue to loom, highlighting the ongoing challenges faced by the markets.

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