In late afternoon trading, major indexes showed resilience despite Federal Reserve Chair Jerome Powell's cautious remarks. The Dow Jones Industrial Average ended the day with a 0.7% increase, as financial markets interpreted Powell's stance as more dovish than anticipated. However, the benchmark 10-year Treasury note saw a significant plunge of 13 basis points to 4.22%, reflecting market concerns.

On Friday, economic data revealed mixed results. The S&P Global Purchasing Managers' Manufacturing Index for November came in at 49.4, indicating a slight contraction in the sector. Meanwhile, the Institute for Supply Management Index remained unchanged from October's 46.7, falling below the consensus of 47.5, according to Econoday.

Despite these observations, the S&P 500 showed a positive trend, finishing the day 0.5% higher. However, certain sectors such as health and communication services lagged behind, while industrials and real estate took the lead. The Nasdaq also experienced a modest gain of 0.4%.

In terms of individual stocks, Salesforce continued its upward climb following an earnings-fueled breakaway gap on Thursday. The company's shares have extended from the 228.79 buy point of a double bottom formation. On the other hand, Intel lagged in the Dow, with its shares falling by more than 2%. Johnson & Johnson, however, saw an increase after receiving an upgrade from UBS, moving from a "neutral" to a "buy" rating, with a revised price target of 180, up from 167.

Tesla experienced a slight decline of nearly 1% after unveiling its Cybertruck on Thursday. Analysts expressed concern over longer wait times and a steep price tag associated with the new release, suggesting that Tesla may have a "product problem." These concerns were further amplified by analysts from Bernstein, who noted that Tesla's lineup does not adequately address enough of the market, with no major offerings anticipated until late 2025.

In the earnings market, Marvell Technology saw a decline in both sales and earnings from the previous year's quarter. Despite this, the company's shares managed to pare some losses, finding support at the 50-day line. Ambarella also struggled as sales declined for the fifth consecutive quarter, resulting in ongoing losses for the company.

Dell briefly dropped below its 50-day line following disappointing third-quarter sales. However, the company managed to recover and return above a buy point of 70.77. Elastic, a database software provider, saw a significant surge in stock price after a strong fiscal second quarter. Sales grew by 17%, while earnings rose from 1 cent per share to 37 cents per share compared to the same quarter of the previous year.

Additionally, small-cap stocks experienced a notable surge, with the Russell 2000 index rising by over 2% and the Innovator IBD 50 ETF (FFTY) clearing its 200-day moving average with a gain of over 1.5%. Notably, United Rentals broke out of a cup with handle pattern with a buy point of 488.73, while InterContinental Hotels reached all-time highs after breaking out past a handle entry of 79.20.

Meme action made a resurgence as GameStop reclaimed the 50-day moving average and witnessed a 4% increase ahead of its upcoming earnings report on Wednesday.

Investors and market analysts are closely monitoring the evolving economic data and earnings reports as they strive to assess the overall health and trajectory of the global financial markets.