Ross Stores, Gap, Intuit, Oracle, and more

Major US stock indexes rose on Friday afternoon, as comments from a Federal Reserve official boosted confidence in the possibility of an interest rate cut in December. The Dow Jones rose by 1.4%, the S&P 500 rose by 1.2%, and the Nasdaq rose by 1.1%.

Ross Stores ( ROST ) was the best-performing stock in the S&P 500 after the off-price retailer beat earnings and revenue estimates and raised its forecasts as bargain-hunting shoppers flocked to its stores. Its shares jumped 7%, putting it on track to close at a record high.

Gap (GAP) shares rose 8% after the company behind Gap, Banana Republic, Old Navy and Athleta also reported better-than-expected results and raised its guidance due to strong demand at its namesake stores.

Intuit (INTU) shares rose 6% after the accounting software maker reported strong quarterly results as it benefited from demand for its artificial intelligence tools.

Ongoing concerns about the valuations of AI-related companies have weighed on some technology stocks. Oracle (ORCL) was the worst-performing stock in the S&P 500 on Friday, with shares falling nearly 6%, extending a recent decline.

Shares of Veeva Systems ( VEEV ) fell more than 10% as the cloud services provider to the life sciences industry warned that it expects fewer biopharma companies to use its Vault CRM system.

Oil futures fell and gold prices rose. The yield on 10-year Treasury bonds fell to 4.08%. The US dollar rose against the euro, but lost strength against the pound and the yen. Major cryptocurrencies extended selling.