U.S. equities rebounded on Friday as the Dow Jones Industrial Average advanced 0.98% to 53,277.01, paring a portion of Thursday’s decline that had pushed the blue-chip index to its lowest level since early May. The S&P 500 gained 0.43% to 7,674.37, while the Nasdaq 100 rose 0.33% to 29,308.86, snapping a four-day losing streak. Over the week, the Dow fell 0.8%, the S&P 500 dropped 1.4%, and the Nasdaq 100 declined 2.5%, marking the first weekly loss for the tech-heavy index in five weeks.
Commodity-linked equities led gains as gold and copper prices surged. Gold miners Newmont and Barrick Gold each climbed about 3%, while copper producers outperformed. Freeport-McMoRan reached a record high, and Southern Copper was within striking distance of its own peak. The surge in gold followed a midweek announcement by the U.S. Treasury that it would accelerate purchases of long-dated Treasuries, a move aimed at reducing borrowing costs by lowering bond yields. Copper prices rose amid tightening supply, with Freeport-McMoRan’s shares hitting a record and Southern Copper nearing its own high.
Crypto-related stocks also posted strong gains. Coinbase rose more than 8%, Strategy shares climbed about 6%, and Robinhood Markets jumped 13.7% as Bitcoin surged to its highest level since early 2024. Analysts attributed the sudden Bitcoin rally to a combination of dovish monetary policy signals, supportive regulatory developments, and a sharp liquidation wave in derivatives markets. Within the Magnificent Seven, Tesla shares advanced more than 5%, closing in on a gap opened a month ago, while Nvidia slipped 1% ahead of its earnings report next Wednesday, which could influence broader tech sector sentiment.
Broadcom shares ended the session up 1.2% after initially gaining 3%, as reports indicated the chipmaker is in talks with lenders to secure over $60 billion in financing for AI chip investments. The funds would support partnerships with companies like Anthropic, according to people familiar with the matter. Meanwhile, Ross Stores surged 4.4% after raising its full-year earnings guidance following a strong quarter.
Pharmaceutical stocks also saw gains. Merck & Co led Dow advancers with a 2.4% rise to record levels, while Moderna climbed 8.9%—more than doubling since midweek—after the companies announced a breakthrough in a melanoma vaccine. Oil prices remained elevated on geopolitical risks, with tensions in the Middle East disrupting shipping through the Strait of Hormuz, a critical route for Persian Gulf oil exports. U.S. Treasury yields stayed elevated amid concerns over high government debt, persistent inflation, and massive AI-related spending.
The rebound in equities came despite ongoing macroeconomic uncertainties, including elevated Treasury yields, which weighed on risk appetite earlier in the week.
