U.S. equities rebounded on Friday after a sharp pullback a day earlier, with the Dow Jones Industrial Average rising 0.81% to 53,185 points. The blue-chip index had fallen to its lowest level since early May on Thursday, leaving it on track for a weekly decline.
The S&P 500 added 0.43% to 7,674 points, while the Nasdaq 100 climbed 0.33% to 29,309 points, potentially snapping a two-day losing streak for the tech-heavy benchmark.
Commodity-linked equities outperformed as gold and copper prices advanced. Newmont and Barrick Gold each gained 2.7% after the yellow metal reached its highest level since May. The rally followed a surprise announcement by the U.S. Treasury midweek that it would increase purchases of long-dated government bonds, a move aimed at lowering borrowing costs by reducing yields on sovereign debt. Copper miners surged further, with Freeport-McMoRan hitting a record high and Southern Copper nearing one, as supply constraints tightened. Freeport-McMoRan rose about 7%, while Southern Copper gained a similar amount.
Crypto-related stocks also climbed as Bitcoin extended its weekly gains. Coinbase advanced 8.4%, Strategy shares rose 6.6%, and Robinhood Markets surged more than 14%.
Among the Magnificent 7, Tesla shares led gains with a rise of more than 5%, closing in on a recovery of the downward gap formed a month ago. Nvidia slipped 0.5% ahead of its quarterly results, due on Wednesday, which could have broad implications across the tech sector.
Chipmaker Broadcom is in talks with lenders to secure more than $60 billion in financing for AI chip initiatives, according to people familiar with the matter. The company’s shares initially rose sharply but later trimmed gains to 0.7%.
In corporate news, Ross Stores surged 5.7% after raising its full-year profit guidance following a strong quarter. Pharmaceutical stocks Moderna and Merck & Co also advanced, with Merck gaining 2% to record highs and Moderna climbing about 9%, as investors reacted to the midweek announcement of a breakthrough in their jointly developed personalized mRNA cancer vaccine, Intismeran.
U.S. Treasury yields remained elevated amid concerns over high government debt, persistent inflation, and substantial AI sector funding requirements, tempering broader market sentiment despite Friday’s rebound.
