U.S. stocks opened higher on Friday as Wall Street set its eyes on a positive weekly close, with the Dow Jones Industrial Average up 180 points despite the government shutdown extending into day 10.
Summary
- Stocks traded higher on Friday as Wall Street looked to end the week on a winning note.
- Dow was up 180 points in early moves, with Magnificent 7 stocks mixed.
- Gold rebounded to above $4,000 while Bitcoin recovered slightly to above $122,000.
The Dow Jones Industrial Average was up more than 180 points, while the S&P 500 and Nasdaq Composite were 0.20% higher. Gains mean bulls are poised for a green weekly close if the session avoids another negative daily close as seen on Thursday.
Wall Street eyes bounce as Dow Jones jumps
With the U.S. government shutdown stretching into its 10th day, investor sentiment has thinned as the market, starved of key data, recalibrates. But despite this outlook, the S&P 500 and Nasdaq Composite are set to close in the green for the week.
Significant declines as investor sentiment took a hit saw the Dow Jones slip, putting it on course for a negative weekly close. Gains may nonetheless pull it up as it hovers about 0.4% lower in early trading. Investors expect stocks to continue higher before hitting a top.
Magnificent 7 stocks mixed
Nvidia (NVDA) gained about 2% to lead tech gainers. However, NVDA shares were 0.05% up in early moves amid mixed trading for the Magnificent 7 stocks.
Tesla was up 0.9%, Alphabet was higher by 1%, and Meta slipped 0.14%. Meanwhile, Microsoft was flat, Apple edged higher by 0.67%, and Amazon gained 0.17%.
A cooldown in the AI trade catalyst that drove most stocks higher is reflected in the Mag 7, although Wall Street is holding to the upbeat picture after data center developer Applied Digital announced a quarterly revenue beat. The company’s stock soared more than 25% in premarket trading. The Dow Jones traded higher as some of the stocks gained.
What about the rest of the market?
As stocks target gains, other market sectors also show signs of a rebound following a broader downturn on Thursday. Gold prices moved back above $4,000 an ounce, while Bitcoin (BTC) traded around $122,000, with the digital asset slightly up on the day as bulls pushed for an upward flip.
Elsewhere, the 10-year Treasury yield shed 5 basis points to 4.09%, and the 2-year Treasury yield retreated to 3.58%. The 30-year Treasury yield also fell 5 basis points to 4.67%.
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