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Topline
Nvidia and Tesla headlined broader gains across tech stocks on Friday afternoon, leading a rebound for major indexes a day after markets posted their worst declines in more than a month.
U.S. stock futures fell on Friday morning led by a slump in major tech stocks.
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Key Facts
The Dow Jones Industrial Average dropped roughly 100 points (0.2%), while the S&P 500 rose 0.4% and the Nasdaq added 0.7% as of Friday afternoon, after each index fell more than 1% earlier in the day and dropped 1.6%, 1.6% and 2.2% on Thursday, respectively, in their largest single-day losses since October.
Stocks recovered on Friday following a widespread rout on Thursday, during which investors dumped AI stocks amid general economic uncertainty, after the U.S. ended the longest government shutdown in history, with added concerns the Federal Reserve may not lower interest rates next month.
Markets also appeared to react to the White House announcing that employment and inflation data for October and September would be at least partially released, after previously the data would “likely never” be published, as economists projected inflation to remain high while the labor market likely deteriorated further.
Nvidia rose 1.5% to around $189, adding to a 1.6% increase for Tesla, after both megacap stocks slumped 0.4% and 2.4% earlier in the day, respectively.
Other stocks turned positive by Friday afternoon, including AMD (up 1.5%), Palantir (1.9%), Broadcom (0.9%), Apple (0.8%), Microsoft (1.1%) and Intel (0.1%), among others, while Amazon (down 0.3%) and Alphabet (0.4%) remained in the negative.
UnitedHealth Group headlined losses across the Dow as shares traded down 3%, followed by Nike (2.5%), American Express (1.7%) and Walt Disney (1.7%).
Bitcoin Leads Cryptocurrency Rout—here’s Why
The cryptocurrency market was also hit by a selloff, with the price of bitcoin dropping below $96,000 for the first time in six months before paring back earlier losses. The world’s most valuable cryptocurrency is down more than 6% over the past 24 hours, falling to around $96,031 after earlier falling to as low as $94,592, the lowest level for the leading cryptocurrency since May. Ether, the token with the second-largest market cap, dropped to $3,130, down more than 10.3% over the past 24 hours. Other major cryptocurrencies, including XRP, Solana’s SOL and Binance’s BNB, are down 8.8%, 10.5% and 6.2% respectively. Crypto-linked stocks similarly declined, including Strategy (down 3.9%) and Coinbase (1.3%). It appears the broader crypto market is reeling from traders lowering odds of an interest rate cut from the Federal Reserve next month, as key economic data remains delayed, leading to investors pressuring riskier assets, according to Bloomberg. Liquidity has also plummeted: Exchange-traded funds investing in bitcoin reported new outflows of about $870 million on Thursday, the second-largest withdrawal since they were introduced in January 2024, according to CoinGlass
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