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On Friday, the major indices in the U.S. finished higher as Wall Street rebounded from Thursday’s decline. Stronger U.S. business activity, upbeat corporate earnings and a sharp rally in cryptocurrencies helped support risk appetite, although Treasury yields remained elevated. Despite Friday’s gains, the major U.S. benchmarks finished lower for the week.
The S&P 500 advanced 33.21pts (+0.43%) to 7,674.37.
The Nasdaq 100 gained 95.694pts (+0.33%) to 29,308.859.
The Dow jumped 517.8pts (+0.98%) to 53,277.01.
On the sector front, the outperforming sectors were Materials (XLB), Health Care (XLV), and Consumer Discretionary (XLY), while Utilities (XLU), Energy (XLE), and Real Estate (XLRE) underperformed the most.
On the U.S. economic data front, the S&P Global Composite PMI rose to 56.0 in August from 54.5 in July, topping the 54.0 forecast and reaching its highest level since April 2022. The Manufacturing PMI eased to 53.2 from 53.9, while the Services PMI climbed to 56.8 from 54.6, well above the 54.0 forecast and reaching its highest level since December 2024. The data pointed to a sharp acceleration in U.S. business activity, with S&P Global indicating that third-quarter economic growth could approach a 3% annualized pace.
U.S. Equity News:
Robinhood Markets (HOOD), an online brokerage and cryptocurrency trading platform, surged 13.70% to lead the S&P 500 on Friday as a sharp rally in Bitcoin boosted cryptocurrency-related stocks. Coinbase (COIN), another cryptocurrency trading platform, jumped 8%.
Freeport-McMoRan (FCX), a major copper producer, gained 7.64% to a record closing high as copper-linked stocks rallied amid strong demand expectations and tight supply conditions.
Tesla (TSLA), an electric-vehicle, energy-storage and autonomous-driving company, jumped 5.14% after Nevada regulators approved permits allowing Tesla, Waymo and Uber to expand commercial robotaxi operations in Clark County, including Las Vegas. Tesla was authorized to deploy as many as 5,000 robotaxis over the next year.
Ross Stores (ROST), an off-price apparel and home fashion retailer, jumped 4% after quarterly results exceeded expectations and the company raised its full-year earnings guidance amid strong comparable-store sales growth.
Volatility & Commodities Snapshot:
The VIX index dropped 0.88pt (-5.5%) to 15.13.
The U.S. 10-year Treasury yield rose roughly 3 basis points to around 4.73%.
In the commodities market, gold jumped $89.95 (+1.99%) to $4,607.82.
Silver gained $0.90 (+1.31%) to $68.97.
WTI crude oil slipped $0.06 (-0.07%) to $86.77.
Europe Market Overview:
At the European close, the major indices in the region finished in positive territory.
Germany's DAX gained 153pts (+0.59%) to 26,136.
France's CAC 40 rose 31pts (+0.37%) to 8,484.
The U.K.'s FTSE 100 climbed 68pts (+0.64%) to 10,816.
Foreign Exchange & Crypto Wrap:
The dollar index slipped 0.04pt (-0.04%) to 98.859.
EUR/USD declined 3pips (-0.03%) to 1.1675.
GBP/USD advanced 14pips (+0.10%) to 1.3643.
USD/JPY fell 9pips (-0.06%) to 158.96.
USD/CHF gained 11pips (+0.14%) to 0.8012.
AUD/USD jumped 58pips (+0.82%) to 0.7169.
USD/CAD retreated 24pips (-0.17%) to 1.3765. On the Canadian economic data front, retail sales rose 0.6% over one month in June, while Statistics Canada’s advance estimate indicated that sales fell 0.8% in July.
Finally, in the cryptocurrencies market, Bitcoin jumped $4,823 (+6.64%) to $77,479, while Ethereum gained $119 (+5.16%) to $2,437.
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