Zinger Key Points
- Stocks rebounded sharply as government shutdown fears eased after Senate Minority Leader Schumer allowed a spending bill to proceed.
- Despite Friday's rally, the market is set for its fourth consecutive weekly decline, the worst streak since May 2022.
- Find out which stock just claimed the top spot in the new Benzinga Rankings. Updated daily— discover the market’s highest-rated stocks now.
Stocks staged a sharp rebound on Friday as concerns over a potential government shutdown eased after Senate Minority Leader Chuck Schumer (D-NY) opted not to veto a Republican spending bill.
The S&P 500 jumped 1.9%, eyeing track for its strongest daily rally since November 6, 2024, when investors piled into equities following Donald Trump‘s presidential election victory.
Tech stocks and small caps both gained 2.3%, while the Dow Jones Industrial Average advanced 1.5%.
Despite Friday's gains, the broader market remains deeply in the red for the week, with the S&P 500 heading for its fourth consecutive weekly decline, marking the longest losing streak since May 2022.
All S&P 500 sectors traded in positive territory on Friday, though only utilities and energy are poised to end the week with gains.
Economic data painted a concerning picture. The University of Michigan’s consumer sentiment index fell more than anticipated, while inflation expectations spiked. A key gauge tracking five-year forward inflation expectations among consumers climbed to 3.9%, the highest level since March 1993.
Bitcoin BTC/USD surged 4% to $84,000, flipping to weekly gains and lifting other crypto-related assets. Meanwhile, gold, as tracked by the SPDR Gold Trust GLD, was flat on the day but reached a historic milestone, hitting $3,000 per ounce for the first time ever.
The precious metal is on pace to post its tenth positive week in the past eleven, outperforming all major asset classes year-to-date.
Stock markets also rallied worldwide. Chinese equities soared on expectations of increased government stimulus, while European stocks surged after Germany secured a historic deal to raise its debt ceiling.
Friday’s Performance In Major US Indices, ETFs
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 19,636.47 | 2.3% |
Russell 2000 | 2,038.13 | 2.3% |
S&P 500 | 5,615.85 | 1.8% |
Dow Jones | 41,408.07 | 1.5% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust SPY rose 1.8% to $561.04.
- The SPDR Dow Jones Industrial Average DIA rose 1.5% to $414.39.
- The tech-heavy Invesco QQQ Trust Series QQQ rallied 2.3% to $477.99.
- The iShares Russell 2000 ETF IWM surged 2.3% to 203.12
- The Energy Select Sector SPDR Fund XLE outperformed, up 2.6%; the Consumer Staples Select Sector SPDR Fund XLP was the laggard, up 0.1%.
Friday’s Stock Movers
Stocks reacting to earnings report included:
- DocuSign Inc. DOCU, up 17%,
- Ulta Beauty Inc. ULTA, up 12.4%,
- Li Auto Inc. LI, down 3.1%,
- Wheaton Precious Metals Corp. WPM, up 1.8%,
- Crown Castle Inc. CCI, up 8.7%.
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