Wall Street traders pushed US stocks higher ahead of earnings season, buoyed by optimism that potential Federal Reserve rate cuts will continue to fuel corporate growth.
Despite lingering worries about overheated valuations, the S&P 500 was set for a second consecutive weekly gain.
As of 08:20 p.m., the Dow Jones Industrial Average was trading 0.30% higher, the S&P 500 was also up 0.18% while the Nasdaq Composite rose 0.21%.
“An accommodative Fed, fiscal stimulus in the pipeline, favorable seasonals, an expected solid Q3 EPS season and AI enthusiasm suggests that stock's momentum will continue,” said Chris Senyek at Wolfe Research to news agency Bloomberg.
Only two of the 11 sectoral indices was trading in the red. Consumer staples led the advance, while the energy sector led the declining sectors.
Tech stocks traded mixed in early US hours on Friday, with Nvidia up 1.37% at $195.20 and Tesla gaining 0.73% to $438.70. AMD slipped 2.69%, while Intel advanced 3.29%, leading chipmakers.
Oracle rose 3.13% after a strong session, and Applied Digital surged nearly 23% on heavy volume. Among others, Rigetti Computing climbed 2.81%, Alibaba eased 1%, and Amazon dipped 0.34%. Ferrari NV edged down 0.25%, rounding off a volatile trading session for high-growth and tech-heavy names.
Spot gold traded volatile around $3,986.41 per ounce, seeing a marginal rise. Crude oil prices saw a sharp dip, with the West Texas trading over 2% lower at $60.11 per barrel.
The Bloomberg Dollar Index was down 0.25% to 99.29, and the Japanese yen down 0.32% to 152.58 per dollar. Bitcoin, the largest traded cryptocurrency saw an advance to $121,338.45.
Minutes into trade, the S&P 500 was up 0.18% or 12 points at 6,747.08, while the tech-heavy Nasdaq index opened 0.21% or 49 points higher at 23,073.66.
The Dow Jones Industrial Average opened 0.30% or 137 points higher at 46,495.41.
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