Stocks Mostly Higher as Crude Prices Drop Amid Diplomatic Hopes
U.S. stock markets ended mixed on Friday, with the S&P 500 and Nasdaq rising while the Dow fell slightly. The broader market recovered from early losses after crude oil prices dropped more than -1% due to hopes of renewed diplomacy in the Middle East easing supply concerns. Gains were also supported by strength in chipmakers, AI infrastructure stocks, and a rally among cryptocurrency-related equities. Higher bond yields initially weighed on stock performance as the 10-year Treasury yield climbed +6 basis points to 5.0%. Weaker-than-expected U.S. economic data further pressured markets, including an unexpected -0.3% monthly decline in manufacturing production and a first drop in five months for leading indicators. Kansas City Fed President Jeff Schmid emphasized that inflation remains a concern despite progress. Bitcoin surged over +5%, reaching a two-week high after the SEC advanced plans to allow digital securities trading. Market volatility was elevated due to triple witching, with $7 trillion of options expiring and index rebalancing adding companies like Bloom Energy and Illumina into major indices.
Topics: bond yields crude oil prices economic indicators stock market