Tech Stocks Rally as OpenAI Revenue Clarity and Tame Bond Yields Support Market
The stock market saw a recovery rally on Friday, with the S&P 500 and Nasdaq remaining positive for the week. Tech stocks rebounded after a Bloomberg report clarified confusion around OpenAI's revenue expectations. Muted bond yields and oil prices also contributed to the upward trend in equities. Notable performers included Palo Alto Networks (up over 4.5%) and CrowdStrike (over 3.5%). Non-AI names like TJX and Cardinal Health each gained more than 4% for the week. The telecom sector faced a downturn due to SpaceX's $8 billion spectrum purchase from Grain Management, which will expand Starlink’s mobile capabilities. T-Mobile dropped over 13%, while Verizon and AT&T fell around 10%. Analysts at Goldman Sachs and Barclays praised the move positively. Earnings season is set for next week with reports expected from Wells Fargo, Goldman Sachs, Johnson & Johnson, and Bank of New York. Market participants are also watching upcoming data on September consumer and producer prices due in mid-week, which could influence expectations around Federal Reserve interest rate decisions later this month.
Tickers: $BK $CAH $CRWD $GS $JNJ $PANW $T $TJX $TMUS $VZ $WFC
Topics: bond yields earnings season Nasdaq oil prices OpenAI revenue expectations S&P 500 SpaceX spectrum purchase Starlink expansion tech stocks telecom sector decline