U.S. equities ended the trading day in positive territory on Friday as gains in the Basic Materials, Telecoms and Technology sectors supported markets. At the close on the New York Stock Exchange, the Dow Jones Industrial Average finished up 0.29%, the S&P 500 rose 0.42% and the NASDAQ Composite advanced 0.28%.
On the Dow, NVIDIA Corporation (NASDAQ:NVDA) was the session’s top gainer, climbing 4.03% - an 8.18-point increase - to finish at 210.96. Nike Inc (NYSE:NKE) rose 3.74%, adding 1.60 points to close at 44.38, and Cisco Systems Inc (NASDAQ:CSCO) gained 2.54%, or 3.00 points, to end the day at 121.31.
Conversely, several Dow components closed lower. International Business Machines (NYSE:IBM) fell 2.60%, a 7.69-point drop, to finish at 287.61. UnitedHealth Group (NYSE:UNH) declined 1.64%, slipping 7.06 points to 424.62, and Merck & Company Inc (NYSE:MRK) was down 1.22%, or 1.53 points, to 123.54.
Within the S&P 500, Meta Platforms Inc (NASDAQ:META) led gains, jumping 5.95% to close at 669.05. CarMax Inc (NYSE:KMX) climbed 4.86% to settle at 53.49, and Weyerhaeuser Company (NYSE:WY) rose 4.22% to finish at 23.45. On the downside, Moderna Inc (NASDAQ:MRNA) posted the largest decline in the index, tumbling 10.83% to 68.27. CrowdStrike Holdings Inc (NASDAQ:CRWD) lost 5.67% to 187.16, and EPAM Systems Inc (NYSE:EPAM) fell 3.90% to 83.89 at the close.
The Nasdaq’s best performers included several small-cap and micro-cap names that produced large percentage moves. Global Mofy Metaverse Ltd (NASDAQ:GMM) surged 147.83% to 4.58, Jiuzi Holdings Inc (NASDAQ:JZXN) jumped 85.47% to 2.17, and Nuvve Holding Corp (NASDAQ:NVVE) climbed 53.76% to close at 13.50. At the other end of the Nasdaq leaderboard, Haoxi Health Technology Ltd (NASDAQ:HAO) plunged 66.48% to 0.36, 707 Cayman Holdings Ltd (NASDAQ:JEM) fell 51.79% to 0.54, and eLong Power Holding Ltd (NASDAQ:ELPW) dropped 47.00% to 0.30.
Across the exchanges, advancers outnumbered decliners on the NYSE, where 1,565 stocks rose and 1,144 fell, while 103 were unchanged. On the Nasdaq, 1,549 advanced, 1,848 declined and 168 finished flat.
Two issuers moved to new lows in Friday’s session. Shares of Haoxi Health Technology Ltd (NASDAQ:HAO) fell to an all-time low, down 66.48% or 0.71 to 0.36. 707 Cayman Holdings Ltd (NASDAQ:JEM) also reached an all-time low, sliding 51.79% or 0.58 to 0.54.
Market volatility eased as the CBOE Volatility Index, which measures the implied volatility of S&P 500 options, declined 5.05% to 15.04, marking a three-month low.
Commodities were generally softer in late trade. Gold futures for August delivery were down 0.52% or 21.73 to $4,119.07 a troy ounce. U.S. crude for August delivery fell 0.62% or 0.45 to $71.63 a barrel, and the September Brent contract slipped 0.30% or 0.23 to trade at $76.07 a barrel.
In currency markets, the euro against the U.S. dollar (EUR/USD) was essentially unchanged, moving 0.14% to 1.14, while the dollar-yen rate (USD/JPY) fell 0.39% to 161.74. The U.S. Dollar Index futures inched higher by 0.09% to 100.78.
Summary
Major U.S. benchmarks closed higher, with the S&P 500 and the Dow posting modest gains and the Nasdaq finishing slightly up. Individual technology and consumer names led gains, while select healthcare and cybersecurity names posted notable losses. Market breadth favored advancers on the NYSE but lagged on the Nasdaq, and volatility declined to a three-month low.
Key points
- Major indexes finished higher: Dow +0.29%, S&P 500 +0.42%, Nasdaq +0.28%.
- Top winners included META, NVDA, KMX, WY and NVVE among others; notable losers included MRNA, CRWD, IBM, HAO and JEM.
- VIX fell to 15.04 (a three-month low), while gold and crude futures traded lower.
Risks and uncertainties
- Significant single-stock volatility in small-cap and micro-cap names, as evidenced by large percentage swings in names such as GMM, JZXN, NVVE, HAO and JEM - this primarily affects small-cap equity investors.
- Material declines in select healthcare and software firms, including MRNA and CRWD, which could weigh on sector sentiment and investor allocations to healthcare and cybersecurity stocks.
- Commodities and currency moves remain sources of uncertainty for market participants, with softer gold and oil prices and modest currency fluctuations influencing commodity-linked sectors.
Data quoted in this report reflect closing prices and session movement as noted in market trade updates for the referenced equities, indices, futures and exchange rates.