U.S. equity markets closed higher on Friday, driven by sector gains in Telecoms, Basic Materials and Financials that helped lift major indexes by modest margins at the end of the session.
At the New York Stock Exchange close, the Dow Jones Industrial Average was up 0.70%. The S&P 500 increased 0.50%, while the Nasdaq Composite finished the day higher by 0.31%.
Notable movers on the Dow and large-cap names
Among Dow components, Goldman Sachs Group Inc (NYSE:GS) led gains, rising 2.62% - a move of 27.11 points to close at 1,062.75. Verizon Communications Inc (NYSE:VZ) added 2.49% or 1.17 points to finish at 48.11, and JPMorgan Chase & Co (NYSE:JPM) advanced 2.31%, up 7.23 points to 320.72.
Conversely, several big names ended the session lower. Nike Inc (NYSE:NKE) fell 2.24% or 1.03 points to 44.93 at the close. Apple Inc (NASDAQ:AAPL) retreated 1.52% or 4.50 points to 291.13, while Merck & Company Inc (NYSE:MRK) slipped 1.42% or 1.71 points to 119.05.
S&P 500 winners and losers
On the S&P 500, The Mosaic Company (NYSE:MOS) recorded a strong advance of 7.56% to 22.69. Albemarle Corp (NYSE:ALB) rose 7.39% to settle at 170.39, and Seagate Technology PLC (NASDAQ:STX) gained 7.19% to close at 930.49.
At the other end of the S&P 500 leaderboard, Adobe Systems Incorporated (NASDAQ:ADBE) declined 6.76% to 204.02 in late trade. Lennar Corporation (NYSE:LEN) lost 4.90% to settle at 90.30, and Super Micro Computer Inc (NASDAQ:SMCI) was down 4.75% to 30.45 at the close.
Nasdaq session extremes
The Nasdaq Composite saw extreme moves among smaller-cap issues. 22nd Century Group Inc (NASDAQ:XXII) surged 1,971.20% to 6.55, Freecast Inc A (NASDAQ:CAST) rose 140.68% to 1.55, and U BX Technology Ltd (NASDAQ:UBXG) gained 64.30% to close at 7.87.
Large percentage losses also occurred: Pop Culture Group Co Ltd (NASDAQ:CPOP) plunged 81.43% to 0.19, Horizon Space Acquisition II Corp (NASDAQ:HSPT) dropped 47.37% to 5.80, and Sleep Number Corp (NASDAQ:SNBR) fell 40.88% to 0.39 at the close.
Market breadth and volatility
Rising issues outnumbered decliners on the NYSE by 1,787 to 954, with 98 stocks unchanged. On the Nasdaq, 1,780 stocks rose, 1,657 fell and 175 were unchanged. The CBOE Volatility Index, which tracks implied volatility for S&P 500 options, declined 9.00% to 17.69.
Notable lows were registered for some names: Adobe Systems Incorporated (NASDAQ:ADBE) fell to five-year lows, dropping 6.76% or 14.79 to 204.02. Pop Culture Group Co Ltd (NASDAQ:CPOP) fell to all-time lows, down 81.43% or 0.86 to 0.19.
Commodities and currencies
In commodities, gold futures for August delivery climbed 2.94% or 120.90 to $4,234.90 a troy ounce. Crude oil for July delivery fell 3.94% or 3.46 to $84.25 a barrel, while the August Brent contract slipped 3.99% or 3.61 to $86.77 a barrel.
On the foreign exchange front, EUR/USD was essentially unchanged, moving 0.09% to 1.16, while USD/JPY rose 0.20% to 160.23. The US Dollar Index Futures was down 0.05% at 99.80.
What this session shows
The trading day closed with a broad, if measured, advance in equities led by telecom, basic materials and financial sectors. Market volatility, as measured by the VIX, eased sharply. Commodities diverged with a pronounced rally in gold alongside weaker oil prices. Smaller-cap and micro-cap names produced some outsized percentage moves in both directions.