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Updated Fri, Mar 14, 2025, 4:18 PM 2 min read
In This Article:
US stocks bounced back sharply on Friday to cap a volatile week on Wall Street as the risk of a government shutdown eased while investors stayed on watch for the next move in an escalating trade war.
The S&P 500 (^GSPC) climbed more than 2.1% after the benchmark index sank on Thursday to close in correction territory. The Nasdaq Composite (^IXIC) jumped over 2.6% as tech stocks soared. The Dow Jones Industrial Average (^DJI) moved up more than 600 points, or 1.6%.
Stocks have had a rough week as uncertainty over President Donald Trump's tariff shifts whipsawed markets and overshadowed otherwise encouraging signals about the economy. All three major gauges registered weekly losses of more than 2% after the S&P 500 (^GSPC) joined the Nasdaq Composite (^IXIC) in correction.
It took less than a month for the benchmark index to fall into correction, the fifth-fastest such move in the past 75 years, according to Ritholtz Wealth Management.
SNP - Delayed Quote USD
^GSPC ^DJI ^IXIC
But Wall Street spirits brightened as Senate Democratic leader Chuck Schumer backed off a threat to block a funding bill aimed at averting a government shutdown at the weekend.
At the same time, gold (GC=F) broke above $3,000 an ounce for the first time amid warnings about the economic damage from Trump's tariffs. On Thursday, Trump said he didn't plan to "bend at all" in the escalating round of tit-for-tat tariffs with America's biggest trading partners.
Read more: The latest on Trump's tariff plans
Concerns that the US economy is showing signs of strain have receded after data this week showed inflation heading in the direction desired by the Federal Reserve, which holds its policy meeting next week. But the details of that data could give policymakers pause for thought.
It's clear, however, that consumers are feeling less and less enthused about the state of their pocketbooks. The University of Michigan's consumer sentiment survey came in at 57.9 on Friday, well below expectations of 63.
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Dow jumps 600 points, S&P 500, Nasdaq surge but still end the week with losses
US stocks rebounded sharply to close near the highs of the session on Friday, though all three major averages still finished the week with losses.
The S&P 500 (^GSPC) climbed more than 2% after the broad-based index sank on Thursday to close in correction territory. The Nasdaq Composite (^IXIC) had its best day since the day after the election, up 2.6% as tech stocks soared. The Dow Jones Industrial Average (^DJI) climbed more than 600 points, or 1.6%.
The risk of a government shutdown faded while investors were on alert regarding any further tariff developments from the Trump administration after this week's market action.
Despite Friday's rally, all three major gauges registered weekly losses of more than 2%, with the Dow suffering its worst week since 2023.
DJI - Delayed Quote USD
^DJI ^IXIC ^GSPC
Nasdaq Composite on pace for its best day since January
With just 20 minutes left of trading on Friday, Nasdaq Composite (^IXIC) was trading near session highs, on pace to see its best day since January. Tech stocks led the gains as all three major averages rebounded to cap a volatile week on Wall Street. However, the Dow, S&P 500, and Nasdaq were on track to end the week lower.
All eleven sectors of the S&P 500 (^GSPC) were in green territory during Friday's session with most assets posting gains.
Nasdaq GIDS - Delayed Quote USD
Oil jumps 1% to close out week little changed
Oil jumped on Friday as prices held relatively steady for the week as traders assessed tariff uncertainty along with continuing efforts to end the Ukraine war.
West Texas Intermediate (CL=F) futures rose to settle above $67 per barrel, while Brent (BZ=F), the international benchmark price, rose above $70 per barrel.
On Thursday, Russian President Vladimir Putin indicated Moscow would support a US-led ceasefire in principle, but some issues would need to be discussed.
"Most traders still feel some kind of a peace deal is near which would likely add Russian barrels to the market," Dennis Kissler, senior vice president at BOK Financial, wrote said in a note on Friday.
"Technically WTI April crude remains in a choppy type of trade torn between tariffs weakening global demand and tighter US storage numbers with the beginning of driving season," he added.
Cybersecurity firm Rubrik CEO: 'We see continued strong demand'
Yahoo Finance's Brian Sozzi:
Read more here.
Tech leads bounce back, but sector still on track to end week with losses
Tech led the rebound on Friday, but was still on track to end the week with losses. The S&P 500 Tech Sector (XLK) jumped nearly 3% during Friday's session, followed by Energy (XLE), Financials (XLF), and Consumer Discretionary (XLY) as the broader market gained.
Despite Friday's sharp rally, Consumer Discretionary (XLY) and Tech stocks were still on track to close out the week with losses as the 5-day chart below shows
Nasdaq jumps to session highs as tech rebounds
Tech stocks rebounded on Friday, leading the Nasdaq to gain more than 2.3% to cap a volatile week on Wall Street.
Nvidia (NVDA) surged more than 5% as the AI chip heavyweight was on track to close out the week with 7% gains.
Meanwhile, the rest of the "Magnificent Seven" stocks gained on Friday but were still headed toward weekly losses.
EV giant Tesla (TSLA) gained more than 3% during the session. Meta (META), Microsoft (MSFT), and Amazon (AMZN) also rose more than 2%.
DocuSign stock surges 18% on better-than-expected Q4 earnings
Shares of DocuSign (DOCU) soared over 18% as of midday trading on Friday after the electronic signature company beat earnings and revenue estimates and more customers adopted its artificial intelligence offerings.
As Yahoo Finance's Brian Sozzi writes, DocuSign's business remained brisk despite rising concerns of an economic growth slowdown in the US.
"As I looked at our February numbers, for example, our transaction volumes were pretty much on target with what we had expected — not seeing any major impact there," Thygesen said on Yahoo Finance's Morning Brief on Friday. "So at this point, we haven't seen any impact of the recent volatility."
Wall Street bull Brian Belski argues 'it is inappropriate to be changing forecasts for the sake of uncertainty and fear'
In a new note to clients published Friday, BMO chief investment strategist Brian Belski — one of the Street's staunchest bulls who was quick to call the market turnaround back in 2022 — argues that the uncertainty and fear of this market moment is no reason to rip up your view on markets and the economy.
"Given the increased negative banter and many macro forecasts being revised to the downside, we have been inundated by clients on not only our opinion, but more directly — why we are NOT changing our view," Belski wrote.
In addition to not knowing the process of other firms and arguing that company-specific trends are being extrapolated to the broad market, Belski added: "Unfortunately, uncertainty generates emotion, which comes from fear. ... To be blunt, we believe it is inappropriate to be changing forecasts for the sake of uncertainty and fear."
On Thursday, the S&P 500 (^GSPC) entered correction territory, defined as a 10% drop from recent highs.
"We know that corrections do not necessarily equate to bear markets," Belski added.
More broadly, Belski sees the way the market has acted over the last two years — essentially going up unabated amid AI enthusiasm and riding the wave of a strong economy — as having set us up for the current moment of instability.
Here's Belski, with the money quote on where things stand in his team's mind as we head toward the end of a rough week for markets:
Bitcoin hovers near $83,000 amid market rebound
Bitcoin (BTC-USD) rose above $83,000 per token on Friday amid an overall market rebound.
The world's largest cryptocurrency has been range-bound over the past week fluctuating between $77,000 and $84,000 as investors reacted to the Trump administration's tariff policies and growing worries of an economic slowdown.
"As the market recovers from the turmoil caused by tariffs and becomes more certain about the direction of trade policy, cryptocurrencies may find themselves in a better place than they were previously," Samer Hasn, a senior market analyst at XS.com, said on Friday.
Gold reaches $3,000 as trade war escalates, economic uncertainty rises
Yahoo Finance's Ines Ferré reports:
COMEX - Delayed Quote USD
As of 4:50:32 PM EDT. Market Open.
Inflation expectations soar as consumer sentiment tumbles in March
Consumer sentiment tumbled in March, as the impacts of President Trump's tariff policies and elevated prices remain a top concern for Americans.
The latest University of Michigan consumer sentiment survey released Friday showed sentiment hit its lowest level since November 2022. The index slid to a reading of 57.9, below the 64.7 seen last month and the 63 expected by economists.
Pessimism over the inflation outlook soared again in March as one-year inflation expectations jumped to 4.9% from 4.3% the month prior. Just two months ago, consumers had only expected inflation of 3.3% over the next year.
Long-run inflation expectations, which track expectations over the next five to 10 years, climbed too, hitting 3.9% in March, up from 3.4% in February. This marked the largest month-over-month increase in long-run inflation expectations since 1993.
Elon Musk’s Tesla says it could be targeted by retaliatory tariffs
Tesla (TSLA) shares slumped recently, erasing post-Election Day gains, and closed down nearly 3% Thursday. Tesla warned that retaliatory tariffs could hurt its operations and urged the US to rethink trade policies.
CNN Reports:
Dow, S&P 500, Nasdaq rebound from brutal sell-off
Stocks rebounded on Friday following steep losses in the prior session as the risk of a US government shutdown waned and investors eyed the escalating trade war.
The S&P 500 (^GSPC) rose about 0.9% after the index closed in correction territory on Thursday. The tech-heavy Nasdaq Composite (^IXIC) gained more than 1.1%, while the Dow Jones Industrial Average (^DJI) rose 0.6%.
SNP - Delayed Quote USD
^GSPC ^DJI ^IXIC
Investors are keeping a close eye on the trade war, which has set all three major averages on pace to end the week lower.
Gold is set to be the big winner this week after crossing $3,000 an ounce for the first time. The precious metal is on track for a second week of gains as investors flock to the safe haven amid tariff uncertainties and expectations that the Federal Reserve will start cutting interest rates again.
COMEX - Delayed Quote USD
As of 4:50:32 PM EDT. Market Open.
Stock funds see biggest weekly outflow this year: BofA
Reuters reports:
China stocks jump to hit multi-month high
China's stock benchmark closed at its highest since mid-December amid growing optimism for more Beijing policy support and a rising appetite for Chinese names from global investors.
Shanghai's CSI 300 jumped 2.4% as investors dived into consumer stocks. Meanwhile, the Hang Seng China Enterprises index (^HSCE) in Hong Kong finished with a 2.7% gain.
China's authorities are seen as poised to bring in policies to boost consumer spending and confidence, after the financial regulator laid out plans to encourage banks to offer loans.
But Beijing appears to be struggling to find ways to meet its spending targets, even as Elon Musk-led DOGE in the US shoots for $1 trillion in spending cuts. The risk of economic damage from President Trump's tariff hikes also looms large.
At the same time, recession worries sparked by that trade war are driving global investors to take cover in an unusual haven, Chinese stocks, analysts suggest. The stocks are trading 30% under their 2021 highs, while the 17% gain for Hong Kong's Hang Seng (^HSI) since Trump's election far outshines the S&P 500's (^GSPC) 9% drop
This S&P 500 correction is the fifth-fastest since 1950
Yahoo Finance's Josh Schafer writes in today's Morning Brief:
Tesla stock rises after report of cheaper Chinese Model Y
Tesla (TSLA) shares moved up 1.7% in premarket trading, clawing back a chunk of Thursday's 3% loss after a report that the EV maker is planning a lower-cost Model Y for China.
The smaller version of Tesla's best-selling model will cost at least 20% less to manufacture, Reuters reported.
The plan is a bid to regain market share in China, where Tesla has lost a lot of ground. Its shares have dropped over 30% in the past month as sales slid in Europe, too, and amid dismay at CEO Elon Musk's role on President Trump's team. The stock has erased all its post-election gains.
Meanwhile, Trump's tariff policy is causing concern at Tesla, which has signaled it's worried that an escalating tit-for-tat trade war will ramp up its manufacturing costs.
Good morning. Here's what's happening today.
Gold reaches record heights
Gold (GC=F) struck a new record high Friday as haven demand is pushed by tariff uncertainty and mounting trade war tensions.
COMEX - Delayed Quote USD
As of 4:50:32 PM EDT. Market Open.
Reuters reports:
Trending tickers in after-hours trading
Ulta Beauty (ULTA)
The stock of beauty retailer Ulta Beauty surged over 6% after the company surpassed expectations in its earnings performance. Ulta rannounced earnings of $8.46 per share and revenue of $3.49 billion, exceeding analysts’ forecasts of $7.12 per share and $3.46 billion in revenue.
Rubrik (RBRK)
Stock in the data management company jumped 16% following an exceptional fourth-quarter report. Rubrik generated $258 million in revenue, exceeding analysts' estimates of $233 million.
DocuSign (DOCU)
DocuSign saw a rise of 12% after posting stronger-than-expected fourth-quarter earnings. The electronic signature provider earned an adjusted 86 cents per share, slightly above analysts’ expectations of 85 cents. Revenue totaled $776 million, surpassing the anticipated $761 million.
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