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US stocks climbed on Friday during a turbulent session amid rising optimism for a December interest rate cut, while bitcoin (BTC-USD) kept tumbling amid a brutal stretch for cryptocurrencies.
The tech-heavy Nasdaq Composite (^IXIC) put on more than 1%, while the S&P 500 (^GSPC) added 1.2%, reversing losses for the two gauges earlier in the trading day that had wiped out initial gains. The Dow Jones Industrial Average (^DJI) rose around 1.5%, or near 700 points. Stocks had closed sharply lower on Thursday in a remarkable turnabout.
DJI - Free Realtime Quote • USD (^DJI) Follow View Quote Details 46,469.79 +717.53 +(1.57%) As of 12:16:55 PM EST. Market Open. ^DJI ^IXIC ^GSPC Advanced ChartUS equities perked up early Friday after the New York Fed president John Williams said he sees room for a cut in the "near term." That led rate-cut bets for the Fed's next meeting to spike, with traders pricing in 75% odds of a December cut, up from around 40% on Thursday. Williams' remarks come amid evidence of a deeply divided Fed heading into its final meeting of 2025.
While stocks have seesawed, cryptocurrencies are still feeling the heat. Bitcoin sank on Friday to trade as low as $82,000, deepening a slide from record-high levels just more than a month ago. It is now heading for its worst month since the crypto collapse of 2022.
It's shaping up to be a rocky month on Wall Street, too, with the S&P 500 headed for its worst November since 2008 amid mounting concerns over an AI-fueled "bubble." Not even Nvidia (NVDA) and its CEO, Jensen Huang, could allay those fears after the AI chipmaker's blowout earnings reveal on Wednesday.
Read more: Live coverage of corporate earnings
The major US gauges are also set for weekly losses across the board. The S&P 500 and Nasdaq ended Thursday at their lowest levels since September.
Meanwhile, a measure of consumer confidence from the University of Michigan showed sentiment deteriorated further in November to a reading of 51, as worries about higher prices and job losses remained top of mind.
LIVE 15 updates16 mins ago Laura Bratton
Stocks whipsaw to session highs after shedding gains
Stocks saw another turbulent trading session on Friday.
After reversing gains and briefly turning red, the Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) whipsawed to session highs, putting on nearly 0.9% and roughly 1%, respectively.
The Dow Jones Industrial Average (^DJI) also jumped to a high, adding 1.3%, or nearly 600 points.
DJI - Free Realtime Quote • USD (^DJI) Follow View Quote Details 46,469.79 +717.53 +(1.57%) As of 12:16:55 PM EST. Market Open. ^DJI ^IXIC ^GSPC Advanced ChartIf sustained, the moves would help the gauges pare weekly losses. The S&P and the Dow are now set for drops of less than 2% for the week, while the Nasdaq is facing a loss of around 2.8%.
Citi CFO Mason to step down after CEO Fraser’s power consolidation
Yahoo Finance's David Hollerith reports:
Read the full story here.
SoftBank sinks as company issues more debt while investing in AI boom
Japanese multinational holding company SoftBank Group (SFTBY) saw shares fall more than 5% Friday after issuing ¥46 billion ($292 million) in bonds, bringing its bond issuance for the year to a record ¥400 billion ($2.6 billion), Bloomberg reported.
The move came after The Information reported Thursday that the company plans to invest up to $3 billion to remodel an EV plant in Ohio that would manufacture equipment for OpenAI's (OPAI.PVT) data centers as part of the Stargate project.
SoftBank has committed to investing $30 billion in OpenAI and recently sold its $5.8 billion stake in Nvidia (NVDA) in a sign of desperation to meet that promise.
SoftBank stock's drop Friday underscores concerns by investors over the entrance of debt in the AI boom. Though SoftBank was already leveraging debt to fund its AI deal spree before the latest selloff in tech equities, investor fears of an AI bubble have mounted as firms like Meta (META), Oracle (ORCL), and xAI (XAAI.PVT) have also started turning to debt.
Consumer sentiment falls less than feared in November
US consumer sentiment dropped less than expected in November, according to the final results of the University of Michigan’s survey of consumers.
The consumer sentiment index fell to 51 in November from 53.6 in the previous month.
An initial reading on Nov. 7 showed sentiment dropping to a reading of 50.3 for the month, as Americans feared the government shutdown’s effects on the economy and their personal finances. That marked the lowest reading in three years.
Economists had expected the index to pare that loss slightly and record a final reading of 50.6, according to Bloomberg data.
"After the federal shutdown ended, sentiment lifted slightly from its mid-month reading," wrote Joanne Hsu, director of the university's consumer surveys.
Inflation expectations also eased. Year-ahead inflation expectations ticked down to 4.5% in November from 4.6% in September, while long-term inflation expectations dropped to 3.4% from the previous 3.9%.
"However, consumers remain frustrated about the persistence of high prices and weakening incomes."
New York Fed president John Williams sees room for a rate cut 'in the near term', rate cut bets soar
New York Fed president John Williams boosted hopes for a December rate cut from the central bank in a speech on Friday in Santiago, Chile.
“I view monetary policy as being modestly restrictive, although somewhat less so than before our recent actions,” he said. (Bloomberg reported on the commentary.)
“Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals.”
The comments caused bets on a rate cut to surge. Shortly after the market open, options traders were pricing in roughly 73% odds of an easing in December, up from about 40% yesterday.
Rate cut bets had already jumped Thursday to 40% from around 30% Wednesday as the September jobs report showed unemployment ticking up slightly.
Today at 2:59 PM UTC Myles Udland Eli Lilly eclipses $1 trillion market cap
The trillion-dollar market cap club is no longer just for tech giants and Warren Buffett.
On Friday, Eli Lilly (LLY) joined the party as its shares rose over 1.3%, sending its stock to a record high above $1,050 and giving the healthcare giant a market capitalization north of $1 trillion. This makes Lilly the first healthcare company to top the market cap milestone.
The company's stock has soared in recent years as it rode the GLP-1 boom with its Zepbound and Mounjaro drugs.
Lilly now joins a group of companies that include the "Magnificent Seven" tech giants, along with Berkshire Hathaway (BRK-B, BRK-A), TSMC (TSM), and Broadcom (AVGO).
After Eli Lilly, Walmart (WMT) is the next-biggest company in the world with a market cap of around $850 billion. The company reported strong third quarter earnings earlier this week and announced an executive transition earlier in the month.
Stocks rise at the open
Following a sharp sell-off this week, US stocks rose Friday at the market open as comments from New York Fed president John Williams boosted market odds of a December rate cut to 75%, from 39% a day ago.
The tech-heavy Nasdaq Composite (^IXIC) led the gains at the start of the trading session, rising 0.6%. Meanwhile, the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) both added about 0.5%.
DJI - Free Realtime Quote • USD (^DJI) Follow View Quote Details 46,469.79 +717.53 +(1.57%) As of 12:16:55 PM EST. Market Open. ^DJI ^IXIC ^GSPC Advanced ChartStocks closed sharply lower on Thursday after a turbulent session that saw tech names reverse big gains on the heels of Nvidia's (NVDA) stellar earnings report.
The major gauges were set for weekly losses. The Nasdaq was on track to shed more than 3%, while the Dow and S&P were facing declines of more than 2%.
- Today at 2:05 PM UTC Grace O'Donnell
Netflix, Comcast, Paramount formally submit bids to acquire Warner Bros. Discovery
Netflix (NFLX), Comcast (CMCSA), and Paramount (PSKY) have formally submitted takeover bids for Warner Bros. Discovery (WBD), multiple outlets reported Thursday evening.
Paramount's offer was the only one aiming to acquire Warner Bros. Discovery in its entirety, according to people familiar with the matter, while Comcast and Netflix are interested in acquiring the company's studio and streaming business, which houses franchises such as Batman.
As Warner Bros. Discovery considers the first round of what it previously said were "unsolicited" offers, it remains on track to split into two companies — one with its global television network and another with its studio and streaming unit — by mid-2026.
Shares of Warner Bros. Discovery, which gained 0.6% in premarket trading, are pacing for gains of 25% over the past month. Year to date, the stock has risen a staggering 116%.
Read more here from Bloomberg.
Today at 1:20 PM UTC Jenny McCall
Good morning. Here's what's happening today.
Economic data: S&P Global US manufacturing PMI (November flash reading); S&P Global US services PMI (November flash reading); University of Michigan consumer sentiment (November)
Earnings: BJ's Wholesale Club (BJ)
Here are some of the biggest stories you may have missed overnight and early this morning:
Wall Street doesn't agree with Main Street about Nvidia
Meet the company trying to break China's grip on rare earths
Gold set for weekly loss after broad sell-off
Oil pares loss as Ukraine, Europe reject key parts of peace plan
Bitcoin heads for worst month since crypto collapse of 2022
Traders search for clues behind biggest S&P reversal since April
Big Tech's debt binge raises risk in race to create an AI world
OpenAI partner Foxconn plans multibillion-dollar US AI push
Russian oil risks being stranded at sea as US sanctions hit
- Today at 1:03 PM UTC Grace O'Donnell
Chip stocks ricochet as investors wrestle with AI doubts
Global chip stocks bounced around after a bruising day on Wall Street as doubts crept in about the artificial intelligence future and whether a bubble may be about to burst.
Shares of Nvidia (NVDA), the leader of the pack, fell another 1.2% earlier in premarket trading but then stemmed those losses to trade roughly flat. The stock is still well off the initial 5% bounce it saw after reporting what was broadly regarded as a solid earnings report on Wednesday.
NasdaqGS - Nasdaq Real Time Price • USD (NVDA) Follow View Quote Details 179.97 -0.67 (-0.37%) As of 12:16:55 PM EST. Market Open. NVDA TSM AVGO Advanced ChartTaiwan Semiconductor (TSM) declined about 1%, while South Korea-based SK Hynix (000660.KS) fell 8%, and Samsung Electronics (005930.KS) shed 5%. In Europe, ASML (ASML) fell over 5%.
In the US, chip designer Broadcom (AVGO) also pared losses to trade roughly flat. Meanwhile, Micron (MU) climbed 0.3% after suffering a loss of over 10% on Thursday. AMD (AMD) stock added 0.2%.
Intel (INTC) also rose after the company's CEO, Lip-Bu Tan, downplayed reports that a recent company hire took intellectual property from TSMC.
BJ’s Wholesale Club shares rise as earnings top estimates
BJ's (BJ) stock rose 4% before the bell on Friday after reporting third quarter fiscal 2025 earnings that beat analysts' expectations. The wholesale club operator raised its full-year profit outlook on the strength of its membership income and posted adjusted earnings per share of $1.16, beating the analyst consensus of $1.10.
Investing.com reports:
Read more here.
Premarket trending tickers: Intuit, Ross Stores and Strategy
Intuit (INTU) stock rose 3% before the bell on Friday. The software company posted better-than-expected results, reporting $3.89 billion in revenue for the quarter, representing a year-over-year increase of 18.3%.
Ross Stores (ROST) stock jumped 3% in premarket trading after raising its full-year earnings guidance as same-store sales jumped in the third quarter.
Strategy (MSTR) stock fell 4% before the bell on Friday. Bitcoin (BTC-USD) continued to fall this week and dropped around 10% on Friday. It's also on track for its worst monthly performance since 2022. Strategy is one of the largest corporate holders of bitcoin.
Gap stock pops on raised outlook, strength in core brands
Gap (GAP) stock rose 4% before the bell on Friday after the apparel company topped earnings expectations and delivered an upbeat outlook.
The retailer reported earnings per share of $0.62, which surpassed estimates, and $3.9 billion in revenue as same-store sales grew 5% year over year. Wall Street was expecting $3.9 billion in revenue and $0.59 per share in earnings, according to S&P Global Market Intelligence.
Gap's three core brands — the namesake Gap brand, Old Navy, and Banana Republic — showed strength during the quarter, while athleisure brand Athleta was the clear laggard. Same-store sales at Gap rose 7% year over year, sales at Old Navy rose 6%, and sales at Banana Republic rose 4%. Athleta's same-store sales, meanwhile, dropped 11%, as Gap said it's applying a "reinvigoration playbook" to the brand.
Gap also raised the lower end of its full-year revenue forecast. It now sees 1.7% to 2% top-line growth, up from its previous guidance of 1% to 2%.
"The strength of our third quarter and quarter-to-date performance positions us well for the holiday selling season and gives us the confidence to increase our full year net sales outlook to the high end of our prior guidance range and raise our full year operating margin outlook," CEO Richard Dickson said in a statement.
- Today at 9:39 AM UTC Karen Friar
BofA: Tech stocks still set for record $75 billion inflow in 2025
Reuters reports:
- Today at 9:01 AM UTC Karen Friar
Bitcoin heading for worst month since crypto collapse of 2022
Bitcoin (BTC-USD) was trading 9% lower at around $84,000 early Friday morning, on track for its worst monthly performance since a string of corporate collapses rocked the wider crypto sector in 2022.
Bloomberg reports:
Read more here.
