(Sharecast News) - US stocks posted decent gains on Friday despite another rise in bond yields, as crypto stocks tracked the bitcoin price higher.
The Dow jumped 1.0%, while the S&P 500 and Nasdaq both gained 0.4%, with all three indices rebounding after hitting a three-week low the previous session.
"Short-covering ahead of the weekend as US business activity hits a four-year high, euro area inflation expectations fall for a third month and German manufacturing growth rises to its highest level since 2022, has helped global stock markets stem their fall," said Axel Rudolph, chief technical analyst at IG.
"Despite this most global stock indices end the week in the red as yields remain at elevated levels and the price of crude oil rises for a second straight week."
The Bitcoin price jumped 6% to $77,000, its first push move above $70,000 since late May and its best weekly performance (+22%) in years, after the Treasury announced it is raising its long-term bond buybacks.
"Bitcoin just proved, again, that it trades on liquidity before almost anything else. The moment Treasury signalled it was stepping up its own bond buying, Bitcoin moved. I call it pattern recognition rather than hype," said Nigel Green, head of deVere Group.
"Digital assets have consistently rewarded expectations of looser financial conditions, and doubling a buyback programme to $4 billion a session is exactly that kind of signal."
Sentiment was also lifted by a meeting of crypto execs hosted by the White House to discuss a "fair version" of the Clarity Act, a proposed federal bill governing a regulatory framework for cryptocurrencies and digital assets.
"It's a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else, will open the door to the next wave of innovations and innovators," Trump said.
The developments boosted stocks across the listed crypto sector, including Coinbase, Robinhood and Strategy.
In other corporate news, chip giant Nvidia fell on reports it is in advanced discussions to make an investment in Cloverleaf Infrastructure, a company that arranges power for data-centre projects. According to the Wall Street Journal, which cited people familiar with the deal, the exact terms couldn't be immediately learned, but Nvidia is expected to invest several hundred million dollars.
Meanwhile, US long-term bond yields continued to edge higher despite the Treasury's plans for increased buybacks, with the 30-year yield up 1.1 basis points at 5.276% and the 10-year yield up 4.1bp at 4.737%.
Elsewhere, crude prices rose on Friday as traders weighed Washington's threat of "crushing" economic sanctions on Iran, a move that has dampened hopes of a diplomatic breakthrough and kept attention on shipping risks through the Strait of Hormuz. Brent gained 0.7% to $94.39 a barrel, rising 6.6% for the week, its second straight monthly gain.
US vicepresident JD Vance said economic pressure remained Washington's "most effective tool" against Tehran, describing the standoff as a "delicate dance" in which both sides were seeking leverage. He added that Iran had faced greater strain in recent weeks and claimed that US gasoline prices, while still elevated, had fallen "substantially" as the US military worked to move more oil and gas through the Strait.
On the macro front, US business activity strengthened in August, with S&P Global's flash manufacturing, services and composite PMIs pointing to the fastest pace of privatesector growth in more than four years. The composite PMI rose to 56.0 from 54.5, a 52month high, driven by a sharp acceleration in the services PMI, which climbed to 56.8, its strongest reading in 20 months, while manufacturing was more subdued, with the headline PMI easing to 53.2 and output slipping to a 13month low of 51.9.
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $1,039.28 3.73%
Merck & Co. Inc. (MRK) $152.55 2.21%
Salesforce.Com Inc. (CRM) $209.17 1.82%
Caterpillar Inc. (CAT) $827.90 1.53%
American Express Co. (AXP) $336.00 1.46%
Visa Inc. (V) $371.04 1.45%
Nike Inc. (NKE) $40.76 1.37%
Unitedhealth Group Inc. (UNH) $390.11 1.37%
Procter & Gamble Co. (PG) $144.68 1.20%
Johnson & Johnson (JNJ) $270.24 1.07%
Dow Jones - Fallers
Apple Inc. (AAPL) $309.35 -3.27%
Dow Chemical Co. (DOW) $32.35 -1.67%
Intel Corp. (INTC) $90.07 -1.07%
Boeing Co. (BA) $214.20 -0.42%
Travelers Company Inc. (TRV) $363.58 -0.25%
Chevron Corp. (CVX) $205.27 -0.24%
S&P 500 - Risers
Freeport-McMoRan Inc (FCX) $76.66 7.64%
Albemarle Corp. (ALB) $143.25 6.75%
Estee Lauder Co. Inc. (EL) $101.94 6.02%
Gen Digital Inc. (GEN) $28.93 5.87%
HCA Healthcare Inc (HCA) $429.19 5.64%
Illumina Inc. (ILMN) $219.40 5.54%
HF Sinclair Corporation (DINO) $97.32 4.96%
Borg Warner Inc. (BWA) $67.78 4.60%
Chipotle Mexican Grill Inc. (CMG) $36.90 4.56%
Target Corp. (TGT) $165.44 4.54%
S&P 500 - Fallers
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Sempra Energy (SRE) $82.89 -5.14%
Intuitive Surgical Inc. (ISRG) $378.81 -4.44%
Edison International (EIX) $71.59 -4.11%
Ipg Photonics Corp. (IPGP) $73.26 -3.86%
Xcel Energy Inc. (XEL) $76.30 -3.66%
Centerpoint Energy Inc. (CNP) $38.77 -3.56%
Equity Residential (EQR) $63.66 -3.50%
Quanta Services Inc. (PWR) $639.34 -3.49%
TripAdvisor Inc. (TRIP) $10.00 -3.43%
Nasdaq 100 - Risers
Gen Digital Inc. (GEN) $28.93 5.87%
Tesla Inc (TSLA) $362.86 5.62%
Illumina Inc. (ILMN) $219.40 5.54%
NetEase Inc. Ads (NTES) $128.17 5.45%
Ross Stores Inc. (ROST) $239.04 3.52%
PACCAR Inc. (PCAR) $131.03 3.05%
Micron Technology Inc. (MU) $966.78 2.66%
Lam Research Corp. (LRCX) $314.00 2.36%
J.B. Hunt Transport Services Inc. (JBHT) $275.45 2.18%
Starbucks Corp. (SBUX) $107.08 2.15%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Intuitive Surgical Inc. (ISRG) $378.81 -4.44%
Apple Inc. (AAPL) $309.35 -3.27%
Skyworks Solutions Inc. (SWKS) $67.14 -3.05%
Analog Devices Inc. (ADI) $373.09 -2.54%
Charter Communications Inc. (CHTR) $150.17 -2.21%
Biomarin Pharmaceutical Inc. (BMRN) $66.70 -2.03%
KLA-Tencor Corp. (KLAC) $183.99 -1.92%
Texas Instruments Inc (TXN) $264.36 -1.91%
Nvidia Corp. (NVDA) $214.72 -1.87%
68.40 (0.64%)
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