United States stocks extended their rebound on Friday, with all three major indexes posting a second consecutive session of gains as the artificial intelligence trade regained momentum following a volatile week.
During the regular session, the Dow Jones Industrial Average climbed 183.0 points or 0.4% to end at 48,134.9. The S&P 500 added 59.7 points or 0.9% to finish at 6,834.5, and the Nasdaq Composite rose 301.3 points or 1.3% to close at 23,307.6.
For the week, the S&P 500 edged up 0.1% and the Nasdaq gained 0.5%, while the Dow slipped 0.7%.
Oracle shares jumped 6.6% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software company and private equity firm Silver Lake.
The rally marked a sharp turnaround for Oracle, which had come under pressure earlier in the week following reports that a key backer withdrew from one of its data centre projects amid concerns over debt levels and AI-related capital spending.
Elsewhere, Nvidia shares rose about 4% after Reuters reported, citing sources familiar with the matter, that the Trump administration is reviewing the prospect of the company selling its advanced AI chips to China.
Earlier this month, President Donald Trump said Nvidia would be allowed to ship its H200 AI chips to “approved customers” in the country.
Micron Technology also extended its recent rally, gaining around 7%. The stock surged 10% in the previous session after the memory chipmaker issued strong revenue guidance for the current quarter, easing investor concerns following a recent pullback in AI-related names.
On the downside, Nike shares fell 10.5% after the sportswear group reported a decline in revenue from its Greater China business during the fiscal second quarter. The company also flagged pressure on gross margins from higher tariffs.
On the bond markets, 10-year and 2-year rates were up 0.6% apiece at 4.149% and 3.485%, respectively.
