US equities finished higher on Friday, snapping a week-long decline amid stronger-than-expected economic data. The S&P 500 advanced 0.4%, the Nasdaq 100 gained 0.3%, and the Dow Jones Industrial Average rose 518 points. Stocks moved up after data showed US business activity expanding at its fastest pace in more than four years. At the same time, investors continued to weigh a recent jump in bond yields, driven by persistent inflation worries and mounting fiscal concerns. Long-dated Treasury yields held near the levels seen before the Treasury’s announcement of an expanded bond buyback program, while the US dollar extended its slide.
Mega-cap technology names outperformed, with Alphabet up 1.1%, Microsoft advancing 0.4%, and Meta gaining 0.8%. Semiconductor stocks were mixed: Nvidia slipped 1%, Micron declined 0.8%, and Intel fell 2.2%. Walmart dropped more than 10% for the week after a rare earnings miss pressured its guidance and heightened worries about the health of the US consumer.
