Major US indices rallied on Friday as lower oil prices offset concerns from a hawkish CPI report and rising inflation expectations, with semiconductor stocks and Dell leading the market higher.
Dell Technologies rallied nearly +12% after RBC Capital initiated coverage with an outperform rating and $640 target.
WTI crude fell -2.4% on Friday after IEA warned high prices will cause biggest demand drop since pandemic.
ON Semiconductor rallied more than +8% as part of a broad chipmaker surge.
S&P 500 rose +0.86% as stocks shook off CPI report and rallied on lower oil prices.
Dow Jones Industrial Average rose +0.98% in broad market rally.
Nasdaq 100 rose +0.91% as tech stocks gained.
Nikkei 225 closed down -1.91%.
Analog Devices rallied more than +4% amid strong semiconductor sector performance.
NXP Semiconductors rallied more than +4% in a broad chip stock rally.
Arm Holdings rallied more than +4% as chip stocks gained.
Marvell Technology rallied more than +4% in the semiconductor rally.
Mara Holdings rallied more than +4% as crypto stocks gained with Ethereum and Bitcoin.
Euro Stoxx 50 closed up +0.90%.
Shanghai Composite closed down -1.18%.
Ethereum surged +3.1%, driving crypto stock gains.
Oracle gave up overnight gains and closed down -1.7% despite strong cloud sales, indicating profit-taking or cautious market reaction.
Amazon.com rallied more than +1% as part of the broader market gains.
Alphabet rallied more than +1% in the market upswing.
Apple rallied more than +1%, supported by the launch of its first foldable phone.
Microsoft rose +0.65% after announcing a data center expansion to triple computing power.
Riot Platforms rallied more than +2% amid crypto market strength.
Strategy (MicroStrategy) rallied more than 1% as crypto prices rose.
Coinbase rallied more than 1% alongside crypto market gains.
Bitcoin gained +0.2%, supporting crypto stocks.
Nvidia was the only Magnificent Seven stock to close lower, showing a small loss.
Adobe closed up +1.4% despite slightly disappointing guidance, showing resilience.
US equity markets finished higher on Friday, with the S&P 500, Dow, and Nasdaq 100 all posting gains near 1%. Investors brushed off a mixed CPI report and rising Fed rate hike expectations, finding relief in a 2.4% drop in WTI crude oil prices. While chipmakers led the charge, Dell Technologies surged 12% following a bullish analyst initiation.
The market took the report in stride; while core CPI was slightly stronger than expected, the year-on-year figures aligned with forecasts, leading investors to focus on other catalysts like falling oil prices.
Dell shares jumped nearly 12% after RBC Capital Markets initiated coverage on the stock with an 'outperform' rating and a $640 price target, citing strong demand for AI infrastructure.