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postUS stocks rose on Friday after snapping a recent losing streak, as signs of cooling inflation and waning AI worries buoyed Wall Street optimism toward the tail end of a topsy-turvy week.
The S&P 500 (^GSPC) put on 0.9%, and the Nasdaq Composite (^IXIC) gained over 1.2%, looking to build on Thursday’s roaring rally. The Dow Jones Industrial Average (^DJI) climbed 0.6%.
On the tech front, Oracle (ORCL) stock jumped after China’s ByteDance signed deals to create a US TikTok joint venture, including the company, which has had a turbulent week. Faith in the AI trade got another boost from Nvidia (NVDA), whose shares popped on a Reuters report that the US is reviewing prospects for sales of its H200 chips in China.
Meanwhile nine pharmaceuticals struck deals with the Trump administration on Friday to lower drug prices for some Americans in exchange for a three-year tariff excemption on their products.
Overall, investors have gotten through a catch-up week for economic data with next year’s rate-cut hopes intact, having embraced the outcome of this week’s delayed November reports on jobs and consumer inflation despite warnings over their reliability.
A rosier inflation picture, combined with a weakening job market, has reignited hopes that the Federal Reserve will continue its recent string of easing.
A plurality of traders are still betting on two cuts next year but have shifted more bets in recent days toward more cuts. Friday will bring a final picture of consumer sentiment from the University of Michigan, after the firm’s initial December survey found the key measure increasing for the first time in five months.
Meanwhile, the benchmark 10-year Treasury yield (^TNX) rose to hit 4.15% as bond markets across the world absorbed the Bank of Japan’s hike in interest rates to the highest level since 1995.
With the late-week rebound stocks are looking to book weekly wins in last full week of trading in 2025. The S&P 500 and Nasdaq are both up fractionally this week, as Wall Street tries for a “Santa Claus rally” to end the year.
US stock markets will be open as scheduled on Dec. 24 and Dec. 26, the NYSE and Nasdaq said, after President Trump ordered the federal government to close on those days.
LIVE 20 updates
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Healthcare stocks rise on deals struck with Tump administration
Pharmaceutical stocks climbed after President Donald Trump announced pricing deals with nine drugmakers, offering a three-year pause on threatened tariffs in return for steps to reduce drug prices in the US.
Shares of Merck (MRK), Bristol Myers Squibb (BMY), Gilead Sciences (GILD), Amgen (AMGN), and Novartis (NVS) all rose following the announcement.
The deals include reduced Medicaid prices, discounts to cash buyerss, and commitments to launch new medicines domestically at prices comparable to those overseas.
The administration said more companies are expected to announce similar deals next year.
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Gold, silver hover near record highs as precious metal rally advances
Gold (GC=F) and silver (SI=F) traded near record highs on Friday as the metals are on pace to close out a stellar year.
Gold futures inched up 0.4% to hover around $4,380 per ounce, while silver futures jumped 3% to trade above $67 per ounce.
Expectations of looser monetary policy and a weaker dollar have buoyed precious metal prices this year.
Gold is up more than 60% year-to-date, while silver has rallied 125%.
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North Korea just had its biggest year ever stealing cryptocurrency
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CoreWeave stock surges 20%, recovering from recent losses
CoreWeave (CRWV) stock soared 20%, rebounding from last week’s punishing losses, as Citi analysts resumed coverage of the stock and OpenAI (OPAI.PVT) set its sights on a $100 billion fundraising round.
Citi reinstated coverage of CoreWeave with an adjusted price target of $135, down from its previous target of $192, but noted that the company is staring down “overwhelming” demand.
Also fueling CoreWeave’s stock on Friday was a Wall Street Journal report that OpenAI is seeking to raise up to $100 billion, which would value the company at as high as $830 billion.
CoreWeave and OpenAI have been closely tied together since the two AI companies agreed to a $11.9 billion partnership that has since expanded to a contract value of up to $22.4 billion. Under the agreement, CoreWeave’s AI computing data centers will power the training of its next-generation models.
In recent months, investors have grown more skeptical about OpenAI’s high-priced dealmaking, leading to volatility in stocks like CoreWeave. Excluding Friday’s gains, CoreWeave stock had been pacing for a 13% decline on the week as AI valuation concerns surfaced.
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Cruise stocks gain as Carnival CEO says demand is proving resilient
Carnival’s (CCL) strong 2026 guidance was the tide that lifted all cruise stocks on Friday.
Carnival stock surged over 8% in midday trading, while Norwegian Cruise Lines (NCLH) rose 6% and Royal Caribbean (RCL) gained about 3%.
Even as sentiment in the US has soured this year, Carnival’s quarterly results showed that consumers continue to spend on cruises.
“Demand for our cruise lines is proving far more resilient than traditional macro indicators would suggest,” Carnival CEO Josh Weinstein said on the company’s earnings call. Weinstein noted that Carnival is already about two-thirds booked for next year at historically high prices for North America and Europe.
For next year, Carnival expects adjusted net income to grow approximately 12% year over year on less than 1% capacity growth. The company expects full-year adjusted diluted earnings per share of $2.48, ahead of Wall Street’s estimates.
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Nike’s challenges drag down footwear stocks
Nike (NKE) stock fell 9% during Friday’s session, dragging other footwear stocks lower.
Shares of Deckers Outdoor (DECK), the maker of Hoka sneakers, dropped 1.3%, while shares of On Running (ONON) declined by 0.3% and Crocs (CROX) fell 1.2%. Dick’s Sporting Goods (DKS), which sells Nike sneakers and apparel directly and recently acquired Foot Locker, traded slightly higher as of 11 a.m.
Nike earnings and revenue beat Wall Street estimates for its fiscal second quarter, but profits declined as the athletic apparel company faces dual headwinds from tariffs and China.
On the company’s earnings call, CEO Elliott Hill said Nike is in the “middle innings of our comeback.”
“We highlighted last quarter that it will take more time to return to healthy growth in Greater China and Converse, and we expect headwinds to continue for the balance of the fiscal year,” Nike CFO Matthew Friend said on the call. “As we highlighted last quarter, we are also navigating new structural headwinds from the $1.5 billion of annualized incremental product costs due to higher US tariffs.”
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Home sales ticked up for third straight month, but the market is still stuck in a deep slump
Yahoo Finance’s Claire Boston reports:
Read more here.
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Consumer sentiment improves in December, but less than expected
University of Michigan’s index of consumer sentiment registered a final reading of 52.9 for December, up from 51 the previous month but below the 53.5 expected by economists tracked by Bloomberg.
“Despite some signs of improvement to close out the year, sentiment remains nearly 30% below December 2024, as pocketbook issues continue to dominate consumer views of the economy,” wrote Joanne Hsu, the director of the university’s consumer surveys.
Hsu noted that sentiment improved for lower-income consumers but was little changed for those with higher incomes.
Year-ahead inflation expectations fell, hitting the lowest reading in 11 months, at 4.2%
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Nvidia jumps over 3% as chip stocks rally
Nvidia (NVDA) stock jumped 3.7% half an hour after the open, putting the AI chip stalwart on track for a weekly gain.
The AI stalwart led the “Magnificent Seven” stocks in gains on Friday after the Trump administration began its review of Nvidia H200 chip exports to China (scroll for more detail). Investors cheered the move as a sign that President Trump was moving ahead with his promise to allow Nvidia to sell advanced chips to China in exchange for a 25% fee to the government.
Other chipmakers and chip developers rallied in early trading. AMD (AMD) climbed nearly 5%, while Intel (INTC) advanced 3%. Broadcom (AVGO) rose 2.5%. Micron (MU) investors extended their post-earnings buying spree, with the stock rising 7% on Friday after Thursday’s 10% gain.
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Stocks jump at the open
US stocks jumped at the open Friday.
The tech heavy Nasdaq Composite (^IXIC) led the gains, up nearly 0.7%, while the S&P 500 (^GSPC) added roughly 0.5%, helping the gauged nearly recover losses earlier in the week. The indexes were set for slight, fractional weekly losses as of Friday morning.
The Dow Jones Industrial Average (^DJI), meanwhile, put on 0.4% but was still set to see a five-day loss of roughly 0.6%.
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DraftKings launches prediction market. The stock is rising.
DraftKings (DKNG) stock gained 1.7% just ahead of the opening bell on Friday after the company said it has formally entered the prediction markets.
Under the oversight of the Commodity Futures Trading Commission (CFTC), DraftKings will set up a mobile app and web offering that will allow users to bet on future outcomes. Event contracts in sports and financial markets will be available initially in 38 states, although the company plans to expand to additional categories, such as entertainment and culture.
Prediction markets have boomed in 2025 as a lighter regulatory touch by the Trump administration has opened the floodgates for platforms to cash in. In late November, Robinhood (HOOD) expanded its fast-growing prediction market services as new competitors try to take share from the incumbents, Kalshi and Polymarket.
But some warn of the behavioral risks inherent in prediction markets, saying that the speculative nature of the markets could create credit stress down the road if bettors struggle to pay their bills.
Read more: What are prediction markets and how do they work?
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Treasury yields jump after Bank of Japan hikes rates to highest level since 1995
US Treasury prices fell on Friday, lifting yields, after the Bank of Japan hiked its policy rate to its highest level in 30 years.
The benchmark 10-year Treasury yield (^TNX) rose 3 basis points to 4.15% while the 30-year yield (^TYX) hit 4.83%. The 5-year yield (^FVX) increased to 3.69%.
Global bond yields rose after the Bank of Japan raised its policy rate by 0.25% to 0.75%, its highest level since 1995, as it kept rates near zero for years in an effort to fight deflation.
The effects of Japan’s rate hike have ripple effects in the US too: The increase in Japanese rates could make the so-called carry trade — in which investors borrow cheaply in Japan and then seek higher-yielding US Treasurys and other assets — less attractive.
Meanwhile, on Thursday, the European Central Bank kept rates steady at 2% for the fourth consecutive time. And a little over a week ago, the US Federal Reserve cut interest rates for the third time this year to a range of 3.5% to 3.75%
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Oil heads for second weekly decline as glut concerns dominate
Oil headed for its second weekly decline as concerns about a growing glut continued to weigh on prices.
Brent crude (BZ=F), the international benchmark, rose 0.6% to $60 a barrel on Friday morning but was down 1.4% on the week. West Texas Intermediate, the US benchmark, gained 0.8% to trade hands at $56 a barrel but was down 1.7% for the week.
Oil prices declined for the week even as a Ukrainian strike on an oil tanker connected to Russia’s shadow fleet escalated a string of attacks in the Mediterranean.
From Bloomberg:
Read more here.
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Why Goldman and Citadel believe in a ‘Santa Claus’ rally
If history is any guide, stocks will keep pushing higher through the end of December and into January, according to Wall Street strategists.
Bloomberg reports:
Read more here.
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Nvidia stock rises as US launches review that could unblock H200 shipments to China
The Trump administration has launched a review that could result in Nvidia (NVDA) being allowed to make its first shipments of advanced AI chips to China, sources told Reuters.
Shares of the chipmaking giant rose before the bell as investors welcomed the sign that President Trump will make good on his pledge to allow the controversial sales of the H200 chips.
Reuters reports:
Read more here.
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Good morning. Here’s what’s happening today.
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Premarket trending tickers: FedEx, Toyota, and Coinbase
FedEx (FDX) stock fell 1% before the bell on Friday after the company announced improved results in the quarter ending Nov. 30. However, the global courier delivery services incurred $25 million in additional costs in November after the UPS cargo plane crash grounded some of FedEx’s fleet.
Toyota (TM) stock edged up higher during premarket trading, rising more than 1% after the auto group said it will ship three models produced in America to Japan in 2026 in a bid to appease President Trump.
Coinbase (COIN) stock rose 3% before the bell on Friday. The crypto exchange said it plans to sue three US states over their attempts to regulate prediction markets.
CoreWeave (CRWV) stock jumped 5% during premarket trading on Friday. Improved sentiment on Thursday after Micron’s outlook beat expectations has helped drive demand for memory chips used in data centers. Citi (C) also resumed coverage of the stock, setting a price target that indicated its stock could double from current levels.
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Nike stock slumps as China struggles continue and tariff drag persists
Nike reported a drop in quarterly profits, citing a drag from higher US tariffs and continued weakness in China in its results on Thursday.
Shares in the sneaker giant tumbled 10% in premarket after the sharp fall in China revenue prompted CEO Elliott Hill to say improvements “are not happening at the pace we like.”
AFP reports:
Read more here.
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Oracle rises as TikTok signs agreements for new US joint venture
Oracle (ORCL) stock jumped more than 5% before the bell on Friday after TikTok’s plan to separate from Chinese parent company ByteDance Ltd was put into motion, with the video-sharing app said to be being bought by Oracle.
Bloomberg News reports:
Read more here.
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Gold and silver close in on fresh records after CPI inflation
Bloomberg reports:
Gold (GC=F) and silver (SI=F) hovered near record highs, after slower-than-expected inflation in the US supported bets for more interest-rate cuts. Platinum (PL=F) was close to a 17-year peak.
Spot gold was near $4,320 an ounce in Asia hours on Friday, and on track for a second weekly gain. The core US consumer price index rose at the slowest pace since early 2021, according to data released on Thursday, bolstering the case for lower borrowing costs – a tailwind for non-yielding precious metals.
… Precious metals have been on a scorching rally this year, with both gold and silver set for their best annual performances since 1979. Silver has more than doubled and gold has jumped about two-thirds on a run underpinned by elevated central-bank buying and inflows into bullion-backed exchange-traded funds.
Falling US interest rates have led ETF investors “to start competing for limited bullion with central banks,” Goldman Sachs Group Inc. analysts including Daan Struyven said in a note. “We expect the same two drivers — structurally high central-bank demand and cyclical support from Fed cuts — to lift the gold price further.”
Read more here.
