U.S. equity markets posted modest gains on Friday, with the S&P 500 advancing 0.5% and the Dow Jones Industrial Average climbing 1.1%. The Nasdaq composite also rose 0.5%, as stocks recovered some losses from earlier in the week following the market’s recent all-time high. The gains represented only the second positive day for equities in six trading sessions, indicating a period of marked uncertainty for investors.
Ross Stores emerged as a notable performer, surging 4.8% after reporting quarterly profits and revenue that exceeded analyst expectations. The off-price retailer benefited from increased customer acquisition and tariff-related refunds. Broader corporate earnings have generally beaten forecasts during the spring period, which analysts attributed as a key driver supporting stock prices at elevated levels. Strong earnings growth has historically offset investor concerns in equity markets.
Bond markets remained the focal point of Wall Street activity, with Treasury yields continuing to climb despite the U.S. Treasury Department’s recent announcement of increased bond repurchases. The 10-year Treasury yield rose to 4.73% from 4.69%, returning to levels prior to the Treasury’s intervention. The 30-year Treasury yield reached its highest level since 2007, driven partly by ongoing geopolitical tensions affecting oil markets and inflation expectations. Uncertainty regarding the Iran conflict’s impact on Persian Gulf shipping routes contributed to oil price volatility, with Brent crude settling at $92.67 per barrel.
Assets perceived as benefiting from lower interest rate environments performed strongly. Bitcoin surged past $77,000 from below $63,000 a week earlier, lifting cryptocurrency-related stocks including Robinhood Markets, which jumped 13.3%, and Coinbase Global, up 8%. Gold prices also advanced, briefly exceeding $4,690 per ounce, boosting mining stocks such as Newmont and Freeport-McMoRan. Currency weakness following Treasury buyback announcements supported precious metals prices. In contrast, OSI Systems declined 8.3% after reporting weaker-than-expected quarterly revenue, citing Middle East conflicts, while Boston Beer fell 2.8% following its chief financial officer’s departure announcement. International markets showed strength, with Hong Kong’s Hang Seng rising 1.2% and South Korea’s Kospi advancing 0.9%.
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