US stocks gained on Friday, as investors analyzed the in-line consumer sentiment data for fresh clues on the economy.
The stock indices remain near record highs, having shrugged off the US government shutdown while anticipating further Federal Reserve interest rate cuts.
At 10:07 a.m. ET, the Dow Jones Industrial Average rose 159.54 points, or 0.34%, to 46,517.96. The S&P 500 gained 15.69 points, or 0.23%, to 6,750.80, while the Nasdaq Composite advanced 55.46 points, or 0.24%, to 23,079.81.
As of 9:35 AM Eastern Time, the S&P 500 rose 0.2%, the Dow Jones Industrial Average was up 0.5%, and the Nasdaq Composite was 0.2% higher.
At the open, the Dow Jones Industrial Average rose 36.5 points, or 0.08%, to 46,394.88. The S&P 500 rose 5.4 points, or 0.08%, to 6,740.49, while the Nasdaq Composite rose 18.9 points, or 0.08%, to 23,043.519.
In the bond market, the yield on the 10-year Treasury sank to 4.09% from 4.14% late on Thursday.
Gainers and Losers
Levi Strauss stock dropped 9% despite the company reported a stronger quarterly profit.
Amcor shares gained 3.3% after the packaging company maintained its profit forecast for coming fiscal year.
Oracle stock jumped 2% after Citigroup raised its price target for the company.
PepsiCo edged up 2.7% after at least four brokerages raised their price targets on the stock.
Qualcomm stock lost 1.3% after China’s market regulator said the country has launched an antitrust probe into the semiconductor manufacturer over its acquisition of Israel’s Autotalks.
Marvell Technology rose 3% after Oppenheimer raised its price target on the stock.
Applied Digital shares soared 31.7%, a day after the data center operator posted better-than-expected revenue for the first quarter.
Crude Oil
Global oil prices dropped sharply to multi-month lows on Friday, as the immediate risk premium that had sustained the market faded following the announcement of a planned end to hostilities in Gaza.
The decline was triggered by the signing of a ceasefire agreement between Israel and the Palestinian group Hamas on Thursday. This accord represents the initial phase of a peace initiative brokered by US President Donald Trump, intended to bring the conflict in the region to a close.
Brent crude futures edged down $1.73, or 2.7%, at $63.49 a barrel at 1316 GMT. US West Texas Intermediate crude was down $1.71, or 2.8%, to $59.80.
Bullion Market
Gold prices advanced on Friday, buoyed by expectations of a Federal Reserve rate cut this month and on strong safe-haven appeal.
As of 8:41 AM ET (1241 GMT), spot gold was up 0.3% to $3,985.60 per ounce. US gold futures for December delivery rose 0.7% to $4,001.50.
In other metals, silver surged 1.7% to $49.95 per ounce, platinum was up 0.6% to $1,628.75 and palladium gained 3.8% to $1,464.51.
