U.S. Stocks End Friday Higher
The Dow Jones Industrial Average climbed 353.51 points, or 0.7 percent, to 51,202.26. The S&P 500 gained 37.16 points, or 0.5 percent, to close at 7,431.46, while the Nasdaq Composite Index advanced 79.18 points, or 0.31 percent, to 25,888.84.
Ten of the 11 primary S&P 500 sectors finished in positive territory, with materials and financials leading the charge at gains of 1.83 percent and 1.35 percent, respectively. Health care was the lone decliner, slipping 0.16 percent.
SpaceX made its long-awaited public debut on the Nasdaq, opening at 150 US dollars per share — well above its initial public offering price of 135 dollars — before surging more than 20 percent in early trade and ultimately closing up 19.22 percent at 160.95 dollars. The listing ranks among the largest initial public offerings in Wall Street history.
Shares of fellow space-sector companies that had rallied in the run-up to the SpaceX listing pulled back on Friday, with Rocket Lab, Intuitive Machines, and Planet Labs all easing.
Technology stocks delivered a mixed picture. Nvidia edged marginally higher, Advanced Micro Devices surged 4.73 percent, and Alphabet added 0.53 percent, while Broadcom, Palantir Technologies, Amazon, and Meta Platforms all closed in negative territory.
Broader market sentiment was also lifted by growing signals that Washington and Tehran are drawing closer to a deal to reopen the Strait of Hormuz. Oil prices extended their retreat in response, with West Texas Intermediate crude for July delivery falling 2.83 dollars, or 3.23 percent, to settle at 84.88 dollars per barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped 3.05 dollars, or 3.37 percent, to settle at 87.33 dollars per barrel on the London ICE Futures Exchange.
On the economic data front, the University of Michigan reported that US consumer sentiment rebounded from a record low of 44.8 in May to 48.9 at the start of June, with one-year inflation expectations easing to 4.6 percent — coming in below analyst forecasts.
Investors will be watching closely over the weekend for further developments in Middle East diplomacy, alongside upcoming economic indicators that could shape the outlook for inflation and monetary policy.
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