Stocks were solidly higher in early-afternoon trading Friday, led by rally in shares of large-cap technology companies, as the market looks to shake off a sluggish start to 2025.
The Dow Jones Industrial Average was up 0.6% in recent trading, while the S&P 500 and Nasdaq Composite added 1% and 1.4%, respectively. The S&P 500 and Nasdaq entered Friday on five-session losing streaks, while the Dow has closed lower on four straight days. Stocks stumbled at the end of 2024—the Dow posted its worst month in more than two years in December—after riding high for most of the year.
Shares of major tech companies, which have been among the big decliners in the market’s recent downturn, were mostly higher on Friday, led by by AI chipmaker Nvidia (NVDA) and EV maker Tesla (TSLA), which both gained 4%. Nvidia is rising ahead of an eagerly awaited speech by CEO Jensen Huang that’s scheduled for Monday, while Tesla is rebounding from a five-day losing run during which its shares shed 18% of their value.
Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) also gained ground. Apple (AAPL), which last week was on the cusp of becoming the first company ever to surpasses $4 trillion in market capitalization, was down slightly today.
Shares of U.S. Steel (X) were down 6% after President Joe Biden decided to block the $14.1 billion sale of the American company to Japan’s Nippon Steel.
In other markets, bitcoin was at $97,900, up from an earlier low of around $96,000, while gold futures were down 0.6% at $2,655 an ounce and WTI crude oil futures were up more than 1%.
The yield on 10-year Treasurys, which is sensitive to expectations for future interest rates, was down slightly at 4.57%.
Rivian Soars as EV Maker Say Production Issues Fixed
15 minutes ago
Shares of Rivian Automotive (RIVN) soared Friday after the maker of electric trucks and SUVs reported full-year production that exceeded its previously lowered estimates and said that a problem that affected output had been resolved.
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The Illinois-based manufacturer said Friday it built 49,476 vehicles in 2024. In October, it had lowered its estimate to a range of 47,000 to 49,000 from the earlier outlook of 57,000.
The change came after the company said that it experienced a disruption “due to the shortage of a shared component” on the platforms that put together its R1T truck, R1S SUV, and RCV commercial van.
In its latest statement, Rivian said that the component issue “is no longer a constraint on Rivian’s production.”
Rivian said that it delivered 51,579 vehicles last year. It had anticipated a 2024 delivery total of 50,500 to 52,000.
Rivian shares were up 21% late Friday morning, trading at their highest levels in five months. Despite today’s gains, the stock has lost more than 20% of its value over the past year.
Coinbase Levels to Watch as Stock Rallies to Start 2025
1 hr 14 min ago
Coinbase (COIN) shares are off to a strong start this year following a recent retracement.
Since Donald Trump’s election win in early November, the stock has gained more than 30% amid optimism that his administration and a crypto-friendly Republican Congress will position the United States as a global cryptocurrency leader, creating a more favorable regulatory environment for exchanges like Coinbase.
Looking ahead, the company also sits well positioned to benefit for increased trading activity, with Bitcoin (BTCUSD) still hovering just below the $100K level and other large-cap altcoins, such as Ethereum (ETHUSD) and Solana (SOLUSD), performing strongly since the election.
Coinbase shares were up more than 3% at around $266 in recent trading, after gaining more than 3% yesterday.
Since setting a new three-year high in early December, the stock has retraced about half of its post-election rally, with the price sitting roughly midway between the 200- and 50-day MAs.
While the relative strength index (RSI) confirms weak price momentum with a reading around 40, the stock has shown a historical tendency to bounce when the indicator falls to this level. Moreover, below-average volumes have accompanied the recent move lower, indicating a lack of selling conviction.
Investors should watch key support levels on the Coinbase chart around $220 and $187, while also monitoring important resistance levels near $283 and $342.
Read the full technical analysis piece here.
US Steel Shares Sink After Biden Blocks Nippon Steel Deal
1 hr 50 min ago
Shares of U.S. Steel (X) tumbled Friday as President Joe Biden blocked the $14.1 billion sale of the iconic American company to Japan’s Nippon Steel.
The White House announced the decision Friday, with the rejection based on the view that the sale posed a threat to national security.
“As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains,” Biden said.
US Steel shares were more than 6% in recent trading. The stock is down 36% over the past year.
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Before the formal blocking of the deal, The New York Times reported that a blockage of the deal could hurt U.S. relations with Japan, a close ally and a big investor here.
U.S. regulators failed to agree on whether to allow the Japanese company’s acquisition to go through last month, passing the decision to President Biden.
The Japanese firm had pledged to invest more than $2.7 billion in U.S. Steel facilities, and CEO David Burritt had warned of plant closures and the possibility of moving the American company’s headquarters from Pittsburgh if the government blocked the sale.
The rejection of the deal casts a pall over U.S. Steel’s future. It previously had rejected a takeover offer by Cleveland-Cliffs (CLF), which subsequently bought a Canadian steel firm, Stelco.
Vistra Levels to Watch as Utility Powers Higher to Start 2025
3 hr 20 min ago
Shares in electric utility Vistra (VST) are on the rise in premarket trading Friday after surging more than 8% yesterday amid growing optimism about the use of nuclear capacity to serve energy-intensive artificial intelligence (AI) demand.
Vistra was up nearly 2% this morning at $152.20. The stock is off to a roaring start in 2025 after soaring 260% in 2024, making it the second biggest gainer in the S&P 500 last year.
Since setting their record high in late November, Vistra shares had undergone an orderly retracement to the 50-day moving average on lower-than-average trading volume.
On Thursday, the stock closed back above the closely watched indicator, signaling that the longer-term uptrend may be resuming. In addition, the relative strength index (RSI) confirms improving price momentum, flashing its highest reading since early December.
Investors should watch key overhead areas on Vistra’s chart around $169 and $190, while also monitoring crucial support levels near $140 and $115.
Read the full technical analysis piece here.
Futures Point to Slightly Higher Open for Major Indexes
4 hr 8 min ago
Futures tied to the Dow Jones Industrial Average were up 0.3%.
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S&P 500 futures were also up 0.3%.
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Nasdaq 100 futures rose 0.4%.
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