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US stocks traded mixed on Friday, with the Nasdaq sliding but the Dow poised to bid for another record after a rotation from tech to value names propelled the index to a new all-time high.
The Nasdaq Composite (^IXIC) fell 0.3%, continuing a tech slump. The Dow Jones Industrial Average (^DJI) edged up 0.2%, coming off an almost 650-point gain for the blue-chip gauge. The S&P 500 (^GSPC) dropped roughly 0.1% after ending above 6,900 for the first time on Thursday.
Investors are switching out of tech as fears about AI over-valuations get a reboot, as Broadcom (AVGO) followed Oracle (ORCL) in delivering earnings that left Wall Street wanting more. The chipmaker failed to deliver clarity on an AI payoff, stirring concerns about tighter profit margins instead. Its shares dropped over 7% in early trading, despite its quarterly earnings beat.
At the same time, cyclical stocks — those more sensitive to the economy — got a bid following the Federal Reserve’s third interest-rate cut of the year. The expected easing comes amid rising optimism for US growth, helping drive broader bullishness for stocks.
On the corporate front, Lululemon (LULU) shares surged more than 12% after the athletic wear maker said CEO Calvin McDonald will exit at the end of January following a stretch of disappointing sales.
Wall Street is looking to end Friday on a high note, with the S&P 500 and Dow eyeing weekly wins as investors weigh that rate cut and the Fed’s likely policy moves in 2026. Meanwhile, the Nasdaq is on track for a slight loss after a tough week.
Elsewhere in markets, the 10-year Treasury yield (^TNX) stepped higher to top 4.19%.
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Yahoo Finance’s Ines Ferré reports:
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Gold futures hit record
Gold (GC=F) reached a fresh record Friday, soaring to a high of $4,381 an ounce following the Federal Reserve’s interest rate-cut yesterday.
Gold futures previously hit a high of $4,358 on Oct. 20.
The precious metal has surpassed more than 50 all-time highs in 2025 and has been on pace for its best year since 1979.
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Stocks diverge at the open for a second day
Stocks traded mixed at the market open on Friday, as investors rotated out of riskier AI trade bets following quarterly reports from Broadcom (AVGO) and Oracle (ORCL).
The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.3% after slumping on Thursday. The S&P 500 (^GSPC) nudged around 0.1% lower after ending above 6,900 for the first time.
Meanwhile, the Dow Jones Industrial Average (^DJI) was on tracj for a fresh record, inching up 0.2% after a nearly 650-point advance during the previous trading session.
The Dow and the S&P were set for weekly gains, while the Nasdaq eyed a fractional decline.
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Fed’s Goolsbee, Schmid explain votes against December rate cut
Two Federal Reserve officials who dissented at this week’s central bank policy meeting laid out their cases Friday for why they would have preferred to keep rates unchanged in the year’s final meeting this week.
Chicago Federal Reserve president Austan Goolsbee said Friday that his vote against the Federal Reserve’s decision to lower interest rates this week resulted from his preference to wait for more data on inflation before another cut.
“Waiting to take this matter up in the new year would not have entailed much additional risk and would have come with the added benefit of updated economic data which have been absent lately,” Goolsbee said in a statement.
Goolsbee added he remains “optimistic” that rates can come down a “significant amount” over the next year.
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Cannabis stocks surge on report that Trump may reclassify marijuana
Cannabis stocks exploded higher on Friday after a report late Thursday that President Trump is considering reclassifying marijuana and easing restrictions on the industry.
Canada’s Tilray (TLRY) soared 35%, while Canopy Growth Corporation (CGC) gained 25%, Aurora Cannabis (ACB) surged 23%, and Cronos Group (CRON) added 13% in premarket trading.
The gain in Tilray’s shares is on track to nearly wipe out the company’s 36% year-to-date losses. The company’s stock was one of Yahoo Finance’s top trending tickers ahead of the open.
According to Bloomberg, Trump is weighing reclassifying marijuana from a Schedule I drug (which encompasses LSD and heroin) to a Schedule III drug. He has reportedly discussed this with industry executives, as well as Health and Human Services Secretary Robert F. Kennedy Jr. and Centers for Medicare & Medicaid Services administrator Mehmet Oz.
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Deutsche Bank, Goldman see Fed rate cuts rekindling dollar’s slide
Bloomberg reports:
Deutsche Bank AG (DB), Goldman Sachs Group Inc (GS). and other Wall Street banks are forecasting that the US dollar (DX=F) will resume its slide next year as the Federal Reserve keeps nudging down interest rates.
The currency has stabilized over the past six months after tumbling by the most since the early 1970s during the first half of the year when President Donald Trump’s trade war unleashed havoc in global markets.
But strategists expect the greenback to weaken again in 2026 as the US central bank continues to ease monetary policy just as others hold steady or move closer toward raising rates. That rift would give investors an incentive to sell US debt and shift the cash to countries where payouts are higher.
As a result, forecasters at more than half a dozen major investment banks are largely predicting that the dollar will slip against major counterparts like the yen, euro and pound. According to the consensus estimates compiled by Bloomberg, a widely tracked index of the dollar will weaken some 3% by the end of 2026.
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Premarket trending tickers: UBS, RH, WBD
UBS (UBS) stock rose 3% before the bell on Friday after Swiss politicians proposed changing the rules and watering down the capital demands that Switzerland wants to impose on UBS. UBS shares reached a 17-year high after the news.
RH (RH) stock jumped 4% during premarket trading on Friday after reporting third quarter fiscal earnings and meeting Wall Street estimates for revenue. The home furnishings company has also benefited from a boom in the US rental market.
Warner Bros Discovery (WBD) stock rose 1% before the bell. The entertainment company is currently at the center of a battle between both Netflix (NFLX) and Paramount Skydance (PSKY), who are bidding to take over the company.
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Lululemon stock jumps as turnaround push bears fruit, CEO plans to step down
Lululemon (LULU) stock popped almost 10% in premarket trading after the Canada-based apparel retailer posted an earnings beat and upbeat full-year profit forecast.
“As we enter the holiday season, we are encouraged by our early performance,” Lululemon CEO Calvin McDonald said, noting that the company continues to make progress in its turnaround plan and expects to see more results in 2026.
McDonald plans to step down from his role and from the company’s board on Jan. 31, Lululemon also announced on Thursday. He will continue as a senior adviser through March 31, with CFO Meghan Frank and its CCO André Maestrini to serve as interim co-CEOs.
In the company’s third quarter, diluted profits rose to $2.59 per share, exceeding expectations for adjusted earnings of $2.22 per share, according to S&P Global Market Intelligence.
Revenue increased 7% year over year to $2.6 billion, topping estimates of $2.47 billion. Higher revenue was driven by international sales, which climbed 18% on a comparable basis. Same-store sales in the Americas declined 5%.
For the fourth quarter, Lululemon guided for net revenue in the range of $3.5 billion to $3.58 billion, in line with the Wall Street consensus estimate of $3.56 billion.
For the full year, the company forecast net revenue to be between $10.96 billion and $11 billion, representing 4% growth. The Street is expecting full-year revenue of $10.96 billion.
Lululemon’s anticipated full-year earnings also came in ahead of expectations, with diluted earnings per share expected in a range of $12.92 to $13.02 for the year. The Street guided for adjusted earnings of $12.86 per share.
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Broadcom slumps as investors seek sky-high immediate returns from AI spend
Bloomberg reports:
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