Stocks finished higher Friday, as investors reverse a recent round of losses on Wall Street amid a broader pullback in global stocks.
The Dow Jones Industrial Average gained 339.86 points, or 0.8%, to finish the session at 42,732.13, while the S&P 500 climbed 1.26% to close at 5,942.47, and the tech-heavy Nasdaq climbed 1.77%, to end the day at 19,621.68.
The S&P 500 and Nasdaq and snapped a five-day losing streak, but the averages still posted a losing week.
The Dow finished the week down 0.60%, the S&P 500 dropped 0.48% and the Nasdaq lost 0.51%, according to CNBC.
The so-called “Santa Claus” rally, where stocks gain in the final five trading days of one year and the first two of the next, failed to materialize.
Updated at 12:32 PM EST
Driving higher
Tesla shares are on the rebound heading into the mid-day session after the carmaker posted record China sales that softened the blow of its disappointing fourth quarter delivery figures.
Tesla shifted 657,000 EVs in China last year, an 8.8% annual increase that included a 12.8% jump in December shipments. China now accounts for around 36.7% of its global sales, making it the second-largest market for the Austin-based group behind the U.S.
Tesla shares were last marked 4% higher on the session and changing hands at $394.05 each.
Manufacturing activity hit the highest levels in nine months over December, according to the benchmark survey from the Institute for Supply Management, suggesting solid economic momentum into the end of the year.
The ISM's heading reading of 49.3 topped Street forecasts, but still came in under the 50 point mark that separates growth from contraction. The prices paid index, meanwhile, jumped more than 2 points to 52.5, suggesting inflation pressures continue to linger even as growth stalls.
Stocks were little-changed following the data release, with the S&P 500 last marked 33 points, or 0.56% higher and the Dow up 145 points.
Updated at 9:33 AM EST
Bounceback
The S&P 500 was marked 30 points, or 0.52% higher in the opening minutes of trading, with the Nasdaq rising 116 points, or 0.6%.
The Dow gained 215 points while the mid-cap Russell 2000 index rose 9 points, or 0.41%.
Updated at 8:21 AM EST
No deal
President Joe Biden, as expected, formally blocked Japan's Nippon Steel from buying U.S. Steel in a $14 billion deal he said would harm national security.
"It is my solemn responsibility as President to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this vital American company," Biden said in a statement.
"U.S. Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers – the best in the world," he added.
U.S. Steel shares were last marked 7.7% lower in premarket trading to indicate an opening bell price of $30.10 each.
Updated at 7:57 AM EST
Boeing oversight
Boeing (BA) shares, one of the worst Dow performers of 2024, extended their slide in early trading after the U.S. Federal Aviation Administration said its oversight of the planemaker would continue indefinitely.
The FAA, which began its oversight of Boeing following last year's door panel blowout on an Alaska Airlines flight, said it needed to see a "fundamental cultural shift" at the aerospace group, adding that will require "sustained effort and commitment from Boeing, and unwavering scrutiny on our part."
The oversight caps Boeing's 737 Max production rate at 38 planes per month.
Boeing shares were marked 0.84% lower in premarket trading to indicate an opening bell price of $170.43 each.
Stock Market Today
The S&P 500 ended lower on Thursday, extending its losing streak to five sessions, the longest since April, and dragging both the Nasdaq and Dow Jones Industrial Average into negative territory.
Stronger-than-expected readings on both jobless claims and manufacturing activity triggered more selling in Treasury yields, taking benchmark 10-year notes to 4.551% in overnight trading.
The prospect of a stronger economy and stubborn inflation leading to fewer Federal Reserve interest rate cuts powered the U.S. dollar index to its highest levels in more than two years. The greenback tracker was last marked 0.29% lower from yesterday's peak at 109.079.
President-elect Donald Trump will be closely tracking the effort to reelect Louisiana Republican Mike Johnson as House Speaker for the newly convened Congress.Joe Raedle/Getty Images
Wall Street will look to a broader reading of December manufacturing activity later today from the Institute for Supply Management, as well as the efforts in Washington to reelect Louisiana Republican Mike Johnson as Speaker of the House for the newly convened Congress.
U.S. equity futures suggest modest-opening bell gains for each of the three benchmarks, but intraday volatility levels suggest markets are likely to swing in and out of positive territory for much of the session.
Contracts tied to the S&P 500 suggest a 14-point opening-bell gain while those linked to the Dow are priced for an 80-point advance from last night's close.
The tech-focused Nasdaq is called 75 points higher with Nvidia (NVDA) , Tesla (TSLA) and Palantir (PLTR) all in positive premarket territory.
U.S. Steel (X) shares, however, slumped more than 8% in the premarket after multiple media reports suggested President Joe Biden would formally block the group's proposed $14 billion takeover by Japan's Nippon Steel because of national-security concerns.
In Europe, the euro sank to a fresh two-year low of 1.028 against the dollar in overnight trading, while the Stoxx 600 benchmark fell 0.26% in Frankfurt, amid concern for the near-term growth prospects of the world's biggest economic bloc.
Overnight in Asia, China stocks extended their longest weekly decline in two years, and their worst start to any year since 2016, on renewed worries that government plans to prop up the world's second-largest economy have yet to bear fruit.
Benchmark 10-year government yields fell to a record low below 1.6% while the yuan slipped below the 7.3 mark against the dollar for the first time in more than a year.
Regionally, the MSCI ex-Japan index was marked 0.28% higher into the close of trading while Japan's Nikkei 225 remained shut for the country's traditional New Year celebrations.
