Stocks had a burst of energy Friday afternoon, showing strength and resilience after wavering to start the day. The Dow Jones Industrial Average and other major indexes dug deep and finished near session highs on the stock market today.
The Dow Jones index pushed higher by 1.6%, or 619 points, after the 30-stock index wavered between gains and losses earlier in the session. The S&P 500 also strengthened, with the benchmark index rising 1.8%.
The Nasdaq proved to be the most muscle-bound as the tech-heavy index climbed 2.1%. Small caps also joined in the last ditch rally as the Russell 2000 moved 1.6% higher.
Volume was considerably lower on the Nasdaq and the New York Stock Exchange compared with the same time Thursday. On both the Nasdaq and the NYSE, rising stocks topped losing issues by roughly 2-to-1.
The benchmark 10-year Treasury bond yield added 10 basis points to 4.49% Friday afternoon. And oil prices climbed to around $61.55 a barrel.
3:54 p.m. ET
Economic News: Prices Drop While Concerns Grow
The Labor Department reported its March producer price index unexpectedly dropped 0.4% vs. the 0.2% increase projected, while the annual rate came in at 2.7% and lagged the 3.4% forecast. The March core PPI dipped 0.1% vs. the 0.3% estimated increase and eased to an annualized 3.3%, which was lower than the 3.6% year-over-year forecast.
The University of Michigan's Consumer Sentiment index dropped to 50.8 in April's preliminary reading, considerably lower than the 55 estimate and less than March's 57 result.
Meanwhile, tariff banter continued. Late Thursday, President Donald Trump threatened new tariffs on Mexico, accusing the country of violating a 1944 water treaty with the U.S.
Also, China hiked tariffs on U.S. goods to 125% from 84% on Friday. China said its new tariffs would take effect on Saturday, but said it would "no longer respond" to any further levy increases from the U.S.
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Stock Market Today: Nvidia Tests Moving Average
Dow Jones component Nvidia advanced after dropping 5.9% Thursday. Shares tested their 21-day exponential moving average but remain deep below their 200-day line.
IBD 50 name Palantir Technologies trimmed larger losses after Thursday's 3.7% loss.
Tesla also improved from the day's low's but still dropped, adding to Thursday's hefty 7.3% decline.
2:37 p.m. ET
Chip Stocks In Tariff Crossfire
Texas Instruments was a big loser on the S&P 500 Friday amid fears the chipmaker may get hit with China chip tariffs. China apparently is looking to impose higher tariffs on companies that fabricate chips in the U.S. as opposed to those who have foundries elsewhere.
Texas Instruments sank roughly 6% and hit a 52-week low on the stock market today. The company was hit with two straight years of profit declines in 2023 and 2024. The company expects to report first-quarter earnings on April 23.
The China tariff news also slammed chipmaker Intel, sending it lower. The stock has a dismal 28 IBD Relative Strength Rating. Micron Technology joined in and dropped.
Meanwhile, Qualcomm fostered a gain and Taiwan Semiconductor popped. Both have foundries outside the U.S.
Beyond chip names, Apple was a Dow Jones leader. The Magnificent Seven name rebounded from Thursday's 4.2% drop but remains far below its 200-day line.
Shares of the iPhone maker have lost around 21% so far this year. Apple stock holds a underwhelming 38 Relative Strength Rating.
12:42 p.m. ET
Gold Stocks Sparkle
Gold stocks rose in sympathy with the spike in gold prices as the yellow metal topped $3,200 an ounce Friday. Gold's spot price showed $3,242.09 an ounce Friday midday.
Mining names celebrated as several topped the IBD 50 Friday. Gold producer AngloGold Ashanti popped around 10% in heavy trading Shares are extended from the 20% profit zone of a double-bottom base with a 31.46 buy point.
Harmony Gold Mining jumped and reached a level not seen since November 2006. Shares are extended from the profit zone of a cup base with a 12.29 entry point.
Alamos Gold sprinted close to 4% and is extended after rebounding off its 10-week moving average.
Gold producer Newmont bolted higher in heavy volume on the stock market today. The stock got an extra boost after UBS Group upgraded the stock to buy from neutral and raised its price target to 60 from 50. Newmont is building the right side of a cup-without-handle base with a 58.72 buy point in a conventional market.
Outside of gold names, Fastenal powered up around 6% in heavy volume after the construction supply retailer posted modestly higher first-quarter revenue than views with in-line sales.
11:06 a.m. ET
Stock Market Today: Big Banks Open Earnings Season
JPMorgan Chase, Wells Fargo, BlackRock and Morgan Stanley all reported before the market open. Investors are looking to these financial houses for economic insight.
JPMorgan Chase climbed after the bank topped first-quarter earnings and sales estimates. Its net revenue grew 8% while its net interest income inched up 1%. But its provision for credit losses climbed to $3.3 billion from $1.88 billion in the prior year and its net charge-offs rose by $376 million to $2.3 billion, mainly from credit card services.
Chief Executive Jamie Dimon touted the company's "strong underlying business and financial results" in the earnings release. But he then warned the economy faces considerable turbulence with positives from deregulation, and negatives from tariffs, ongoing inflation and high fiscal deficits.
The Dow Jones stock is forming what would normally be a double-bottom base with a 254.67 buy point. But the entry is only used during strong market environments and IBD continues to recommend 0% to 20% stock market exposure. JPMorgan stock remains below its 200-day moving average.
Wells Fargo retreated on the stock market today after the firm beat first-quarter profit forecasts but missed sales views. BlackRock sank with a miss on first-quarter sales estimates but higher earnings than views.
Morgan Stanley sank nearly 1% even after the financial services provider reported better-than-expected first-quarter profit and revenue. And Bank of New York Mellon fared the worst of the banks with a drop of more than 2%. The firm exceeded first-quarter earnings and sales expectations but shares still sank.
Follow Kimberley Koenig for more stock market news on X, the platform formerly known as Twitter, @IBD_KKoenig.
