4:20pm:
Wall Street ended the week on firmer footing Friday, with the major indexes rebounding as markets steadied after a turbulent stretch for bonds.
The Dow Jones Industrial Average gained 1% to 53,277, while the S&P 500 rose 0.4% to 7,674. The Nasdaq Composite also added 0.4%, closing at 26,180.
Despite Friday’s gains, all three major indexes finished the week lower as a sell-off in government bonds and sharp swings in yields kept pressure on riskier assets. Investors remained focused on the outlook for interest rates and whether persistent bond-market volatility could spill over into equities.
Bitcoin provided a brighter spot, surging 22% this week for its strongest weekly gain since November 2024.
Looking ahead, Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) will take center stage next Wednesday when the chipmaker reports earnings after the closing bell. Investors will also be watching Federal Reserve policymakers as they gather for the central bank’s annual Jackson Hole summit, where any clues on the path for interest rates could set the tone for markets.
3:40pm: Proactive news headlines
- U.S. Global Investors (NASDAQ:GROW) CEO Frank Holmes argues that gold miners are outperforming the metal itself as stronger cash flow, wider margins and disciplined capital allocation fuel one of the sector’s strongest rallies in decades.
- Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) is seeking to raise up to C$2.2 million through a private placement to fund drilling at its Elvira Gold Project and advance its broader portfolio of Chilean mineral assets.
- Snail Inc (NASDAQ:SNAL) has unveiled its Gamescom 2026 lineup, including a second internally developed AAA title in the 9 Yin Sutra universe, with analysts suggesting the shared IP could improve development and marketing efficiency.
- EnWave Corp (TSX-V:ENW, OTC:NWVCF, FRA:E4U) reported third-quarter revenue of $3.3 million, up $569,000 year over year, as a large-scale equipment sale and higher royalties helped drive growth and narrow its loss.
2:40pm: Market movers
- BJ's Wholesale Club (NYSE:BJ) reported second-quarter fiscal 2026 earnings and revenue above expectations and raised its full-year adjusted earnings guidance, sending shares more than 4% higher.
- Modine Manufacturing shares rose more than 5% in pre-market trading after a Hunterbrook Media report suggested the company’s data center cooling opportunity could be substantially larger than publicly disclosed.
- Ross Stores Inc (NASDAQ:ROST) reported better-than-expected second-quarter fiscal 2026 results, with sales rising 13% to $6.3 billion on stronger customer traffic, and raised its full-year earnings outlook.
12:35pm: Broadcom taps debt
Broadcom Inc (NASDAQ:AVGO, XETRA:1YD) is in talks to raise more than $60 billion in debt to fund a financing deal that would supply AI chips to Anthropic and other companies.
That is according to Bloomberg, which cited people familiar with the matter.
The talks point to the scale of borrowing now being lined up to build out AI computing capacity. The financing could include a junior debt tranche of roughly $30 billion, according to the report.
Broadcom would guarantee part of a senior-secured tranche that could range from about $60 billion to $70 billion. Taken together, the sums under discussion could bring the total raise to as much as $100 billion.
11:30am: Crypto rally continues
Crypto momentum continues to build as more investors join the rally, with Bitcoin approaching $80,000 and Ether moving towards $2,500, according to Axel Rudolph, chief technical analyst at online trading and investing platform IG.
“Momentum begets momentum as crypro currencies become the flavour of the month with Bitcoin surging by up to 26% and Ether by 30% this week as more buyers enter the fray for fear of missing out on this swift rally," Rudolph said.
"Key technical resistance zone may soon put a dampener on the advance, though, at least in the short-term, as excess bullish momentum is being absorbed."
10:00am: Bitcoin surges
Wall Street is finding its footing Friday after a steep, yield-driven selloff, with the Dow and S&P 500 edging higher while the Nasdaq remains just below the flat line.
The Dow Jones Industrial Average rose 383 points, or 0.7%, to 53,142, while the S&P 500 added 22 points, or 0.3%, to 7,663. The Nasdaq Composite slipped 12 points, or 0.1%, to 26,055.
Bitcoin provided some of the early momentum, climbing to around $77,000 and putting the cryptocurrency on track for its strongest weekly performance in nearly three years.
Individual stocks were also in focus. Ross Stores shares jumped 3% after the off-price retailer topped Wall Street expectations for both revenue and profit in its latest quarter.
Meanwhile, fresh economic data offered a broadly upbeat picture. The S&P Global US Composite PMI rose to 56.0 in August from 54.5, while the services PMI climbed to 56.8, well ahead of the 54.0 estimate. Manufacturing PMI came in at 53.2, slightly below expectations of 53.9.
The data suggest the US economy remains resilient, although investors are still keeping a close eye on Treasury yields after this week's sharp bond-market moves rattled equities.
Ahead of the bell
US stock futures nudged higher on Friday, though nobody looks especially relaxed about it. Investors are waiting to hear exactly how President Trump plans to wage what he is calling "economic warfare" on Iran, and the Treasury's bigger bond buyback push has done little to settle the mood.
Futures on the Dow Jones Industrial Average and the S&P 500 rose 0.3%, while the Nasdaq-100 gained 0.5% after stocks slid the day before.
Even so, the major indexes are heading for weekly losses, with this week's bond sell-off hammering capital-hungry AI and tech names such as Nvidia.
Treasury Secretary Scott Bessent tried to help on Thursday, unveiling plans to expand bond buybacks beyond $4 billion per issue and insisting yields don't reflect the underlying fundamentals.
The relief lasted about five minutes.
Ten-year and 30-year Treasury yields quickly snapped back to their earlier highs, with markets writing off the move as a sticking plaster.
Trump has already warned of "TREMENDOUS Economic Consequences" for any country still trading with Iran, a shot aimed squarely at China and its Gulf oil habit.
Bitcoin, meanwhile, is having a party, climbing towards $77,000 and eyeing its best week in almost three years.
All eyes now turn to Bessent's Monday press conference, where he will spell out how Washington intends to isolate Iran.