Nvidia, Tesla Lead Tech Stock Rebound: What's Driving Markets Friday?

Stocks recovered on Friday, with all three major indexes in the green, as the tech sector bounced back from Thursday’s losses with NVIDIA Corp. NVDA up 1.37% and Tesla, Inc. TSLA rising 2.71%. 

PCE data released before the opening bell also provided some relief to investors as the price index marked its first decline in four months. Data from the CME FedWatch Tool shows the data reinforced bets for approximately two quarter-point cuts to the Fed funds rate in 2025. 

Read More: Federal Reserve’s Preferred Inflation Gauge Marks First Slowdown In 4 Months (UPDATED)

The yield on the 10-year U.S. Treasury note was down to 4.25% on Friday, after falling more than 15bps this week to its lowest level in over two months. Personal spending unexpectedly slipped in January while income soared, and tariff concerns continued to weigh against prospective future growth. 

The iShares 20+ Year Treasury Bond ETF TLT rose 0.31%. 

Cryptocurrencies continued to sell off Friday as a sharp decline in investor sentiment gripped the market after Bitcoin BTC/USD fell below $79,000 late Thursday, down 24% from its January peak of $109,590.

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY was up 0.49% to $587.94.  
• The SPDR Dow Jones Industrial Average DIA climbed 0.58% to $434.87.
• The tech-heavy Invesco QQQ Trust Series QQQ was up 0.65% to $503.50.
• The iShares Russell 2000 ETF IWM rose 0.61% to $213.70. 
• The Consumer Discretionary Select Sector SPDR Fund XLY was up 0.9% to $214.35.
• The Energy Select Sector SPDR Fund XLE rose 0.5% to $90.06.  

Friday’s Stock Movers: 

Shares of vaccine-maker Novavax, Inc. NVAX climbed on heavy volume Friday after the company reported smaller fourth-quarter losses and announced a shift in corporate strategy away from its COVID-19 vaccine.

Stocks reacting to company earnings reports included: 

• Rocket Lab USA, Inc. RKLB 
• SoundHound AI, Inc. SOUN 
• Dell Technologies Inc. DELL 
• Duolingo, Inc. DUOL 
• Sunrun Inc. RUN 
• Archer Aviation Inc.  ACHR 
• Talen Energy Corporation TLN 
• Clover Health Investments, Corp. CLOV 
• Edison International EIX 

Companies reporting earnings on Monday include: 

• Plug Power, Inc. PLUG
• B. Riley Financial, Inc. RILY
• Hut 8 Corp. HUT
• Okta, Inc. OKTA
• GitLab Inc. GTLB
• NuScale Power Corp. SMR
• AST SpaceMobile, Inc. ASTS
• Emergent BioSolutions Inc. EBS
• Sunnova Energy International Inc. NOVA

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