Wall street stages smart recovery bond yields and crude oil prices cool off; Microsoft, Amazon and Tesla among key gainers

The benchmark indices in the US opened in green across the board as crude oil prices and yields cooled off on Friday. The NASDAQ 100 surged over 100 points, while S&P 500 and the Dow Jones gained 0.2% each.

The rebound was largely driven by rallies in megacap stocks on Friday after a selloff earlier this week. Investors continued to reassess the risks of higher interest rates and sticky inflation impacting the AI investment theme.

Among the magnificent seven, Nvidia (+0.2%), Alphabet (+1%), Microsoft Corporation (+1.1%), Amazon Inc (+1.7%), Tesla Inc (+3.1%) were among the top gainers on Friday, while Apple Inc (-2.3%) and Meta platforms (-0.2%) were the only two losers during Friday’s session.

Telecom stocks tumble

Telecom operators in the US tumbled as much as 8% on Friday after Elon Musk announced launching telecom operating service under Space Exploration Technologies (SpaceX) on Thursday. SpaceX said on Thursday that it was buying low-band spectrum paving the way for space exploration company to launch its own mobile carrier service in the US.

Apple Inc falls 2.3%

Shares of Apple Inc. opened 2.3% lower on Friday after reports indicated that company has told its component makers to cut the production of components of its recently launched iPhone 18 pro and pro max version. Nikkei Asia reported that iPhone maker has reportedly cut the component orders by 15%-20% as demand for newer version lingers. The company took price hikes for its newly launched iPhone 18 series as well as 17 and 16 series amid soaring memory chip prices.

Crude oil drops 1%

Meanwhile, the crude oil prices dropped nearly 1% on Friday on the brent futures traded in the UK near to $103 per barrel after the President Trump said that the US will not attack Iran until mid-term elections, scheduled to take place next-month. The WTI crude oil prices hovered near $91 per barrel mark amid threat of supply risks persist in the Gulf of Mexico due to Hurricane Isaias.

Bond yields cool off

Falling crude oil prices also cooled off bond yields on Friday, although it continues to trade near multi-decade high levels. The US 10Y yields fell to 5.27% on Friday after hitting 5.36% mark earlier this week. Meanwhile, Federal Reserve’s expectations show, one more rate hike is on the cards in December.

(This is a developing story)