U.S. stocks moved higher on Friday as Wall Street attempted to recover from Thursday’s steep sell-off, with a powerful crypto rally helping restore some risk appetite. The Dow Jones Industrial Average climbed about 0.8%, while the S&P 500 gained roughly 0.6% and the tech-heavy Nasdaq Composite advanced around 0.6%.
The rebound offered some relief after a difficult week for equities, particularly technology and other rate-sensitive stocks. Still, investors remained cautious as Treasury yields stayed elevated, Brent crude hovered near $93 a barrel, and uncertainty surrounding the Federal Reserve and escalating U.S.-Iran tensions continued to complicate the market outlook.
Market Movers:
- TG Therapeutics (TGTX) +12%: Shares jumped amid renewed takeover speculation after traders pointed to reports suggesting the biotech may have attracted interest from an unnamed U.S.-listed pharmaceutical company. No potential buyer or transaction terms have been confirmed, leaving the rally largely driven by deal speculation.
- Robinhood Markets (HOOD) +12%: Shares surged as Bitcoin rebounded toward $77,000, fueling a broad rally across crypto-linked equities after the cryptocurrency fell below $64,000 earlier in the week. Falling Treasury yields, optimism around U.S. crypto regulation, and a major short squeeze that liquidated roughly $2.7 billion in bearish positions helped accelerate the move.
- Strategy (MSTR) +7%: Shares rallied as Bitcoin’s rebound pushed the company’s cryptocurrency holdings back into an estimated $1.4 billion unrealized gain. The turnaround follows a deep drawdown that saw unrealized losses top $13 billion when Bitcoin fell toward $58,000 in July.
- Ross Stores (ROST) +3%: Shares gained after the retailer reported a stronger-than-expected quarter, with sales rising 14% to $6.3 billion and comparable-store sales climbing 10%. Ross also raised its fiscal 2026 earnings outlook and increased its planned store openings for the year to 115.
- OSI Systems (OSIS) -8%: Shares fell after fiscal fourth-quarter revenue declined 4.1% year over year to $484.1 million, missing Wall Street estimates despite a modest earnings beat. Fiscal 2027 revenue guidance also came in below consensus, overshadowing the company’s expanded share-repurchase authorization.
- Marvell Technology (MRVL) -6%: Shares declined despite the company’s expanded custom-silicon partnership with Google, as investors appeared to take profits following the stock’s earlier rally. The agreement strengthens Marvell’s position across AI inference accelerators, network and storage controllers, and near-memory computing.
- Flowers Foods (FLO) -5%: Shares slipped after second-quarter revenue fell 4% year over year to $1.19 billion and adjusted earnings also missed expectations. The company lowered its full-year sales and earnings outlook, adding to concerns about weaker operating momentum during the second half.
Bitcoin Rally Renews Risk Appetite
Cryptocurrencies provided one of Friday’s strongest bullish signals. Bitcoin surged toward $77,000 after climbing roughly 18% over the previous 48 hours, putting the cryptocurrency on pace for its strongest weekly performance in nearly three years.
The rally quickly spilled into crypto-related equities, lifting Robinhood, Strategy, Coinbase, Circle, Mara Holdings, and other digital-asset names. Renewed optimism around U.S. crypto regulation has added fuel to the move, while the recent pullback in Treasury yields has improved the backdrop for speculative assets.
Treasury Yields Remain a Pressure Point
The bond market continues to loom over equities following a volatile week for long-term Treasury yields. The Treasury Department’s decision to expand purchases of longer-dated government debt initially pushed yields lower, but the relief proved short-lived as investors questioned whether the intervention could meaningfully offset broader upward pressure.
Inflation concerns, heavy government and corporate borrowing, and uncertainty surrounding the Fed’s next move are keeping yields elevated. That remains particularly important for technology and other growth stocks, where higher borrowing costs can pressure valuations.
Oil and Iran Keep Inflation Risks in Focus
Geopolitical uncertainty is also preventing investors from fully embracing Friday’s rebound. Markets are awaiting details on the administration’s plans to economically isolate Iran, while the possibility of additional penalties on countries that continue trading with Tehran has added another layer of uncertainty. Brent crude remains near $93 per barrel following its recent surge, keeping energy-driven inflation risks firmly in focus. A sustained rise in oil could complicate the Fed’s policy outlook and make it harder for bond yields to retreat meaningfully.
Looking Ahead
Wall Street faces another packed slate of catalysts next week, with the Federal Reserve’s Jackson Hole symposium and Nvidia’s quarterly earnings likely to command much of investors’ attention. Fed commentary could reshape expectations for interest rates, while Nvidia’s results will provide a crucial test of whether booming AI spending continues to justify lofty expectations across the technology sector. Friday’s rebound is an encouraging end to an otherwise turbulent week, but the market is hardly in the clear. Treasury yields, oil prices, geopolitical developments, and Fed policy remain capable of quickly shifting sentiment, leaving investors to see whether the latest recovery has enough momentum to carry into next week.