Closing Bell: Bulls on Friday, Bears for the Week as Treasury Fears Lift Crypto

Worries about bond yields gave way to equity bulls Friday as investors anticipate Nvidia (NVDA) earnings and a Federal Reserve symposium next week. 

Stocks managed modest gains on Friday despite a rise in yields. The benchmark 10-year yield was up about 4 basis points to 4.73%. On Friday the S&P Global Flash U.S. Composite Purchasing Managers' Index showed its highest reading since 2022, at 56 in August, indicating health among the manufacturing and services companies surveyed.  

The Dow Industrials Index ($DJI) was up 0.98% on Friday and the S&P 500 (SPX) was up 0.43%. The small-cap Russell 2000 (RUT) rose 0.85%, while the Nasdaq-100 (NDX) rose 0.33%. 

But stocks slid for the week with bond market pressure, and oil up 5% on the week to near $86.60 per barrel as tensions flare between the U.S. and Iran. The SPX fell 1.43% for the week and the tech-heavy Nasdaq-100 (NDX) fell 2.45%, each snapping three-week win streaks. The Dow was down 0.85% last week, while the small-cap Russell 2000 fell 1.65%. 

Some things to watch from Friday's market: 

Bitcoin had its best week in more than two years, according to reports, with Bitcoin futures up nearly 7% Friday for a rise of roughly 23% for the week. The move was driven by the government's plans for Treasury buybacks and President Donald Trump's renewed calls for approval of crypto-friendly legislation. In addition, bitcoin exchange-traded funds saw big inflows, according to a Wall Street Journal report. Crypto-linked stocks such as Coinbase Global (COIN) and Strategy (MSTR) rallied as bitcoin jumped, with investors growing more confident about the possibility of a more favorable U.S. regulatory environment for crypto. The best-performing stock in the S&P 500 Friday was Robinhood Markets (HOOD), up nearly 14%. See Crypto Assets Rally on Clarity Act Push: What's Next for Bitcoin & Legislation? 

Broadcom (AVGO) is in talks to raise more than $60 billion in debt for an AI chip financing deal that will benefit ‌Anthropic and other companies, according to Bloomberg. Shares of Broadcom were up 1.2% Friday. See AVGO Seeking Up to $100B in Debt Financing Mirrors NVDA AI Infrastructure Push 

Nvidia reports earnings Wednesday, Aug. 26, after the close. BMO Capital initiated coverage of Nvidia with an "Outperform" rating and a $340 price target, naming it their top large-cap semiconductor pick. Nvidia stock was down nearly 1% to $214.72 Friday, and the shares were down 4.6% on the week. See Nvidia's Next Catalyst? Ryan Shrout Looks at Earnings and Vera Rubin Expectations 

Freedom Broker upgraded Walmart (WMT) from Hold to Buy while Gordon Haskett downgraded Walmart (WMT) from Buy to Accumulate. Walmart shares were down fractionally Friday and slipped 10% for the week. See Retail Earnings Recap: TJX Earnings Sell-Off Opportunity & WMT Options Trade 

Angrej Singh and Tom White contributed to this article

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