Closing Bell: Stocks Rise as Oil Retreats, Microsoft and Semiconductors Lead

U.S. stocks traded higher Friday as retreating crude oil prices and renewed hopes for progress toward reopening the Strait of Hormuz helped offset pressure from elevated Treasury yields. 

Strength in Microsoft (MSFT) and semiconductor shares supported the major averages. 

The S&P 500 (SPX) gained 0.51%, and the Dow Jones Industrial Average ($DJI) advanced 0.93%. The Russell 2000 (RUT) rose fractionally Friday but slipped nearly 0.8% on the week. Technology showed strength: the tech-heavy Nasdaq-100 (/NDX) rose 0.42%, and the PHLX Semiconductor Sector Index (SOX) was up 1.41% Friday, and up more than 6% for the week. 

Crude oil pulled back by roughly 2% to near $92.60 per barrel on hope of a truce between the U.S. and Iran, despite the threat posed by Houthi fighters, who could disrupt Saudi Arabia and Middle East oil supplies, according to a Reuters report. 

Friday’s economic data sent mixed signals. The University of Michigan’s final September consumer-sentiment reading fell to 48.1, a four-month low, as households remained concerned about inflation and purchasing power. At the same time, core capital-goods orders rose more than expected in August.  

Three things to watch from today’s market: 

Akamai Surges on $11.6 Billion Anthropic Deal 

Akamai Technologies (AKAM) rallied 3.2% after announcing a seven-year, $11.6 billion cloud-services agreement with Anthropic to support CPU-based AI workloads. The commitment can expand by another $9 billion, potentially taking the total to roughly $20 billion, while the agreement includes warrants that could give Anthropic up to a 5% stake in Akamai. See AKAM & Anthropic Ink $11.6B, 7-Year AI Deal: What it Signals to Tech Trade 

Microsoft Leads Megacap Tech Higher 

Microsoft (MSFT) shares rose 3.7% after the company introduced a redesigned Copilot platform that combines AI chat, coding, and agentic capabilities within a more unified experience. The new structure includes Home, Code, and Autopilot as Microsoft continues expanding its AI offerings for individuals and businesses. See MSFT Upgrade Points to Margin Strength, Bullish AI Profit Path 

Nike Falls After BofA Downgrade 

Nike (NKE) traded down 0.67% after Bank of America downgraded the stock to Underperform from Neutral and cut its price target to $30 from $47. The firm cited a slower-than-expected turnaround, continued pressure in China and weaker sales trends. Nike reports earnings next week, on Oct 1. See Example Trades: AMD, ONON, NKE | Fast Market 

For the Week in Review article Saturday and the Week Ahead article Sunday, with the coming week’s economic and earnings calendars, return to the Schwab Network articles page. 

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