Tech Giants Lead Wall Street's Strongest Rebound Session, All-Time Recovery Gains Extend

Wall Street’s momentum accelerated sharply as technology stocks catapulted the market to fresh territory on Friday, building on Thursday’s impressive gains. The tech-centric Nasdaq reached session peaks, finishing with a 1.3% gain (+301.26 points) at 23,307.62, while the S&P 500 climbed 0.9% to 6,834.50 and the Dow added 0.4% (+183.04 points) to 48,134.89.

The back-to-back rally transformed the week’s narrative entirely. Both the Nasdaq and S&P 500 flipped into positive territory for the week—the Nasdaq up 0.5% and the S&P 500 barely in the green at +0.1%—though the Dow lagged with a 0.7% decline. This rebound marked a significant pivot for all-time recovery leaders in the technology sector.

Individual Stock Movers Steal the Spotlight

Oracle became the day’s headline maker after CEO Shou Zi Chew announced the software maker would join a joint venture with private equity’s Silver Lake to acquire TikTok’s U.S. operations. The news sent Oracle’s shares rocketing 6.6% higher. Nvidia, the AI market darling, delivered a robust 3.9% performance, fueled by reports that the Trump administration is reviewing export restrictions on its second-tier AI processors to China. Micron Technology continued its Thursday momentum, benefiting from a earnings beat and exceptionally bullish forward guidance.

Economic Data Sends Mixed Signals

Existing home sales inched up 0.5% in November to an annualized pace of 4.13 million units, according to the National Association of Realtors—falling short of economist expectations for a 1.2% jump. Consumer sentiment painted a less optimistic picture, with the University of Michigan’s December index revised downward to 52.9 from an initial 53.3 reading, below the anticipated 53.4 level. However, both metrics remained above November’s lows.

Sector Snapshot

Biotechnology stocks emerged as the session’s outperformers, with the NYSE Arca Biotech Index surging 3.1%. Semiconductors and networking shares extended their rally, while gold stocks benefited from rising precious metal prices, lifting the NYSE Arca Gold Bugs Index 2.7%. Computer hardware, airlines, and financials turned in solid gains, though utilities and housing stocks faced headwinds.

Global Markets Participate

Asian equities moved predominantly higher, with Japan’s Nikkei 225 jumping 1.0% and Hong Kong’s Hang Seng climbing 0.8%. European markets followed suit, with the FTSE 100 up 0.6%, Germany’s DAX higher by 0.4%, and France’s CAC 40 near flat.

Fixed Income Retreats

Treasury yields climbed as bond prices retreated from the prior day’s rally. The benchmark 10-year yield rose 3.5 basis points to 4.151%.

What’s Ahead

Holiday-shortened trading next week may limit volume, though reports on durable goods orders, industrial production, and consumer confidence could drive market interest.