U.S. Stock Markets Close Higher Amid Tech Gains and Fed Speculation

U.S. stock markets concluded the week with gains, marking the third winning week in the last four. The S&P 500 rose 0.8% on Friday, closing just below its all-time high set the previous week. The Nasdaq Composite added 1%, reaching another record high, while the Dow Jones Industrial Average increased by 0.5%.

Technology stocks led the market's advance. Apple shares climbed nearly 5%, extending a three-day rally that saw the stock gain 13%. This surge followed the company's commitment to invest an additional $100 billion in U.S. manufacturing. Alphabet and Tesla each rose more than 2%, while Nvidia and Meta Platforms added about 1%. Microsoft edged higher, whereas Amazon and Broadcom experienced slight declines.

Investor sentiment was bolstered by President Donald Trump's nomination of Stephen Miran as an interim Federal Reserve governor, fueling expectations of a more dovish monetary policy. This move is part of Trump's broader effort to reshape the Fed, especially with Jerome Powell’s term ending in May. Governor Christopher Waller is reportedly a leading candidate to succeed Powell.

In the commodities market, gold futures rose 1.1% to $3,490 an ounce, extending a week-long rally that has pushed the price of the precious metal back to record-high levels. Gold has surged since the release last Friday of the July jobs report, which showed that the labor market was far weaker than economists thought, boosting expectations that the Federal Reserve will cut interest rates.

Oil prices stabilized after six consecutive days of declines. West Texas Intermediate futures, the U.S. crude oil benchmark, rose 0.2% to $64 per barrel.

The yield on the 10-year Treasury note, which influences borrowing costs for consumers and businesses, stood at 4.28%, up from 4.24% the previous day. Earlier in the week, the yield had fallen to 4.18%, its lowest level in three months, amid rising expectations for a Federal Reserve rate cut.

The U.S. dollar index, measuring the dollar's performance against a basket of foreign currencies, slipped 0.2% to 98.16.

Bitcoin was trading at $116,800, down from an overnight high of $117,700.