Traders work on the floor of the New York Stock Exchange (NYSE) on March 12, 2025 in New York City.
Spencer Platt | Getty Images News | Getty Images
Stocks rallied Friday but remained on track for steep weekly losses as volatility continues to permeate through Wall Street.
The Dow Jones Industrial Average traded 523 points higher, or 1.3%. The S&P 500 climbed 1.7%, and the Nasdaq Composite advanced 2.2%.
Nvidia shares popped more than 4%. Tesla and Meta Platforms gained more than 1% along with Netflix, Amazon and Apple.
Sentiment on Wall Street got a boost Friday as it appeared a government shutdown would be avoided. Senate minority leader Chuck Schumer, D-N.Y., said he wouldn’t block a Republican government funding bill.
However, data released Friday from the University of Michigan confirmed that consumer confidence has suffered from the ongoing tariff-related uncertainty, worries that have driven the market down the last three weeks. Consumer sentiment dropped in March to 57.9, lower than the 63.2 economists polled by Dow Jones had expected.
“Consumer sentiment came in worse, inflation expectations are rising, the 10 year Treasury yield is rising. You would think that the market would be off. So a lot of folks are watching to see if this rally has any breadth or legs,” said Thomas Martin, portfolio manager at Globalt Investments.
A 1.4% drop on Thursday dragged the S&P 500 down 10.1% from its record close notched last month, bringing it officially into a correction. This is defined as a decline of at least 10% from a recent high. The 30-stock Dow and Nasdaq slid 1.3% and about 2%, respectively, in the session.
With Thursday’s decline, the Nasdaq fell further into correction territory and is now down more than 9% this year. The small cap-focused Russell 2000 has dropped around 18% from its recent high, meaning it’s closing in on a bear market, or a drawdown of 20%.
That marks another milestone in the pullback that has gripped investors over the past three weeks as President Donald Trump’s on-again-off-again tariff policy drove up uncertainty and market volatility. All three major indexes have dropped more than 4% this week.
The Dow is on track for its second straight losing week and worst weekly decline since March 2023. This would be the fourth negative week in a row for the S&P 500 and Nasdaq.
Investors are gearing up for the Federal Reserve policy meeting scheduled for next week, where fed funds futures are pricing in a 97% likelihood of interest rates holding steady, according to CME’s FedWatch tool.
“What we would like to see is rates not go up, because that would be an indication that the Fed is losing control. If the Fed says they’re cutting and rates go up, that’s a lack of confidence,” Martin added.
5 stocks in the S&P 500 trade at new 52-week lows
Trump Media stock tracks for best day in over a month
Shares of Trump Media were last up more than 4% on Friday and tracking for their best day in over a month.
DJT 3M Chart
However, the stock is still on pace for its eighth negative week in a row. Since Trump took office, shares have lost half their value.
— Adrian van Hauwermeiren, Lisa Kailai Han
Renaissance IPO ETF heads for best day since August
The Renaissance IPO ETF (IPO) rose more than 3% in Friday morning trading, putting the fund on track for its third positive session in four and its best day since Aug. 23, when it gained 3.6%.
The IPO ETF was on pace for its best day since August.
The fund tracks stocks that have entered the public markets over the past three years. Its top holdings include Kenvue, Arm Holdings and Astera Labs.
However, the fund is still on track for its fifth-straight losing week, which would be its longest such stretch since 2022.
— Jesse Pound, Nick Wells
Precious metals gain this week, with Palladium hitting highest level since Feb. 21
S&P 500 pacing for worst weekly performance since week of SVB’s collapse, Deutsche Bank points out
Traders work on the floor of the New York Stock Exchange (NYSE) on March 11, 2025 in New York City.
Spencer Platt | Getty Images News | Getty Images
The S&P 500 fell into correction territory on Thursday, pushed lower by fresh tariff threats from President Donald Trump.
The broad market benchmark is down 4.31% on the week, as of Thursday’s close. In a Friday note, Deutsche Bank pointed out that if this decline is realized, it would mark the index’s worst weekly performance since the week of Silicon Valley Bank’s collapse two years ago.
“As in recent days, the Magnificent 7 (-2.49%) led the declines, moving back into bear market territory having shed -20.25% since its December peak,” the bank wrote. “And even though tech led the losses, it was still a broad-based decline, with the equal weighted S&P 500 (-1.00%) struggling as 78% of its constituents lost ground on the day.”
— Lisa Kailai Han
Gold hits new intraday all-time high
Investors have been buying up safe haven assets such as gold in the midst of President Donald Trump’s ramping trade war. On Friday, the precious metal’s April-dated futures hit a fresh intraday all-time high of 3,017.1 per ounce.
Gold futures 1M chart
Week to date, gold is up 3.3% and pacing for its best week since Nov. 22, 2024.
— Gina Francolla, Lisa Kailai Han
Stocks bounce after Thursday’s losses
Citi downgrades T-Mobile
A person talks on the phone outside a T-Mobile location in New York City on Feb. 13, 2025.
Danielle DeVries | CNBC
T-Mobile’s valuation may have run too far ahead of its peers in the sector, according to Citigroup.
The firm downgraded the telecommunications stock to neutral from from buy in a Thursday note, but left its $268 per share price target unchanged. Citi’s forecast implies about 3% upside from Thursday’s $259.10 close.
T-Mobile shares in 2025.
“T-Mobile continues to generate favorable growth relative to the category and its competitors,” analyst Michael Rollins said. “However, TMUS valuation at a FV/EBITDA of ~11x has stayed elevated above its competitors at an average of ~6x on our 2025 estimates and we do not see any immediate accelerators to quickly reduce T-Mobile’s premium.”
— Brian Evans
Chipotle, Li Auto among stocks moving before market open
The logo of Chipotle is seen on one of its restaurants in Manhattan, New York City.
Andrew Kelly | Reuters
Check out the companies making headlines before the bell:
- Rubrik — The data management stock popped 18.5%. Rubrik beat Wall Street’s expectations, posting an adjusted loss of 18 cents per share for its fourth quarter, which was narrower than the 39 cent loss expected from analysts polled by LSEG. The company also reported $258 million in revenue, above the consensus estimate of $233 million.
- Chipotle Mexican Grill — The stock rose about 2% after receiving an upgrade to buy from hold at Loop Capital. The firm believes its recent pullback has created an attractive buying opportunity for investors and said that the name is good for managing risk related to President Donald Trump’s tariffs.
- Li Auto — U.S.-listed shares of the Chinese electric vehicle maker fell nearly 6% after the company posted a decline in its fourth-quarter net profit. The company’s deliveries rose 20% in its latest financial quarter, reflecting the impact of price cuts on its overall revenue.
For the full list, read here.
— Pia Singh
Investors should embrace diversification amid elevated market volatility, UBS says
During this time of ongoing market uncertainty, UBS recommended investors consider diversifying their portfolios to mitigate concentration risks.
“Historical data shows that for U.S. dollar-based investors, risk decreases as the number of countries in a stock portfolio increases,” the bank wrote in a Friday note. “So, we recommend investors embrace diversification and stay invested despite ongoing volatility. We see continued positive potential returns in the U.S. equity market, artificial intelligence stocks, as well as companies linked to power and resources.”
Within Asia, UBS likes Indian and Taiwanese equities. Within Europe, the bank sees several emerging opportunities, such as post-election beneficiaries in Germany and rising security investments.
UBS added that beyond geographic diversification, investors should also consider adding bonds, gold and alternative assets to their portfolios.
— Lisa Kailai Han
Chinese stocks close at three-month high, leading gains in Asia, despite fall on Wall Street
Asia-Pacific markets mostly rose on Friday despite a plunge in all three benchmarks in the U.S. over the previous session amid concern about President Donald Trump’s tariff plans.
Mainland China’s CSI 300 led gains in Asia, rising 2.43% to end the end the day at a three-month high of 4,006.56. This follows stronger movements in the healthcare, consumer cyclicals and non-cyclicals sectors.
Hong Kong’s Hang Seng Index rose 2.12% to end the day at 23,959.98. Pharmaceuticals company WuXi Biologics was the top mover in the index, gaining 13.95%.
Other top performing stocks include BYD which surged 6.04%, Meituan which rose 5.71% and Ping An Insurance which was up 5.59%.
In Japan, the benchmark Nikkei 225 ended the day 0.72% higher at 37,053.10, while the broader Topix index rose 0.65% to 2,715.85.
South Korea’s Kospi index lost 0.28% to close at 2,566.36 while the small-cap Kosdaq advanced 1.59% to 734.26.
Australia’s S&P/ASX 200 ended the trading day 0.52% higher at 7,789.70.
Indian markets were closed for a public holiday.
— Amala Balakrishner
Utilities emerge as the only winning sector in a grim week for the market
The S&P 500’s utilities sector is on pace for the slimmest of gains this week – up just 0.02% through Thursday’s close.
This corner of the market, known for its dividend payments, is a rare bright spot for stocks, which have been whiplashed amid President Donald Trump’s tariff plans. The utilities managed to emerge from Thursday’s tumble – in which the S&P 500 closed in correction territory – with a roughly 0.3% gain.
Consolidated Edison in 2025
Big winners this year in utilities include Consolidated Edison, up 17%; Exelon, up 15.5%; and American Water Works, up 14.5%. ConEd has a dividend yield of 3.3%, while Exelon pays a dividend yield of 3.7%. American Water Works’ dividend yield is 2.1%.
–Jason Gewirtz, Darla Mercado
Five of the Mag 7 stocks are already in a bear market, and the other two are thisclose
A picture shows logos of the Big Tech companies named GAFAM, for Google, Apple, Facebook, Amazon and Microsoft, on June 2, 2023.
Sebastien Bozon | AFP | Getty Images
Five of the Magnificent 7 stocks that led the market higher in the bull market of 2023 and 2024 are now down 20% or more from their recent highs — regarded on Wall Street as signaling a bear market in a given asset — as of Thursday’s close. The other two are less than one percentage point away.
Here’s all the members:
- Tesla -50.7% (12/18 high)
- Nvidia -24.5% (1/7)
- Alphabet -21.4% (2/4)
- Meta Platforms -20.3% (2/14)
- Amazon -20.1% (2/4)
- Apple -19.4% (12/26)
- Microsoft -19.1% (7/5)
— Scott Schnipper
See the stocks moving after hours
Stock futures rise
Stock futures ticked higher shortly after 6 p.m. ET.
S&P 500 and Dow futures each added 0.2%. Nasdaq 100 futures increased 0.3%.
— Alex Harring