US close: Tech stocks propel Nasdaq higher as S&P 500 nears record

(Sharecast News) - US stocks put in decent gains on Friday, with strong performances in the tech sector resulting in another surge on the Nasdaq, while the S&P 500 neared its record high. The Nasdaq finished 1.3% higher at 23,307.62, following a 1.4% jump on Thursday as the tech-heavy benchmark bounced off a four-week low set the previous session.

The S&P 500 rose 0.9% to 6,834.50, settling at its highest level since 11 December when it reached a record close of 6,901.00. Meanwhile the Dow Jones Industrial Average closed up 0.4% at 48,134.89.

Axel Rudolph, senior technical analyst at IG, said "risk sentiment continues to be the flavour of the day" following Wednesday's interest-rate cut from the Federal Reserve and Thursday's data showing an unexpected slowdown in consumer price inflation in November.

However, while the CPI data fuelled hopes that the Fed could continue cutting rates in 2026, some economists cautioned that the report - the first since the autumn Federal government shutdown - may see methodology‑related distortions that could prompt a rebound in December's figures.

On the macro front, consumer sentiment was revised slightly lower in December, according to the latest University of Michigan survey. The headline index was marked down to 52.9 from a preliminary reading of 53.3, with both the current conditions gauge slipping to 50.4 from 50.7 and the expectations index revised to 54.6 from 55. Year‑ahead inflation expectations were nudged higher to 4.2%, up from the initial 4.1% estimate and unchanged from the prior month, while the five‑year outlook held steady at 3.2%.

Elsewhere, US existing home sales ticked higher in November, according to the National Association of realtors, marking a third consecutive monthly increase. Sales increased 0.5% month-on-month to an annualised 4.13m, slightly below the 4.2m expected but still the strongest level seenin nine months, as easing mortgage rates helped support activity despite recent soft labour data.

Nike slumps, Carnival jumps

Nike tanked nearly 11!% after the sportswear giant reported weaker second‑quarter revenue in Greater China, deepening investor concerns over the pace and durability of its turnaround under chief executive Elliott Hill. Earnings per share came in at 53 cents, above forecasts but down from 78 cents a year earlier, while gross margin fell 300 basis points to 40.6%, reflecting higher tariffs and ongoing discounting to clear ageing inventory.

In contrast, Carnival gained 10% as the cruise line operator reinstated dividend payments and reported a jump in annual profits. Pre-tax profit for the year to November 30 soared 45% to a record $2.77bn.

Meanwhile, tech stocks were performing well, with Oracle up 7% after TikTok parent ByteDance agreed to sell its US operations to a consortium of American investors - including Oracle - paving the way for the video‑sharing platform to continue operating in the country after years of uncertainty.

Strong performances were also seen in chip and AI-related fields, with Broadcom, Nvidia, AMD and Micron Technology all putting in impressive gains, helped by Micron smashing quarterly earnings forecasts the previous session.

Elsewhere, shares in BioMarin surged 18% after the pharma group agreed to buy smaller listed peer Amicus Therapeutics for $4.8bn, expanding its position in the rare diseases market. Amicus finished up 29%.

Beauty company Coty edged higher after selling its remaining stake in haircare brand Wella to KKR for $750m, causing shares the latter to slip.

Dow Jones - Risers

Boeing Co. (BA) $214.08 2.79% Intel Corp. (INTC) $36.85 2.22% Caterpillar Inc. (CAT) $577.26 2.02% Goldman Sachs Group Inc. (GS) $893.48 1.96% JP Morgan Chase & Co. (JPM) $317.21 1.35% Dow Chemical Co. (DOW) $23.26 0.95% Visa Inc. (V) $348.40 0.94% Apple Inc. (AAPL) $273.67 0.67% Merck & Co. Inc. (MRK) $101.09 0.40% American Express Co. (AXP) $376.51 0.26%

Dow Jones - Fallers

Nike Inc. (NKE) $58.71 -10.54% Home Depot Inc. (HD) $345.00 -2.81% Verizon Communications Inc. (VZ) $39.82 -1.46% McDonald's Corp. (MCD) $316.59 -0.96% Johnson & Johnson (JNJ) $206.37 -0.93% Procter & Gamble Co. (PG) $144.46 -0.73% Travelers Company Inc. (TRV) $291.73 -0.65% Walt Disney Co. (DIS) $111.24 -0.56% Coca-Cola Co. (KO) $70.06 -0.43% Unitedhealth Group Inc. (UNH) $327.42 -0.22%

S&P 500 - Risers

Micron Technology Inc. (MU) $266.01 17.95% Lam Research Corp. (LRCX) $172.23 11.13% Carnival Corp. (CCL) $31.36 10.66% Western Digital Corp. (WDC) $181.18 8.97% Seagate Technology Plc (STX) $296.49 6.79% Oracle Corp. (ORCL) $191.97 6.63% Norwegian Cruise Line Holdings Ltd (NCLH) $23.04 6.52% KLA-Tencor Corp. (KLAC) $1,244.93 6.22% Arista Networks Inc. (ANET) $132.31 6.17% Amphenol Corp. (APH) $136.73 5.49%

S&P 500 - Fallers

Lamb Weston Holdings, Inc. (LW) $43.94 -25.94% Nike Inc. (NKE) $58.71 -10.54% TripAdvisor Inc. (TRIP) $13.87 -4.15% Diamondback Energy Inc. (FANG) $148.19 -3.82% Whirlpool Corp. (WHR) $74.19 -3.60% Lowe's Companies Inc. (LOW) $240.44 -2.93% Home Depot Inc. (HD) $345.00 -2.81% Automatic Data Processing Inc. (ADP) $258.01 -2.81% D. R. Horton Inc. (DHI) $147.18 -2.79% Healthpeak Properties, Inc (DOC) $15.99 -2.56%

Nasdaq 100 - Risers

Biomarin Pharmaceutical Inc. (BMRN) $61.18 18.11% Micron Technology Inc. (MU) $266.01 17.95% Lam Research Corp. (LRCX) $172.23 11.13% Qvc Group Inc Series A (QVCGA) $12.30 10.71% Western Digital Corp. (WDC) $181.18 8.97% Seagate Technology Plc (STX) $296.49 6.79% KLA-Tencor Corp. (KLAC) $1,244.93 6.22% Incyte Corp. (INCY) $102.67 5.16% Mercadolibre Inc. (MELI) $1,998.59 4.30% Illumina Inc. (ILMN) $134.70 3.97%

Nasdaq 100 - Fallers

Automatic Data Processing Inc. (ADP) $258.01 -2.81% Comcast Corp. (CMCSA) $29.56 -2.51% Charter Communications Inc. (CHTR) $205.06 -2.19% O'Reilly Automotive Inc. (ORLY) $90.97 -2.02% DENTSPLY Sirona Inc. (XRAY) $11.21 -1.92% Align Technology Inc. (ALGN) $157.65 -1.82% T-Mobile Us, Inc. (TMUS) $196.76 -1.31% Kraft Heinz Co. (KHC) $24.50 -1.01% Gen Digital Inc. (GEN) $27.64 -0.93% Paypal Holdings Inc (PYPL) $59.81 -0.61%