U.S. stocks rebounded mid-Friday following the previous day's slump, influenced largely by heightened expectations for increased nuclear energy usage and the resurgence of Tesla (TSLA) after discouraging delivery statistics. The uptick was observable across major indexes such as the Dow Jones Industrial Average, the S&P 500, and Nasdaq.
Among the leading S&P 500 performers were Vistra (VST), NRG Energy (NRG), and Constellation Energy (CEG), continuing their strong run in 2024 on the back of an escalating demand for electricity to operate artificial intelligence (AI) data centers.
Tesla saw a notable uptick in share prices, paralleled by Rivian Automotive (RIVN), which also saw rising shares following a report that its EV production numbers for 2024 significantly surpassed estimates. The report also noted the resolution of the component shortage that had previously hampered production.
Shares of Ford Motor (F) and General Motors (GM) ascended as both automakers reported their highest annual U.S. sales since 2019.
Conversely, U.S. Steel (X) shares took a hit after President Joe Biden blocked the takeover of the company by Nippon Steel, citing concerns over national security. This decision also negatively impacted shares of Cleveland-Cliffs (CLF), which had previously made an unsuccessful bid to acquire U.S. Steel.
Alcohol companies, including Molson Coors Beverage (TAP) and Constellation Brands (STZ), saw their shares decline following a warning from U.S. Surgeon General Dr. Vivek Murthy regarding the link between alcohol and cancer.
While oil futures trended upward, gold prices decreased. The yield on the 10-year Treasury note remained relatively stable. Meanwhile, the U.S. dollar fell against the euro, pound, and yen. The majority of the major cryptocurrencies traded positively.