All three major U.S. stock indexes closed higher on Friday: the S&P 500 rose 0.51% to 7,743.41, the Nasdaq gained 0.48% to 27,068.72, and the Dow increased 0.93% to 51,828.62. All three indexes finished the week in the green. The Nasdaq rose 2.06% this week and hit a fresh closing high, the S&P 500 gained 1.21%, and the Dow rose 0.28%.

U.S. Treasury yields surged and then pulled back, with larger declines in the short end: the two-year yield fell about 7 basis points to 4.86%, the ten-year yield dropped about 4 basis points to 5.17%, and the 30-year yield continued to make fresh highs since 2004, still trading around 5.5% and moving in a tight range.

Philadelphia Semiconductor Index rose 1.41% Friday, up 6.27% for the week so far, marking a four-straight-week gain and the longest weekly winning streak since May 5. Apple gained 1.53% to set a record high closing price; Microsoft rose 3.66%, adding roughly $135 billion in market value in a single day, boosted by the release of the new Copilot. Meta fell 3.33% after it was reported that its star AI agent, Muse, faced a computing bottleneck and that services were downgraded, though the stock still ended the week up 12.99% overall. Nvidia edged up 0.22% and Broadcom rose 0.7%. Tesla slipped 1.54%, while SK hynix rose nearly 2.78%.

High-speed interconnect industry chain leads the gain: MaxLinear rose 10%, Weiwa Communications rose 9.27%, Credo rose 7.65%, and Gaota Semiconductor rose 6.07%. Chinese concept stocks weakened; on Friday, the Nasdaq China Golden Dragon Index fell 0.64% and for the week it fell 1.72%. Li Auto dropped 2.38%, leading the decline. Other news: Musk said SpaceX’s data center GPU count will double by the end of the year; Oura, the maker of smart rings, received about 4x oversubscription for its U.S. IPO, and is expected to list next week.