S&P Posts Back-to-Back Gains

U.S. stocks rose on Friday, lifted by Oracle, as the artificial intelligence trade regained its footing after experiencing volatility.

The Dow Jones Industrials ballooned 182.24 points, to close Friday at 48,134.09

The S&P 500 index hiked 59.95 points to 6,834.71.

The NASDAQ spiked 301.26 points, or 0.1%, to 23,278.56.

Oracle shares were up 6.6% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

The jump marks a turnaround for the stock, which came under pressure this week after a report revealed that the cloud infrastructure company lost a key backer of one of its data center projects over worries about the company’s debt and AI spending levels. That dragged down other stocks linked to AI, including Broadcom and Advanced Micro Devices.

Elsewhere, shares of AI chip darling Nvidia rose about 4% after Reuters, citing sources familiar with the matter, reported that the Trump administration is reviewing the prospect of the company selling its advanced AI chips to China.

Earlier this month, President Donald Trump said that he will allow Nvidia to ship its H200 AI chips to “approved customers” in the country.

Additionally, Micron Technology shares extended their gains from the previous session, rising around 7%.

Nike was among the day’s losers, as shares slid 10.5% after the sports apparel giant saw revenue in its Greater China market decline during the fiscal second quarter.

The company is also feeling the pain of tariff increases, noting a hit to its gross margins due to the levies.

Prices for the 10-year Treasury gained ground, lowering yields to 4.15% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.

Oil prices gained 50 cents to $56.65.

Gold prices improved five dollars to $4,369.50.