Dow rebounds 500 points as PMI hits four-year high

The Dow Jones Industrial Average rose 0.98 percent to 53,277.01 as a four-year-high composite PMI eased fears of a cooling U.S. economy.

The rebound came even as Treasury yields resumed their climb, with Secretary Scott Bessent saying the government's expanded buyback programme reflects a belief that "yields don't reflect the underlying fundamentals."

The Nasdaq Composite gained 0.43 percent to 26,180.45 and the S&P 500 advanced 0.43 percent to 7,674.37. Financial and gold stocks led the advance, while technology shares were mixed: Tesla rose 5.14 percent to $362.86 on plans to open public test rides for its Cybercab autonomous taxi, while Nvidia fell 0.97 percent and Apple slipped 0.63 percent. The Philadelphia Semiconductor Index dropped 0.51 percent to 11,740.37.

All three indexes still ended the week lower, with the S&P 500 down about 1.9 percent, the Nasdaq off 2.5 percent and the Dow 1.8 percent lower, snapping three straight weeks of gains. Investors now await Bessent's press conference Monday on the administration's economic measures against Iran, which could push oil prices higher and add to inflation pressure.

Tesla Jumps 5% on Cybercab Test Rides

Tesla rose 5.14 percent to $362.86 after tech media outlet The Information reported, citing anonymous sources, that the company plans to open public test rides for Cybercab — its first autonomous taxi without a steering wheel or pedals — by the end of this month and connect it to its Robotaxi network in Austin, Texas. Among other large-cap tech names, SpaceX gained 2.22 percent, Google rose 1.22 percent, Broadcom added 1.21 percent, Meta Platforms rose 0.75 percent and Microsoft gained 0.43 percent. Decliners included Nvidia, down 0.97 percent, Apple, off 0.63 percent, and Amazon, down 0.57 percent.

Broadcom Weighs $80 Billion AI Debt Deal

Broadcom is in talks for a $70 billion to $80 billion debt financing package to support artificial intelligence companies including Anthropic in procuring chips and related infrastructure, according to media reports. The financing under discussion includes about $45 billion in senior tranches and $35 billion in subordinated tranches, with Bloomberg reporting the total could reach $100 billion including other arrangements. Separately, Apple is cutting more than 200 jobs across its Siri and Vision Pro teams to shift resources toward AI and new devices, and Nvidia is in advanced talks to invest hundreds of millions of dollars in Cloverleaf Infrastructure, a data center power developer with more than 10 gigawatts in its project pipeline.

Dalio Warns on U.S. Debt, Trump Backs Data Centers

Bridgewater Associates founder Ray Dalio said investors should reduce bond holdings and allocate 10 to 15 percent of capital to gold to hedge against what he called a U.S. debt crisis risk that could erupt within three years. President Donald Trump, meanwhile, urged governors and local officials to welcome AI data centers, saying they create "a massive number of jobs" and substantial tax revenue. In the Middle East, the foreign ministers of Oman and Iran discussed resuming negotiations over the Strait of Hormuz, a key oil transit chokepoint.

Across markets, the benchmark 10-year Treasury yield moved back toward its earlier highs after a brief respite, while Brent crude held near $93 a barrel and spot gold traded above $4,600. Bitcoin extended its rally, climbing above $77,000, up roughly 18 percent in 48 hours, heading for its strongest weekly performance in nearly three years.

The rebound suggests short-term stabilization, but elevated Treasury yields, oil prices and Middle East tensions continue to weigh on equities. With the S&P 500 and Nasdaq breaking three-week winning streaks, traders will watch Monday's Bessent press conference and next week's economic data for direction.

This article is for informational purposes only and does not constitute investment advice.