S&P 500 ekes out a gain Friday, snaps four-week losing run: Live updates

Asia shares were hobbled by weakness in Chinese markets on Thursday and struggled to build on Wall Street’s rally, even as investor sentiment was lifted by the prospect that the Federal Reserve could still deliver two rate cuts this year.
The Fed on Wednesday left rates unchanged in a widely expected decision, but maintained its projection for two quarter-percentage-point rate cuts by the year-end.
Policymakers did revise up their inflation forecast for the year and marked down their outlook for economic growth, citing risks from U.S. President Donald Trump’s tariff policies.
Still, investors took comfort from the Fed’s “dot plot” of policy rate expectations and Chair Jerome Powell’s comments that tariff-driven inflation will be “transitory” and largely confined to this year, in turn sending stocks higher while U.S. Treasury yields and the dollar fell.
Australian shares jumped 1%, while U.S. futures also extended their rally after the cash session ended on a high.
Nasdaq futures ticked up 0.4% and S&P 500 futures advanced 0.3%. EUROSTOXX 50 futures similarly added 0.1%.
Trading was thinned with Japan markets closed for a holiday, though Nikkei futures edged up 0.2%.
“Reassurance perhaps, but the ongoing path the Fed will tread remains a tight one to navigate, and the central bank remains firmly at the mercy of the incoming data, surveys that can be wholly fickle and market forces that may well still go after a firm response,” said Chris Weston, head of research at Pepperstone.
Gold similarly scaled yet another record high of $3,055.96 an ounce, helped by the prospect of further Fed easing this year. [GOL/]
Trading of cash U.S. Treasuries was closed owing to the Japan holiday, though futures ticked higher, implying lower yields. Bond yields move inversely to prices. [US/]
That in turn undermined the dollar, which fell 0.27% against the yen to 148.25, while the euro steadied near a five-month high at $1.0908.
Sterling scaled a four-month top of $1.3015 early in the session, ahead of the Bank of England’s policy decision later on Thursday where it is similarly expected to keep rates on hold.
“We expect the (Monetary Policy Committee) members to signal the desire to see further disinflation as a reason to keep policy on hold this month. They will affirm that the policy direction remains towards further easing, but the timing will be data-dependent,” said analysts at ANZ.
CHINA DRAGS
However, the buoyant mood failed to drive a broader rally across Asia, with MSCI’s broadest index of Asia-Pacific shares outside Japan swinging between losses and gains to last trade a marginal 0.1% higher.
That was due to a slide in Chinese equities, with benchmark indexes in mainland China and Hong Kong falling sharply just after the open.
The CSI300 blue-chip index slid 0.66% while the Shanghai Composite Index last traded 0.46% lower. Hong Kong’s Hang Seng Index sank 1.5%.
Analysts said there was no obvious trigger behind the move, and attributed it to some profit-taking after a blistering rally led by technology shares.
Earlier on Thursday, Beijing held its benchmark lending rates steady for the fifth straight month, matching market expectations.
The yuan, which has been pressured by China’s wide yield differentials with the United States, was last little changed at 7.2307 per dollar in the onshore market. Its offshore counterpart was similarly steady at 7.2311 per dollar.
Elsewhere, data showed Australian employment unexpectedly fell in February to end a strong run of impressive gains, although the jobless rate stayed low.
The Aussie fell in response to the weaker-than-expected employment figures and last traded 0.27% lower at $0.6341.
Across the Tasman sea, data also out on Thursday showed New Zealand’s economy grew faster than forecast in the fourth quarter, dragging the economy out of recession, but the improvement is not expected to change the central bank’s planned official cash rate cuts.
The New Zealand dollar was last down 0.34% at $0.5797.
In commodities, oil prices ticked higher owing in part to an escalation of tensions in the Middle East.
Brent crude futures rose 0.5% to $71.13 a barrel, while U.S. West Texas Intermediate crude (WTI) gained 0.36% to $67.40 per barrel. [O/R]
Is the market for initial public offerings (IPOs) finally coming out of its slumber? Spurred on by the growth of artificial intelligence (AI), it just might be.
Since the 2021 popping of the bubble for hypergrowth and special purpose acquisition companies (SPAC), very few new technology stocks have gone public. In 2021, over 1,000 companies came public. That number fell to around 200 in each of the last three years.
Now, 2025 may see a resurgence in IPOs. We have buy-now-pay-later giant Klarna set to hit the public markets shortly. Perhaps most important will be CoreWeave, an AI infrastructure start-up backed by Nvidia.
It just filed its paperwork to go public and should make a debut sometime in 2025. With revenue growing at a blistering pace, there is bound to be a lot of excitement around this first blockbuster IPO in the AI sector.
Should you join the party and buy some shares of CoreWeave?
CoreWeave is trying to compete with the hyperscaler cloud computing providers (for example, Amazon Web Services) by building data centers and computing clusters custom-made for AI. It began as a start-up that pivoted from cryptocurrency mining when it realized all the Nvidia computer chips it owned would be perfect to sell to AI software companies.
As you are likely well aware of, demand for AI-focused cloud computing has gone crazy in the last few years and turned Nvidia into one of the top three most-valuable stocks in the world. CoreWeave — which Nvidia invested in — has benefited greatly from this spending.
Revenue was $1.9 billion in 2024, up 737% year over year from 2023. It looks like this fast revenue growth will continue in 2025 as its remaining performance obligations or backlog has reached $15.1 billion at the time of its IPO prospectus.
It looks like this backlog might grow, too. In exchange for ownership in the company, CoreWeave has signed an $11.9 billion contract with start-up OpenAI ahead of the IPO. OpenAI will now own $350 million worth of CoreWeave stock and use its infrastructure for its AI services. Growth, without exaggeration, has been phenomenal for CoreWeave in the last few years.
The growth metrics look quite attractive at CoreWeave. But it isn’t all sunshine and rainbows. It has heavy customer concentration with Microsoft, which accounted for 62% of its revenue in 2024.
I see this as a big risk to its business. Microsoft is in reality a competitor with its Microsoft Azure cloud service and is going to CoreWeave to help match up the computing demand from its AI customers such as OpenAI. If/when supply catches up with demand in the AI sector, Microsoft could easily take its data center spending in house instead of outsourcing it to CoreWeave.
The intense cash burn is also nothing to sneeze at. In order to finance its growth and build out all these data centers, CoreWeave has taken on $2.5 billion in short-term debt and $5.5 billion in long-term debt.
In 2024, it burned $6 billion in free cash flow due to its $8.7 billion in capital expenditures. CoreWeave has a massive backlog, but in order to make this business profitable, it needs to keep growing revenue at a rapid pace. This is not guaranteed to happen and is a risk to the company.
Even with the current correction of the Nasdaq index, there is a ton of excitement around AI stocks and the CoreWeave IPO. Unless the market crashes and management pulls the IPO, this will likely be one of the biggest debuts in recent years.
That doesn’t mean you should buy the stock at the IPO. Smart investors know that two-thirds of IPOs underperform the market for three years after they go public. This is likely due to the lockup periods that restrict the ability to sell stock at the IPO. Insiders will typically sell some stock after this lockup period ends, which can drive down prices.
There is a lot to like with CoreWeave’s business. It is growing incredibly quickly in a space (AI) that has loads of potential for growth. But it is also burning a lot of cash, has major customer concentration risk with Microsoft, and could underperform the broad market like most other IPOs.
Keep CoreWeave stock on your watch list for now. According to the historical data, you will have the chance to buy it for a cheaper price in the next few years.
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $299,339!*
Apple: if you invested $1,000 when we doubled down in 2008, you’d have $40,324!*
Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $501,530!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.
Stocks pulled back Tuesday as a sell-off that has engulfed Wall Street in recent weeks resumed after two straight winning sessions.
The Dow Jones Industrial Average lost 260.32 points, or 0.62%, closing at 41,581.31. The S&P 500 shed 1.07%, ending at 5,614.66. The broad market index concluded the day 8.6% off its closing high reached in February, bringing it near correction territory. The Nasdaq Composite dropped 1.71% and settled at 17,504.12.
Tesla, one of the stocks hardest hit during the market’s recent correction, was down yet again on Tuesday. The stock fell more than 5% after RBC Capital Markets lowered its price target on the electric vehicle name, citing rising competition in the EV space. It has declined more than 36% over the past month.
The EV maker wasn’t the only tech name down during the session. Shares of Palantir and Nvidia dropped nearly 4% and more than 3%, respectively. The Technology Select Sector SPDR Fund (XLK) was also down more than 1%.
“It does appear the market really does want to rotate into things that haven’t worked as well [and] out of things that did work well for the last couple of years, so that may be just what all this is about,” said Rhys Williams, chief investment officer at Wayve Capital.
“The markets are going to remain choppy up until whatever decision is made on April 2,” Williams also said, referring to President Donald Trump’s impending tariff exemption deadline on some imports from Canada and Mexico.
The declines follow a second-straight winning session on Wall Street. That marked a turn after several tough weeks on Wall Street as some soft economic data and Trump’s on-again-off-again tariff policy left investors wary of the U.S.′ financial health.
The S&P 500 officially entered correction territory last week, but the index made up some ground in the recovery rally seen in Friday’s and Monday’s sessions. Despite the recent bounce, the tech-heavy Nasdaq still sits in a correction, a term used to describe an index falling at least 10% from a recent high. The three major averages all remain down on the year, underscoring the strength of the market’s pullback.
While investors continue to follow updates out of the White House, they’ll turn their attention to the Federal Reserve’s two-day policy meeting that kicked off Tuesday.
Traders will closely follow Wednesday afternoon’s interest rate announcement and subsequent press conference with Fed Chair Jerome Powell. Fed funds futures are pricing in a 99% likelihood that the central bank holds rates steady, according to CME’s FedWatch Tool.
Global stocks diverged while gold hit a record high on Tuesday as investors juggled geopolitical concerns with renewed violence in Gaza and a high-stakes US-Russian presidential phone call.
Wall Street resumed a downward slide after two up days, but European stocks rose as German lawmakers approved a massive spending boost for defense and infrastructure.
Gold struck a new record high on fears of escalating tensions in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.
“It is clear that safe haven demand is one of the major drivers behind this gold rally and with the Middle East tensions rising again,” said City Index and FOREX.com analyst Fawad Razaqzada.
US President Donald Trump’s talks with Russian President Vladimir Putin failed to yield a ceasefire, prompting Ukrainian President Volodymyr Zelensky to pledge continued fighting in Russia’s Kursk region.
Major US indices spent the entire session in the red on the first day of a two-day Federal Reserve meeting.
“The news of what’s going on politically, it’s still very uncertain,” said Tom Cahill of Ventura Wealth Management. “I don’t think there’s any new news so far this week that should make the market feel more encouraged.”
But Frankfurt’s DAX stocks index touched a new all-time high ahead of the German government’s response to concerns over the United States’ wavering commitment to European defense.
Germany’s unprecedented fiscal package — dubbed an “XXL-sized” cash “bazooka” by German media — could pave the way for more than one trillion euros (dollars) in spending over the next decade in Europe’s top economy.
The historic parliament vote signaled a radical departure for a country famously reluctant to take on large state debt — or to spend heavily on the armed forces, given its dark World War II history.
“International investors, who have increasingly invested in German stocks over the past few months, are hopeful for a significant boost in fiscal policy,” said Jochen Stanzl, chief market analyst at trading group CMC Markets.
Paris and London’s stock markets also advanced.
Markets have swung sharply following announcements by Trump on the imposition of tariffs on US trading partners and any delays to the measures.
Investors are eyeing this week’s policy decisions from the Fed, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.
Asian markets rallied on Tuesday following Monday’s positive day on Wall Street stoked by US data that tempered concerns about a possible recession.
Hong Kong led gains thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.
Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.
Nvidia fell 3.4 percent as chief executive Jensen Huang showcased cutting-edge chips for artificial intelligence at the company’s annual developers conference.