S&P500 and Nasdaq Index: Tech Stocks Like Nvidia, Applied Materials US Stock Forecast

Nasdaq Hits Fresh Record as Dip Buyers Return

Wall Street opened in the green Friday, with the Nasdaq hitting a new all-time intraday high at 23,119.91 as traders stepped back in after Thursday’s dip. The S&P 500 added 0.27%, and the Dow climbed 0.43%, snapping back despite a lack of major economic catalysts.

The gains build on a resilient week for tech stocks, while broader sentiment holds steady—even with the government shutdown entering its 10th day.

Can Sentiment Hold Up Without Fresh Data?

With Washington still gridlocked, traders are flying a bit blind on the macro front. Friday’s University of Michigan survey offered one of the few updates we’ve had: consumer sentiment came in at 55.0, basically flat from September. Inflation expectations barely budged either, with the one-year outlook at 4.6% and the five-year holding at 3.7%.

For traders, that means no shock to the system—but no new tailwinds either. Consumers aren’t rattled yet by the shutdown, but “pocketbook issues” like high prices and job concerns remain front and center.

Where’s the Strength in This Market?

Tech led the charge again, up 0.38%, with Nvidia gaining over 1% after CEO Jensen Huang noted a “substantial” jump in computing demand. That helped the Nasdaq extend its weekly gains past 1%. Other semi names like Marvell and Applied Materials followed suit.

Defensive pockets—utilities and consumer staples—also posted gains north of 0.6%. It’s not rotation so much as traders balancing exposure while we wait on earnings season to kick into gear. Energy lagged, down 0.85%, as crude prices eased.

Which Stocks Stood Out?

Warner Bros Discovery jumped over 4%, and PepsiCo popped 3.4% after earnings beat expectations. Applied Digital surged 30% after reporting an 84% jump in Q1 revenue—a big move tied to its datacenter growth story.

On the downside, Levi Strauss dropped more than 7% after cutting guidance, while MercadoLibre and Synopsys slid over 2% each. Doximity lost nearly 5% following a JPMorgan downgrade.

What Should Traders Watch Next?

With macro data on pause, next week’s bank earnings will be key. Citigroup and JPMorgan report, and their outlooks on loan demand and consumer health could shape market direction.

For now, tech strength is holding things up—but any sustained breakout will need earnings to deliver.

More Information in our Economic Calendar.