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The NASDAQ Composite rose on Friday following a losing session in which an underwhelming revenue report from OpenAI took some steam out of the high-flying artificial intelligence trade.
The Dow Jones Industrials jumped 141.74 points to 51,373.38
The S&P 500 index was positive 18.49 points to 7,783.85
The tech-heavy NASDAQ acquired 74.67 points to 27,2678.01.
Tech shares broadly were led by a 2% gain in SpaceX. The Elon Musk-led space and satellite company rose on a deal to buy a nationwide spectrum portfolio.
Shares of AT&T, Verizon and T-Mobile slid as investors wondered worried the agreement could drive up competition.
Other tech names that advanced on Friday include Lumentum, which picked up 8%, and KLA, which 2%.
AI stocks dropped on Thursday after media reports that OpenAI told investors that it saw $50 billion in annualized revenue at the end of September. Last month, a $68-billion figure was widely reported, though a person familiar with the matter said it also included gross revenue from partners.
Prices for the 10-year Treasury sagged, lifting yields to 5.27% from Thursday’s 5.23%. Treasury prices and yields move in opposite directions.
Oil prices docked 15 cents to $91.34 U.S. a barrel.
Gold prices added $56.80 to $4,213.80 U.S. an ounce.
