The vibes are back for investors. After a rocky Thursday, the markets finally saw some green on Friday, with the Dow Jones Industrial Average jumping 423 points, or 0.8%. The Nasdaq followed suit with a 0.6% gain, shaking off a massive L from the previous session where OpenAI's earnings fell way short of expectations—clocking in at $50 billion against the $68 billion it was expected to hit.
The SpaceX Effect
Tech investors had their eyes locked on SpaceX. The stock surged 1.3% after Elon Musk’s company snagged a major spectrum license deal. This is big news for the industry, though it wasn't a W for everyone; major telecom players like AT&T, Verizon, and T-Mobile all saw their shares dip in response to the news.
Oil, Politics, and Your Wallet
Real talk: the market has been on edge over the brewing conflict with Iran and the resulting impact on oil. Brent crude and West Texas Intermediate both saw a slight 0.4% uptick, but traders are breathing easier after President Trump confirmed via Truth Social that the U.S. won't be attacking Iran before the midterm elections.
That said, the situation remains highkey stressful. Gas prices are still hovering above $4 a gallon, and diesel is stuck over $6. Since diesel is the fuel that moves basically everything in your supply chain—from your groceries to your fit—these prices are keeping inflation anxieties alive. While Trump is pushing to boost supply, experts say his recent G7 diesel deal and executive orders might only shave a few pennies off the price at the pump.
Why it matters
Even with the market rebounding, yields on 10-year and 30-year Treasury bonds remain elevated, reminding us that the macro environment is still mid. Bob Edwards, chief investment officer at Edwards Asset Management, says while all these jitters are exhausting, tech's resilience and the upcoming end of election uncertainty could be the catalyst that keeps the rally going. Keep your eyes on those fuel prices; if they don't cool down, your cost of living is staying elevated.
