The U.S. stock market’s rebound remains fragile. Although the Nasdaq confirmed a rally attempt with a follow-through day midweek, it slipped on Friday as Nvidia shares weakened and Treasury yields surged. Next week brings earnings from Nvidia, Walmart and Target, along with Anthropic’s expected IPO pricing and Nasdaq debut—events that could shape sentiment as investors watch whether major indexes can reclaim key moving averages.
Weekly gains leave key technical hurdles in place
For the week, the Dow Jones Industrial Average rose 2.1%, moving above several key moving averages but remaining below its November 5 short-term peak. The S&P 500 gained 2.5%, retreating from around its 50-day moving average and staying within the range of its November 5 decline. The Nasdaq Composite advanced 2.3% for the week but closed Friday below its 200-day moving average. The small-cap Russell 2000 rose 1.3% and remained below both its 50-day and 200-day averages.
The Nasdaq’s follow-through day on Wednesday confirmed the latest rally attempt. Friday’s drop back below the 200-day average—and below the follow-through day’s low—raised questions about the rebound’s durability. The index did, however, finish above its November 10 closing level, which some view as a more meaningful low for the follow-through signal. A sustained recovery would require the Nasdaq to retake its 200-day average and the S&P 500 to regain its 50-day average, with both indexes making clear progress beyond the November 5 sell-off range.
The quality of Wednesday’s advance was also a point of concern. Many of the day’s strongest stocks were AI-related names that had recently fallen sharply, rather than leaders breaking out of consolidation patterns. Some stocks that had held up well in recent weeks were flat or lower. Friday’s losses were concentrated largely in AI shares, while the equal-weight S&P 500 ETF and stocks in retail, pharmaceuticals, railroads and financials were comparatively steady or edged higher. The Invesco S&P 500 Equal Weight ETF gained 2.4% last week and remained close to its record high.
Nvidia earnings and Anthropic IPO set for next week
Nvidia is typically one of the market’s main earnings-week drivers, but attention now extends beyond quarterly results and near-term guidance to the company’s longer-term prospects. The article also links CEO Jensen Huang’s departure to controversy, putting corporate governance and management changes among the issues investors may weigh alongside the results. Walmart and Target are also due to report, offering fresh signals on consumer spending.
Other major companies scheduled to report include Palo Alto Networks, Ross Stores, Home Depot, Disney and Everpure. Anthropic is expected to set its IPO price on Wednesday evening, with trading on Nasdaq expected to begin Thursday. A packed calendar of big technology earnings, retail results and a high-profile listing could influence market volatility, although the response will depend on the actual results and trading activity.
Treasury yields post sharp weekly gains
Treasury yields rose sharply last week. The 10-year yield climbed 29 basis points to 5.15%, its largest weekly increase in 19 months. The two-year yield rose 35 basis points to 4.87%, marking its biggest weekly gain in nearly four years. The rapid rise in yields added pressure to equities, particularly as technology stocks pulled back, and kept the market’s sensitivity to interest rates in focus.
Major indexes still posted weekly gains despite Nvidia’s weakness and higher yields, reflecting uneven performance across sectors. Technology and semiconductor-related funds advanced: the iShares Expanded Tech-Software Sector ETF gained 2.3%, while the VanEck Semiconductor ETF rose 4.9%, with Nvidia among its largest holdings. The ARK Innovation ETF fell 0.65%, and the ARK Genomic Revolution ETF lost nearly 5%.
Among sector funds, the Energy Select Sector SPDR Fund rose 5.4%, the Health Care Select Sector SPDR Fund gained 4.05% and approached a recent record high, and the Industrial Select Sector SPDR Fund advanced 3.8%. The Financial Select Sector SPDR Fund added 2.7%, while the SPDR S&P Metals and Mining ETF edged up 0.3%. U.S. crude futures fell 2.5% for the week to $88.56 a barrel, recovering from an intraday low on Tuesday.
SpaceX targets Starship’s 15th flight
SpaceX plans to launch Starship’s 15th flight on Friday evening, with the launch window scheduled to open at 5:45 p.m. Eastern Time. Space Exploration Technologies has recently drawn attention in part for AI computing-capacity leasing and discussions about a possible merger with Tesla, but the flight remains a potential milestone for its space program. The launch’s progress will provide a direct measure of how the Starship program is advancing.
Markets face a crowded week of earnings, an IPO, rising yields and company-specific developments. The rebound remains in place, but the Nasdaq and S&P 500 still need to reclaim key moving averages. Friday’s pullback and next week’s corporate events will be central facts for investors assessing the market’s direction.