U.S. growth stocks continued to advance even as Treasury yields climbed sharply. The Nasdaq Composite reached a record high, while the S&P 500 edged higher toward its own record. The Dow Jones Industrial Average and Russell 2000 briefly fell to three-month lows before rebounding on Friday. Next week's key events include Micron Technology's earnings, SpaceX's 14th Starship test flight, Tesla's new Roadster presentation, core PCE inflation data and the monthly employment report.
Large-cap growth drives a narrower rally
For the week, the Dow rose 0.3%, including a 0.9% gain on Friday. The S&P 500 added 1.2% and the Nasdaq Composite advanced 2.1%. The small-cap Russell 2000 fell 0.8%, while the Invesco S&P 500 Equal Weight ETF declined 0.6%. The performance gap indicated that the broader advance was still being driven mainly by large-cap growth and technology stocks.
Chip stocks led the market, while software shares also gained but pulled back from their weekly highs. At the same time, the 10-year U.S. Treasury yield rose 18.5 basis points over the week to 5.18%. It briefly reached 5.23% intraday on Friday, the highest level since 2007. U.S. crude futures fell 3.8% for the week to settle at $92.41 a barrel.
Among growth-oriented ETFs, the iShares Expanded Tech-Software Sector ETF gained 1.6%, with Microsoft among its largest holdings. The VanEck Semiconductor ETF rose 5.9%, with Micron a major holding. The ARK Innovation ETF advanced 2.9%, while the ARK Genomic Revolution ETF gained 3.3%. Tesla and SpaceX are the two largest holdings across ARK Invest's ETFs. The metals and mining ETF fell 0.3%, the Energy Select Sector SPDR Fund dropped 3.5%, the Health Care Select Sector SPDR Fund rose 1.4%, the Industrial Select Sector SPDR Fund added 0.4% and the Financial Select Sector SPDR Fund fell 1.8%.
Micron earnings will test memory-chip demand
Micron is scheduled to report earnings Wednesday evening. The market expects earnings per share to increase 940% year over year and revenue to rise 350% to $51 billion. Investors will be watching more than the quarterly results, including Micron's guidance on memory-chip demand, product pricing and spending on artificial-intelligence infrastructure.
Micron shares gained 6.5% for the week to $1,082.28, moving above their short-term highs from August and September. Sandisk fell 0.8% to $1,777.80 after breaking above a short-term high on Tuesday and then retreating. South Korean memory-chip maker SK hynix rose 2.2% to $191.56; the company began trading in the United States in July this year.
Seagate Technology climbed 6.8% for the week to $916.93, moving decisively above its 50-day moving average. The hard-drive maker is now facing resistance near a trend line and remains below its August high of $1,013.99. The consolidation pattern points to a reference breakout level of $1,145. The stocks' performance will be directly influenced by Micron's results and guidance, particularly the market's assessment of whether demand for AI-server storage can remain durable.
SpaceX schedules Starship's 14th flight
SpaceX plans to launch Starship's 14th flight on Monday. It will be Starship's first revenue-generating mission and is scheduled to place 26 Starlink V3 satellites into orbit. SpaceX-related shares fell 2.6% for the week to $148.68, although they again found support near the 21-day moving average.
The launch outcome, satellite deployment and subsequent progress toward commercialization could shape market views on SpaceX's valuation and launch cadence. The shares remain near a technical reference level, but overnight futures or a price move driven by a single event do not necessarily indicate how the stock will trade in the next regular session.
Tesla to provide Roadster and delivery updates
Tesla is scheduled to unveil its long-delayed new Roadster on October 1. The vehicle's specifications, price and actual delivery timing will be central issues for the market. On October 2, Tesla is also expected to release global electric-vehicle deliveries for the third quarter.
Analysts expect Tesla to deliver about 463,000 vehicles in the third quarter, below the 480,126 delivered in the second quarter and the record 497,099 delivered in the third quarter of 2025. At that time, demand was supported by buyers bringing forward purchases ahead of the expiration of the U.S. electric-vehicle tax credit. Tesla's electric-vehicle competitors in China and U.S. startup Rivian are also expected to report third-quarter delivery figures later in the week.
Tesla shares rose 2.15% over the week to close at $372.11, although they pulled back after an early Friday advance. The stock has rebounded significantly from its late-July low but remains below its 200-day moving average. Roadster details and delivery figures could give investors separate data points for assessing Tesla's product cycle and near-term demand.
Core PCE and jobs data arrive in a busy week
The economic calendar is crowded, with Wednesday's core personal consumption expenditures price index and Friday's employment report drawing the most attention. Core PCE is a key inflation measure monitored by the Federal Reserve, while the jobs data could influence expectations for interest rates, Treasury yields and the valuation of growth stocks.
Microsoft, Amphenol, Bloom Energy and Micron remain among the companies under close watch. Amphenol was included on a list of stocks in focus, while Micron entered the watch list and was added to the IBD 50. Microsoft appeared on the SwingTrader and IBD Big Cap 20 lists. Microsoft, Bloom Energy, Avnet and Amphenol produced technical buy signals on Friday, but the market advance remained concentrated in parts of the growth complex, with many stocks still below their 50-day moving averages.
The Nasdaq held most of its gains after setting a new high on Tuesday, with chips, AI infrastructure and software stocks posting relatively strong weekly performances. The continued rise in the 10-year Treasury yield, however, may keep testing high-valuation growth shares. The performance of the Dow, Russell 2000 and equal-weighted indexes also showed that the advance was not broad-based across all sectors. Rachel Fox and Ed Carson discussed Friday's and the week's market action, along with the next data points to watch for Microsoft, Amphenol, Bloom Energy and Micron.