US stocks rose on Friday as Wall Street ended a volatile week higher, supported by technology stocks and falling oil prices.
The S&P 500 gained 0.51% to 7,743.41, the Nasdaq Composite rose 0.5% to 27,068.72 and the Dow Jones Industrial Average advanced 478.64 points, or 0.93%, to 51,828.62.
For the week, the Dow gained 0.3%, the S&P 500 added 1.2% and the Nasdaq climbed 2%, helped by continued strength in technology stocks. Meta Platforms jumped nearly 13% over the week amid enthusiasm around its Muse AI agent.
Treasury yields remained elevated after a sharp rise during the week. The US 10-year yield was around 5.16%, near its highest level since 2007, while markets are pricing about a 64% chance of another Federal Reserve rate increase in October.
Oil prices fell on renewed hopes of progress towards reopening the Strait of Hormuz. WTI dropped 2.33% to US$92.41 a barrel, while Brent declined 2.14% to US$104.32.
Investors are also awaiting further details on US-China trade negotiations after the two countries agreed to extend their trade truce by two months.
Australian Market Outlook
Australian shares are set for a cautious start on Monday, with S&P/ASX 200 futures up just 3 points following four consecutive weeks of losses.
The local benchmark has fallen 4.5% in September and erased its gains for the year as higher interest rate expectations weigh on sentiment.
Attention now turns to the Reserve Bank, with investors preparing for a fourth rate increase this year. Markets will also be focused on the RBA’s guidance amid expectations that persistent inflation could require further tightening beyond this week’s meeting.
