US stocks reverse big losses to end higher
US stocks erased deep losses on Friday to end a bad week with a decent gain.
The S&P 500 rallied 0.6%, the Nasdaq 100 gained 0.7%, and the Russell 2000 rose 0.4% on the session, all coming back from a deficit of more than 1%.
Financials were the worst-performing S&P 500 sector ETF; consumer discretionary also finished in the red. Utilities, energy, tech, and industrials paced gains.
Broadcom posted big gains after its strong earnings report and guidance. Walgreens Boots Alliance also jumped after the pharmacy chain agreed to be acquired by Sycamore Partners. And shares of Gap were up nearly 20% after the retailer delivered a huge increase in same-store sales.
In the wake of an earnings miss, Costco had its biggest one-day drop since about one year ago, back when it also reported underwhelming figures.
The woes for airline stocks continued, with Delta Air Lines, United Airlines, and American Airlines all finishing deep in the red.
Concerns that tariffs would raise the cost of Nintendo’s Switch 2 and hurt sales weighed on the stock.
HP Enterprise cratered after the data center equipment maker issued weak guidance.
Potbelly, a rare publicly traded sandwich maker, got carved up after saying same-store sales would shrink in the current quarter.
