Markets:
There was some good news after the close with OpenAI closing a funding round of $11 billion at a valuation of $1.25 trillion. The FT also reported that Anthropic continues to plan its IPO for this month and will raise $80-100 billion at a $1.25-1.75 trillion valuation. That should help things out next week, provided no other surprises.
As for trading on Friday, non-farm payrolls helped to lift the dollar as it was a strong report across the board. Daly's comments later helped to hammer home the hawkish view on the data. On the flip side, another soft Canadian jobs report has economists raising questions about the wisdom of another rate hike this year.
The main focus on the day was on tech and memory names and neoclouds rebounded despite a report saying that Microsoft was cutting down on data center third party rentals. That briefly weighed but the buyers ended up holding the line. Early in the day it looked like there would be a big bounce after Thursday's rout but the gains in memory names were tempered shortly after the open.
On the Iran front, there were more positive headlines but not positive enough to really weigh on oil. The effort at diplomacy seems to be priced in now and there will need to be something closer to concrete to
As for next week, the earnings drama is far from over as we get CoreWeave on Tuesday and Nebius on Thursday among others.
This article was written by Adam Button at investinglive.com.
Source: Investing Live - News
