Wall Street surges on tech rebound, Oracle rallies 7%, Nvidia jumps 3.4%, Nike tumbles 9.6%

‍Wall Street key indices surged on Friday as technology stocks with a focus on artificial intelligence (AI) extended gains.

As of 10:05 a.m. Eastern Time, the S&P 500 jumped 0.8%, the Dow Jones Industrial Average rose 0.6%, and the Nasdaq Composite surged 1%.

At the open, the Dow Jones Industrial Average rose 87.38 points, or 0.21%, to ⁠48,051.77. The S&P 500 ⁠rose 20.66 points, ‌or 0.33%, to 6,795.42, and the Nasdaq Composite rose 105.27 points, ‍or ‍0.51%, ⁠to 23,111.63.

In economic data, the University of Michigan's ​final reading ⁠on consumer sentiment in December came in at 52.9 versus a preliminary estimate of 53.3.

Meanwhile, US consumer prices rose 2.7% year-on-year in November.

The inflation update released on Thursday revealed a surprise cooling of prices in November, but it is still above the Federal Reserve's 2% target.

In the bond market, the yield on the 10-year Treasury rose to 4.13% from 4.11% late on Thursday.

Key Stock Movers

Shares of Nvidia jumped 3.4% and Broadcom rose 2.4%.

Oracle stock rallied 7% on news that it, along with investors Silver Lake and MGX have signed agreements to form a new TikTok US joint ventur e. The three companies will get a 15% stake each in the popular social video platform.

Nike stock tumbled 9.6% ‍after ‌weak China sales weighed on its quarterly earnings.

Lamb Weston stock fell 19.8%, despite the frozen potato maker’s profit and revenue beat Wall Street forecasts.

Winnebago Industries shares jumped 10.7% after the firm’s quarterly profits and revenue easily beat analysts’ estimates.

FedEx shares lost ‍3.5% after Chief Financial Officer John Dietrich said current-quarter earnings ‍would be ⁠lower than the second-quarter results.

Bullion Market

Gold prices were little ‍changed on Friday as a stronger US dollar and rising Treasury yields dented demand for the yellow metal.

As of 10:05 A.M. ET (1505 GMT), spot gold rose 0.1% to $4,338.37 an ounce. US gold futures also ⁠gained 0.1% to $4,370.10.

Among other metals, spot silver added 1.5% to $66.38 an ounce, platinum added 2.3% to $1,960.41, and palladium fell 0.1% to $1,693.

The US dollar climbed ⁠to a more than one-week high, making dollar-priced bullion costlier for ⁠overseas buyers.

Oil Market

Oil prices rose on Friday as ‍the market waits for news about a possible Russia-Ukraine peace deal.

At 10:54 A.M. EST (1554 GMT), Brent futures rose 13 cents or 0.2% to $59.95 per barrel. US West Texas Intermediate (WTI) crude rose 16 cents or 0.3% to $56.31.

As US President Donald Trump seeks an end to Europe's deadliest conflict since ⁠World War Two, Russian President Vladimir Putin said the onus was ⁠on Ukraine and Europe to make the next move toward peace.

Putin offered no compromise on Friday on his terms for ending the war in Ukraine and accused the European Union of attempting "daylight robbery" of Russian assets.