US equity indexes experienced significant gains after midday trading on Friday as market sentiment improved amid a diminished risk of a government shutdown and President Donald Trump's constructive dialogue with Russian President Vladimir Putin regarding the ongoing Ukraine war. The Nasdaq Composite saw a notable increase of 2.4%, closing at 17,709.8.
Similarly, the S&P 500 advanced by 1.9% to reach 5,623.7, while the Dow Jones Industrial Average rose by 1.4% to settle at 41,394.7. Notably, all sectors were performing positively during the intraday trading session, with technology and energy spearheading the upward trend. In a post on his TruthSocial account on Friday, Trump remarked on the promising possibility of concluding the Ukraine conflict.
He expressed his concerns over the welfare of thousands of Ukrainian troops reportedly encircled by Russian forces, urging Putin to avoid unnecessary loss of life. The commodities market also witnessed noteworthy movements, as gold prices peaked at the $3,000-per-ounce threshold for the first time in history.
Following midday trading, gold stood at $2,998.1, up by 0.2%, while silver prices saw a slight decline of 0.1%, settling at $34.26 per ounce. Turning to economic indicators, the University of Michigan released its preliminary consumer sentiment index, which dropped to 57.9 in March from 64.7 in February.
This decline surpasses predictions, which anticipated a more modest dip to 63.0 based on a survey conducted by Bloomberg. In corporate developments, Rubrik reported a remarkable 26% surge in its stock price during recent trading on Friday after unveiling its fiscal Q4 results, along with guidance for fiscal Q1 and the full year of 2026 that exceeded market expectations.
"Overall, this was another massive quarter for the RBRK growth story which we believe is still in the early innings, with the market for cyber resilience projected to reach $53 billion by 2027," noted analysts from Wedbush Securities, including Daniel Ives, in a Friday report. The firm subsequently raised Rubrik's price target to $80 from $75 while maintaining an outperform rating. In other news, the Danish pension fund AkademikerPension announced its decision to exclude Tesla from its investment portfolio.
This decision stems from concerns regarding the company’s position on labor rights, issues related to board independence, and Elon Musk's involvement in geopolitical matters. Tesla, meanwhile, witnessed an uptick of over 3% in its shares during recent trading. In fixed income news, the US 10-year Treasury yield increased by 2.1 basis points, now at 4.3%, while the two-year rate rose by 4.7 basis points to establish itself at 4.0%.
The US Dollar Index, reflecting the currency's value against a basket of foreign currencies, decreased by 0.2%, settling at 103.67. Additionally, West Texas Intermediate crude oil prices saw an increase of 0.8%, bringing the price to $67.05 per barrel..