The S&P 500 rose 0.4% Friday morning, recovering part of Thursday's Iran-driven sell-off. Bitcoin jumped nearly 6% toward $77,000 in the same session, lifting crypto-linked stocks, while investors awaited fresh manufacturing and services data.
Indexes claw back Thursday's losses
The S&P 500 added 0.4% Friday morning. The Dow Jones Industrial Average climbed 0.7% and the Nasdaq composite recouped 0.2%. The small-cap Russell 2000 index moved up 0.6%.
Friday's gains followed a rough Thursday session. The Dow industrials tumbled 700 points and the S&P 500 lost 0.9%, stoked by President Donald Trump's threat of economic harm to Iran as the two countries remained deadlocked in diplomatic talks. As a result, all three major indexes fell below their 21-day exponential moving averages that session.
Bitcoin surge lifts risk appetite
Rising risk appetite Friday also sent bitcoin toward a three-month high. The cryptocurrency jumped nearly 6% to roughly $77,000. That extended a climb of roughly 20% for the week. Coinbase Global, Circle Internet and Strategy each traded up more than 6%. Optimism grew over the possible passage of the Clarity Act crypto regulation bill in Washington.
Yields, oil and PMI data in focus
The 10-year Treasury yield rose 2 basis points to 4.72% Friday. West Texas Intermediate crude oil futures, meanwhile, dipped to around $86.50 a barrel.
Investors were also awaiting the S&P Global Purchasing Managers' Index, due at 9:45 a.m. ET. The manufacturing gauge was seen easing to 53.7 in August's preliminary reading from 53.9 in July. The services index was expected at 53.8, down from 54.6 previously. A reading above 50 signals growth, while below 50 signals contraction.
Source: Investor's Business Daily
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