Stocks ticked up Friday as the stock market built on its incredible comeback from Monday's violent rout. The broad market index ended the week just shy of completely reversing its weekly losses.

The S&P 500 advanced 0.47% to finish at 5,344.16. The Nasdaq Composite added 0.51% to close at 16,745.30. The Dow Jones Industrial Average inched up 51 points, or 0.13%, to end at 39,497.54.

Week to date, the broad market index was just 0.04% lower. During Friday's session, it had managed to briefly turn positive for the week before losing some of its gains. Meanwhile, the blue-chip Dow and tech-heavy Nasdaq were down on the week by 0.6% and 0.18%, respectively.

This week marked the most volatile week of 2024 for the market. The Dow on Monday tumbled 1,000 points, while the S&P 500 lost 3% for its worst day since 2022. Disappointing U.S. payrolls data from the prior week and concerns the Federal Reserve was too late with rate cuts were the main culprits for the selling, along with the unwinding of a popular currency trade by hedge funds.

However, the major averages mounted a comeback, with Thursday's encouraging weekly jobless claims number helping alleviate investors' concerns about the U.S. economy. The S&P 500 advanced 2.3% on Thursday for its best day since November 2022, while the 30-stock Dow surged roughly 683 points. The tech-heavy Nasdaq Composite added nearly 2.9%.

At the Monday lows, the S&P 500 was down nearly 10% from its recent all-time high. The Nasdaq Composite's pullback reached full-fledged correction territory of beyond 10%. The Cboe Volatility Index — used by Wall Street to measure fear — reached heights last seen during the onset of the Covid-19 pandemic and the Great Financial Crisis.

But investors stepped in to buy the dip on the notion another crisis or recession was not on the horizon. The week's earlier losses were tied more to hedge funds unwinding a long-time bet on a cheap Japanese yen rather than fundamental threats to the economy.

It is not just equity markets that have had a volatile week. The 10-year Treasury yield fell below 3.70% at one point, only to retake 4% on Thursday. It traded around 3.94% on Friday.

Volatile trading activity is on par for the late summer, when there is not much information flow and earnings season starts to unwind, and is not indicative of a worsening economy, said Infrastructure Capital Advisors CEO Jay Hatfield. Much of the sell-offs in the market stemmed from a "hedge fund theme" rather than longer-term investors, according to Hatfield.

"So it makes sense that we bounce back. A volatile sell-off and bounce back is just normal August [and] September behavior; thin markets, hedge funds gone wild and irrational moves down. The recent market activity has no bearing on our long term outlook," Hatfield added.

Stocks finish higher Friday

U.S. stocks ended Friday's session in the green and managed to recover most of their losses from the market rout earlier in the week.

The S&P 500 added 0.47% for the day to finish at 5,344.16. The Nasdaq Composite gained 0.51% to close at 16,745.30. The Dow Jones Industrial Average added 51.05 points, or 0.13%, to end at 39,497.54.

Week to date, the broad market index was lower by just 0.04%, while the Dow and the Nasdaq slipped 0.6% and 0.18%, respectively.

— Hakyung Kim

U.S. crude oil posts more than 4% gain for the week

U.S. crude oil gained more than 4% for the week as recession fears have eased and the risk of a wider war in the Middle East that could disrupt production and transportation looms over the market.

The West Texas Intermediate contract for September rose 0.85% for the session to settle at $76.84 per barrel. The Brent October contract gained 0.63% to settle at $79.66 per barrel.

The Middle East remains on edge after the assassination of Hamas leader Ismail Haniyeh in Tehran last week. Israel has been preparing for retaliatory strikes by Iran and the Hezbollah militia in Lebanon, though the U.S. has been working through diplomatic channels to avert an escalation of hostilities.

— Spencer Kimball

Nvidia headed for 2% weekly loss

Nvidia shares were marginally lower on Friday, failing to pull the stock out of negative territory for the week.

The chipmaker is on pace for a 2.3% decline week to date, and is down more than 10% since the start of August.

— Hakyung Kim

Cybersecurity ETFs rise more than 1%

Cybersecurity exchange-traded funds First Trust Nasdaq Cybersecurity ETF and Amplify Cybersecurity ETF are both higher by about 1.5% Friday, on pace for their fourth straight positive day.

Japan-based Trend Micro and Akamai led the gains, with both stocks up 11.5% and more.

Week to date, the ETFs are up more than 3%.

— Hakyung Kim, Gina Francolla

Earnings season nears final innings

With most of this week in the rearview mirror, corporate earnings season is entering its final stages.

More than 91% of S&P 500-listed companies have posted their quarterly financial results, according to FactSet data as of Friday afternoon. Of those that have already reported, more than 78% have beaten Wall Street's expectations.

Still, there are some big names to watch out for next week. Retailers Home Depot and Walmart are on the docket, in addition to Cisco Systems.

— Alex Harring

Akamai Technologies poised for biggest one-day gain since 2018

Akamai Technologies headed for its best day in more than half a decade after the cloud company's better-than-expected earnings report.

Shares climbed around 11% in midday trading. If that holds through the closing bell, it will mark the stock's best daily performance since October 2018, when it jumped nearly 17% in one session.

Friday's advance comes after the Massachusetts-based company said it earned $1.58 per share, excluding items, on $980 million in revenue for the second quarter. Analysts polled by LSEG expected just $1.53 in earnings per share on $977 million in revenue.

Akamai also issued stronger guidance for adjusted per-share earnings in the current quarter and full year than Wall Street forecast.

Despite Friday's rally, the stock is still down about 14% in 2024.

— Alex Harring

Energy outperforms for the week

Energy outperformed the broader market for the week, rising 1.6% week to date. Meanwhile, the S&P 500 is down 0.3% during the same period.

Industrials and financials were the only other sectors in the green for the week, with respective gains of 1% and 0.5%.

— Hakyung Kim

E.l.f. Beauty heads for worst session in more than four years

E.l.f. Beauty's stock declined more than 15%, putting the cosmetics company on pace for its worst day since March 2020.

The drop came even after the company posted stronger-than-expected fiscal first-quarter results. E.l.f. Beauty posted adjusted earnings of $1.10 per share on $324 million in revenue, topping the 84 cents per share and revenue of $305 million expected by LSEG analysts.

The company lifted its guidance, saying it expects sales to range between $1.28 billion and $1.3 billion for fiscal 2025. Analysts polled by LSEG had braced for sales guidance of $1.3 billion.

Shares are up 10% this year.

— Samantha Subin

Stocks making the biggest moves midday

Here are the stocks on the move midday:

• Sweetgreen — Shares of the salad chain popped 24% after the company reported second-quarter revenue of $184.6 million, topping the $181 million consensus estimate, per LSEG. Sweetgreen also gave full-year revenue guidance of $670 million to $680 million. Analysts were expecting guidance of $674 million.
• Doximity — Shares jumped more than 31% after the digital health company reported first-quarter earnings that surpassed expectations. Doximity posted 28 cents per share, excluding items. That is more than the 22 cents per share that analysts polled by FactSet were expecting.
• E.l.f. Beauty — E.l.f. Beauty shares sank nearly 15% after new guidance pointed to slowing growth for the cosmetics company.

Read the full list here.

— Sean Conlon

Market gains going forward likely to be capped, BTIG warns

Despite Thursday's massive market rally, Jonathan Krinsky of BTIG advised clients against getting their hopes up.

"We continue to suggest lightening up as SPX approaches 5400 in anticipation of a test of this week's lows later this month. Note that the 20 DMA is now below the 50 DMA, and both are around 5440 now, which should cap any rallies into next week," the firm's chief market technician wrote in a note.

"Closing above ~5450 would warrant a change in that view, but we are mindful that internals at Monday's low were inconsistent with durable bottoms," he said.

The S&P 500 traded around 5,320 on Friday.

— Fred Imbert

Individual S&P 500 stocks are still technically sound, Bespoke says

Some of the under-hood-technical signs for the market still look to be on solid footing despite a volatile week on Wall Street, according to Bespoke Investment Group.

The firm said in a post on social media site X that most individual stocks in S&P 500 have stayed above a key technical level this week.

"While the S&P is below its 50-DMA, more than two-thirds of the stocks in the index remain above their 200-day moving averages. Long-term breadth is still strong," the post said.

In fact, the only sector where less than 50% of stocks are below their 200-day moving average is consumer discretionary, according to Bespoke.

— Jesse Pound

Markets overreacted to Thursday's initial claims data, says R.J. O'Brien's Thomas Fitzpatrick

While Thursday's initial jobless claims increased less than expected on Thursday, the move in both bonds and stocks may have overstated its ramifications, according to R.J. O'Brien and Associates managing director for global markets insights Thomas Fitzpatrick.

"There is no World in which the equity and Bond market reactions yesterday to a 7k beat in one initial claims number makes sense," Fitzpatrick wrote Friday.

 "All that shows you is that in the coming weeks we are likely to see increased volatility and outsized reactions to market news and data," he cautioned.

— Brian Evans

Stocks to crash 30% as U.S. enters recession next year, BCA Research says

"The events of the past few weeks should give investors a taste of what is to come," according to Montreal-based BCA Research. BCA sees the S&P 500 collapsing about 30% to 3,750 sometime next year as the U.S. enters a recession, driving down the yield on the 10-year Treasury note to 3%.

By contrast, the lowest S&P 500 target among Wall Street strategists regularly surveyed by CNBC is JPMorgan's at 4,200.

"Global equities have been hit by a one-two punch," BCA analysts led by chief global strategist Peter Berezin wrote in a report released Thursday. "The first punch was a jab in the form of rising skepticism over the bullish AI narrative. The second was an uppercut in the form of rising concerns over global growth. These first emerged in Europe and China, and then spread to the U.S. following a surprise jump in the unemployment rate."

Although BCA expects stocks to "stabilize in the near term, the medium-term direction is to the downside. We continue to expect the U.S. to enter a recession in late-2024 or early-2025," the researcher said.

— Scott Schnipper

Strategas: History says to fade discretionary as unemployment increases

History suggests traders should fade discretionary industries as unemployment rises, according to Strategas.

Ryan Grabinski told clients on Thursday that it makes sense to bet against this area of the market when the unemployment rate rises. Notably, the jobless rate climbed to 4.3% in July, which marked its highest since late 2021, according to government data released last week.

All discretionary industries besides broadline retail underperformed the S&P 500 on average during the four periods of rising unemployment the firm has data for, Grabinski said. He noted the small sample size.

Broadline retail can buck the trend because it contains Amazon, which would likely show defensive characteristics in a downturn, and companies such as Target that are considered historically defensive.

— Alex Harring

Asian stock markets manage to cut this week's steep losses

Asian markets managed to recoup some of the steep losses a few days ago, closing out the week with only modest declines.

Japanese equity benchmark Nikkei ended the week down just 2.5% for its fourth negative week in a row. The index plunged 12.4% on Monday for its worst day since the "Black Monday" of 1987. The drastic sell-off was triggered by a rate hike from the Bank of Japan and the unwinding of the yen "carry trade."

The South Korean stock market finished the volatile week down 3.3%, while Hang Seng, the stock market index in Hong Kong, rose 0.9% this week for its first positive week in four.

— Yun Li

UBS says not to get swept up in market volatility

The market may have been overly pessimistic on the economy during Monday's sell-off, according to UBS.

While volatility could persist at higher levels as more yen carry trades unwind and political tensions escalate, the firm believes much of the moves earlier stemmed from technical factors.

"We believe investors shouldn't overreact to swings in market sentiment," said Solita Marcelli, chief investment officer Americas.

The firm is sticking to its S&P 500 year-end target of 5,900, implying around 10% in upside potential for the broad market index.

— Hakyung Kim

Stocks open higher Friday

U.S. stocks began Friday's session lower.

The Dow Jones Industrial Average slipped 77 points, or 0.2%. The S&P 500 and Nasdaq Composite dipped less than 0.1% each.

Week to date, the major averages are all on pace for losses. The broad market index is down around 0.6%. The blue-chip Dow is lower around 1% for the week, and the Nasdaq is down 0.8%.

— Hakyung Kim

World's second-largest lithium stock wins upgrade to buy at Goldman Sachs

Sociedad Quimica y Minera de Chile, the world's second-largest lithium producer by market value, was upgraded to buy from neutral on Friday at Goldman Sachs. The stock, actively traded in the U.S., is 3% higher premarket Friday after climbing 3.5% on Thursday.

Goldman, which began research coverage of SQM with a sell in May 2023 and upgraded it to neutral in December, is more optimistic now that lithium prices have crashed 87% since their December 2022 peak. Goldman now "expects limited downside ahead. Additionally, expansion capex is coming to an end in 2026 and sales volume is increasing by 50% by 2028, in support of an attractive FCF yield … and valuation," analysts led by Marcio Farid in Brazil wrote in a report.

"While investors' interest on the lithium market remains muted due to an expectation of a prolonged bear market, we now think risk-reward is skewed to the upside, with our price target implying a ~30% upside to current share price and with SQM being well positioned for a lithium supply/demand improvement by 2027," Goldman wrote.

The investment bank's 12-month price target stands at $46.50.

— Scott Schnipper

E.l.f. Beauty slides despite earnings beat

Shares of E.l.f. Beauty slid 7% in premarket trading despite the cosmetics company reporting an earnings beat for its fiscal first quarter and raising guidance.

E.l.f. generated $1.10 in adjusted earnings per share on $324 million of revenue. Analysts surveyed by LSEG were looking for 84 cents in earnings per share on $305 million of revenue.

The company also hiked its full-year guidance for net sales and adjusted net income. However, even the top of E.l.f.'s new sales guidance range at $1.3 billion would be growth of less than 30% year over year, compared to growth of 50% in the first quarter.

Several Wall Street analysts pointed to this potentially "conservative" outlook as a reason for the stock's slide, which JPMorgan analysts called a buying opportunity.

— Jesse Pound

Stocks making the biggest moves premarket

Check out some of the companies making headlines in premarket trading:

• Taiwan Semiconductor — Stock in the chipmaker rose about 1% before the opening bell after the company reported strong July revenue, which showed an increase of nearly 45% year over year, according to a StreetAccount report.
• The Trade Desk — Shares gained nearly 4% after the ad-buying company beat analysts' second-quarter estimates and raised its third-quarter outlook. The company now expects revenue of at least $618 million, while analysts polled by LSEG forecast $604.7 million.
• Expedia — Stock in the online booking company added about 8% following a second-quarter beat on the top and bottom lines. Expedia reported an adjusted profit of $3.51 per share on revenue of $3.56 billion, while analysts polled by LSEG predicted it would earn $3.06 per share on revenue of $3.53 billion. The company cautioned that macroeconomic factors weighed on travel demand in July.

Read the full list here.

— Brian Evans

Expedia pops on earnings beat

Expedia reported an earnings and revenue beat after the bell Thursday, sending shares up nearly 9% in premarket trading.

Adjusted earnings per share for the second quarter came in at $3.51, topping the $3.06 expected from analysts polled by LSEG. Revenue was $3.56 billion, versus the $3.53 billion consensus estimate.

However, CEO Ariane Gorin warned that in July, the company saw "a more challenging macro environment and a softening in travel demand" and is adjusting expectations for the rest of the year.

— Michelle Fox

Paramount rises after announcing job cuts, earnings beat

Paramount shares were up 4.5% in the premarket after the media company announced it would lay off about 15% of its U.S. workforce.

It also reported second-quarter earnings that beat analysts' expectations. Paramount posted an adjusted profit of 54 cents per share. That is well above an LSEG estimate of 12 cents per share.

— Fred Imbert

Take-Two Interactive pops

Shares of Take-Two Interactive gained more than 7% in the premarket after the video game maker reiterated its full-year bookings and earnings guidance. That gain would be the stock's biggest since May 2023.

The company's fiscal first-quarter revenue came in slightly below expectations at $1.22 billion.

— Fred Imbert

Stocks to go higher from here in choppy trade, Goldman trading desk says

Traders at Goldman Sachs expect the stock market to continue regaining ground from this week's sell-off, but not in linear fashion.

"From here choppy but higher," they said in a note. "The tremors we are feeling won't disappear
tomorrow, but we don't get the sense anything sinister is brewing where it clearly was in Nov of 2008 and in March of 2020."

They also added that "buying 5% dips in the S&P 500 has proven to be a very sound strategy over time."

— Fred Imbert

Bitcoin tops $60,000 level Thursday evening

The flagship cryptocurrency, which has been rebounding alongside risk assets, surpassed the $60,000 threshold Thursday night.

Bitcoin was last 12% higher on the day at $61,535.40, according to data from Coin Metrics. Ether, which has also staged a comeback, gained 13% to $2,672.47.

Both cryptocurrencies are on pace for weekly losses, however.

— Darla Mercado, Tanaya Macheel

Almost 90% of total NYSE volume traded to the upside Thursday

Advancing volume as a percentage of the total reached 87% on the New York Stock Exchange in Thursday's big rally, even better than the 80% of upside volume seen on the Nasdaq, according to FactSet data.

Almost 79% of all stocks on the NYSE rose in price Thursday, against more than 70% on the Nasdaq.

Still, new 52-week lows beat new highs on the NYSE by 53 to 39, and by 212 to 60 on the Nasdaq.

Composite volume was a shade below average, reaching more than 98.7% of the past 30 days' average on the NYSE and almost 97.6% on the Nasdaq.

— Scott Schnipper

Paramount, Expedia, E.l.f. Beauty among stocks making biggest moves after hours

Check out the companies making headlines in after-hours trading:

• Paramount Global — The media company jumped 5.7% after posting a massive earnings beat for the second quarter, reporting earnings of 54 cents per share while analysts polled by LSEG called for 12 cents per share. Paramount's revenue of $6.81 billion for the period fell short of the estimated $7.21 billion, however, making that the company's biggest miss relative to analysts' estimates since February 2020. Paramount also announced it is cutting 15% of its U.S. workforce as part of a broader cost-cutting plan ahead of its merger with Skydance Media.
• Expedia — Shares slipped 2.2% after Expedia said it has seen a more challenging macroeconomic environment and a softening in travel demand in July. The online travel company beat expectations, however, reporting earnings of $3.51 per share on revenue of $3.56 billion, while analysts polled by LSEG called for earnings of $3.06 per share on revenue of $3.53 billion.
• Unity Software — Shares shed 4.6% after the video game software development company beat Wall Street's earnings and revenue expectations, but forecast third-quarter revenues below estimates, seeing a range of $415 million to $420 million compared to an expected $458 million.

For the full list, read here.

— Pia Singh

Stocks open slightly higher

Major U.S. indexes were in the green shortly after 6 p.m. E.T. Futures tied to the Dow Jones Industrial Average added 46 points, or 0.1%. S&P 500 futures were 0.1% higher, while Nasdaq 100 futures advanced 0.2%.

— Pia Singh