US stocks fell on Friday, giving back part of Thursday’s record-setting advance as rising bond yields and fresh inflation concerns hit Wall Street. The Nasdaq Composite dropped 1.3%, the S&P 500 fell 0.9% after surging to all-time closing highs a day earlier, and the Dow Jones Industrial Average lost 0.6% and slipped back below 50,000.
The slide was already visible at the opening bell. The Nasdaq was down 1.3% out of the gate, dragged lower by a 3% decline in Nvidia shares. The S&P 500 opened 1% lower and slipped back below the 7,500 level it had reached on Thursday, while the Dow fell 0.8% and moved back under its 50,000 milestone.
Bond markets helped set the tone. The 10-year Treasury yield traded at 4.56% on Friday, while the 30-year yield rose to 5.11%. The dollar index climbed to 99, its highest level in more than a month, and that stronger dollar added pressure across commodities. Gold fell 2.7% to $4,555 a troy ounce in morning trading, silver dropped 8% to $78 an ounce, and copper lost about 5%. Oil moved the other way, rising more than 2% as Brent traded around $108 a barrel.
The market’s mood also reflected geopolitics. President Trump wrapped up his visit with Chinese counterpart Xi Jinping in Beijing and headed back to Washington after a two-day summit that took a business-friendly tone and included 16 top US executives. The trip produced new deals for Boeing and Nvidia, but concern around Iran stayed in the background. US officials had hoped China could help end the war with Iran by using its influence with its major oil supplier, and Trump said the two countries “feel very similar about Iran.” Xi took a more measured line. The lack of progress toward peace has stoked concern that conflict could keep price pressures elevated, especially if the Strait of Hormuz remains blocked and keeps inflation high for longer.
That is the tension hanging over Friday’s stock market today: a fresh rally in yields and energy prices is colliding with hopes that the Federal Reserve may still be headed toward rate cuts. Figma offered one bright spot after a late Thursday earnings report signaled strong demand amid the AI boom, while Mizuho Financial, RBC Bearings and Sigma Lithium were due to report later on Friday. For now, the burden is on markets to prove Thursday’s records were a pause in the larger trend, not the high-water mark.
