Stocks rose Friday as Treasury yields retreated from 19-year highs and oil prices fell back below $100 a barrel.
Advanced Micro Devices rose 0.5% to $632.84. Bank of America raised the semiconductor's price target Friday to $720 from $620. The chip maker was set to add to its 12.4% gain so far this week, in which it crossed $1 trillion market cap for the first time.
Chip stocks and other AI stocks were mixed. Intel fell 1%, while Marvell Technology advanced 1.1%.
Nvidia rose 0.3%. Elon Musk said Thursday that he expects to buy another 220,000 of Nvidia's artificial-intelligence chips for SpaceX.
Akamai Technologies jumped 10% after the cloud infrastructure company announced a $11.6 billion deal with AI giant Anthropic for its services over the next seven years. It includes an option to expand the agreement by another $9 billion if more computing power is needed.
Meta Platforms fell 2.5% even as excitement over its artificial-intelligence model Muse has intensified. The stock has risen more than 16% this week and was on pace for its best monthly gain in more than 13 years, according to Dow Jones Market Data.
Marathon Petroleum, Phillips 66, ConocoPhillips, Exxon and Chevron each fell more than 1% as Brent crude futures, the international oil benchmark, fell below $100 a barrel.
Barry Diller's People Inc. jumped 9.1% following a Wall Street Journal report that MGM Resorts has been discussing making a bid for the company. It would quickly turn the tables on Diller after People withdrew its own bid for MGM on Wednesday.
Comcast fell 2.6%. KeyBanc downgraded shares to Underweight from Sector Weight, citing concerns about heavy subscriber losses, a slowdown in theme park growth, and the planned NBCUniversal spinoff. Shares of Charter Communications dipped 0.3%.
Nike declined 1.5% to $35.46. Bank of America downgraded the stock to Underperform from Neutral and lowered the price target to $30 from $47, saying the company's turnaround strategy will likely be pushed into fiscal 2028.
Synopsys rose 2.3% to $434.80. HSBC upgraded the stock to Buy from Hold and raised its price target to $700 from $490. The firm cited confidence in the company's AI growth outlook, including in its electronic design automation.
Zscaler dropped 5.9%. The cybersecurity company said Thursday that Ross Tackett, its head of worldwide sales, would become Zscaler's new chief revenue officer on Oct. 1.
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