Tech Stocks Surge, S&P Poised for Santa Rally Despite Nike Setback

U.S. stocks rose on Friday, with technology shares rebounding strongly, led by Micron and Nvidia. Despite a 'Santa Claus rally' boost, Nike's weak China sales weighed heavily, causing a notable slump. Economic uncertainty impacted companies like Lamb Weston, while key indices recorded solid gains amidst mixed economic signals.

U.S. stocks climbed on Friday, bolstered by a revitalization in the technology sector, as confidence grew heading into the year's end. Key tech players, particularly Micron Technology and Nvidia, led this resurgence, offsetting earlier concerns about lofty valuations and funding related to AI stocks.

Nike's shares, however, plummeted nearly 10% due to a disappointing sales performance in China, marking a second consecutive quarter of declining gross margins. Meanwhile, other companies like Lamb Weston also faced setbacks amid rising economic uncertainties, maintaining their sales forecasts with caution.

Despite these fluctuations, major indices such as the Dow Jones and S&P 500 experienced notable gains, with investors buoyed by consumer prices rising less than expected. Analysts, mindful of the 'triple witching' phenomenon, anticipate continued market volatility, while Oracle and Carnival showed significant individual stock gains.

(With inputs from agencies.)