Dow soars more than 800 points to record as Powell speech sparks market rally: Live updates

Friday’s trading session saw a big rebound in U.S. equities.

The S&P 500 added 1.52% to close at 6,466.91. The Dow Jones Industrial Average gained 846.24 points, or 1.89%, ending at 45,631.74 to touch a fresh high. The tech-heavy Nasdaq Composite rose 1.88% to settle the session at 21,496.53.

— Pia Singh

Shares of Peter Thiel-backed ETHzilla tumbled more than 38% at one point Friday after the ether treasury company offered up to 74.8 million of their shares for resale. It was last down about 31% after a broad market rally on Fed Chair Jerome Powell’s Jackson Hole speech hinting at forthcoming rate cuts.

The pharmaceutical turned ETH accumulator saw a surge in shares Monday, when it rebranded from 180 Life Sciences and announced both a massive stake in ETH and Thiel’s 7.5% stake in the company.

ETHZilla 1-month

During Friday’s session, 12 stocks in the S&P 500 traded at new 52-week highs.

Of these tickers, nine stocks reached new all-time highs. Names that hit this milestone are as follows:

• Live Nation Entertainment trading at all-time high levels back to its IPO in December 2005
• Hartford Financial trading at all-time highs back to its IPO in December 1995
• Loews trading at all-time highs back through our history to 1972
• MasterCard trading at all-time high levels since its IPO in May 2006
• Travelers trading at all-time highs back to its spin-off from Citi in 2002
• Quest Diagnostics trading at all-time high levels back to its spin-off from Corning in 1996
• Northrop Grumman trading at all-time highs back to the merger between Northrop Aircraft and Grumman Aerospace in 1994
• Analog Devices trading at all-time highs back through our history to 1972  
• Atmos Energy trading at all-time high levels back to the Energas spin-off from Pioneer Corp in 1983

— Christopher Hayes, Lisa Kailai Han

People walk by the Apple store on Fifth Avenue in New York City on May 1, 2025.

Kylie Cooper | Reuters

Shares of Apple jumped 1.7% on Friday following a Bloomberg report that said the iPhone maker is considering using Google’s Gemini to power Siri for the technology’s long awaited overhaul. Shares of Google parent Alphabet jumped more than 3.5%.

Bloomberg, citing people familiar with the matter, said Apple recently approached Alphabet to potentially build a custom artificial intelligence model that could be the base of the new Siri next year.

— Brian Evans

The stock market rally Friday following Federal Reserve Chair Jerome Powell’s speech was broad based, in contrast to the divided market earlier this week when tech stocks pulled back sharply.

On the New York Stock Exchange, advancers outnumbered decliners 15-1. At last count, there were 2380 stocks that were higher, while 158 stocks slid.

In the S&P 500, there were 471 members trading in positive territory.

— Sarah Min

SPDR S&P Regional Banking ETF (KRE) in the past day

Canada’s Prime Minister Mark Carney speaks after Canada announced that it is removing many retaliatory tariffs on U.S. goods, during a press conference on Parliament Hill in Ottawa, Ontario, Canada, August 22, 2025.

James Park | Reuters

On Friday, the White House released a statement in reaction to Canada’s decision to pull back some of its retaliatory tariffs towards some U.S. goods.

“We welcome this move by Canada, which is long overdue,” the White House said. “We look forward to continuing our discussions with Canada on the Administration’s trade and national security concerns.”

— Lisa Kailai Han

The Invesco S&P 500 Equal Weight ETF (RSP) jumped 2% Friday after Powell’s speech. The ETF hit an all-time high, surpassing its prior high from Nov. 29.

The equal weight ETF is slightly outperforming the SPDR S&P 500 ETF Trust (SPY), which rose 1.6%.

The Invesco S&P 500 Equal Weight ETF (RSP) in the past 1 year

Federal Reserve Chairman Jerome Powell speaks at Jackson Hole on Aug. 22, 2025 in Wyoming.

David A. Grogan | CNBC

The price of ether (ETH) jumped 9% to above $4,600 following Fed Chair Jerome Powell’s comments in Jackson Hole that sent the stock market rallying.

Last week, ether nearly touched its 2021 all-time high of $4,866.01, before falling as low as the $4,000 level this week.

In the past hour, ETH has seen about $118.25 million in short liquidations, according to CoinGlass.

Shares of companies focused on accumulating ether rose with the cryptocurrency. Bitmine Immersion and SharpLink Gaming each jumped more than 10%. Solana-focused treasury firm DeFi Development surged 18% and Coinbase gained 6%.

— Tanaya Macheel

The probability of a September interest rate cut shot up sharply on Friday morning as Federal Reserve Chair Jerome Powell said hinted that reductions may be coming.

Fed funds futures trading reflects a nearly 90% likelihood that policymakers will dial back the target rate range to 4.00% to 4.25% at the conclusion of their September meeting, according to the CME FedWatch Tool. That’s a reduction of 25 basis points from the current level.

Prior to Powell’s speech, fed funds futures trading reflected a roughly 73% likelihood of a cut.

—Darla Mercado

U.S. 10-year Treasury, 1-day

Federal Reserve Chair Jerome Powell speech is displayed on a television as traders work on the floor of the New York Stock Exchange during morning trading on Aug. 22, 2025 in New York City.

Michael M. Santiago | Getty Images

Fed Chair Jerome Powell on Friday gave a tepid indication of possible interest rate cuts ahead as he noted a high level of uncertainty that is making the job difficult for monetary policymakers.

“With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said during his annual address at Jackson Hole, Wyoming. In prepared remarks, he cited “sweeping changes” in tax, trade and immigration policies. 

While not addressing White House demands for rate cuts specifically, Powell did note the importance of Fed independence. More here.

— Jeff Cox

Bitcoin ETFs on Thursday logged their fifth session in a row of outflows, bringing their total for the week to $1.15 billion. They and are now on pace for their biggest week of net outflows since Feb. 28, according to SoSoValue.

Meanwhile, ether ETFs saw $287.6 million in inflows Thursday, which snapped a four-day streak of outflows. Still, those funds collectively are on pace for their first week of net outflows ($578.9 million) since May 9 and biggest week of outflows on record.

— Tanaya Macheel

Check out some of the stocks making moves in premarket trading Friday:

• Nvidia – The artificial intelligence chip darling fell more than 1% after it reportedly asked some of its component suppliers to halt production of its H20 graphics processing units. The company is also reportedly having conversations with the U.S. government about shipping a more advanced chip to China.
• Intuit – The stock pulled back more than 6%. While the financial technology company’s fourth-quarter results surpassed expectations – its adjusted earnings of $2.75 per share on revenue of $3.83 billion beat the $2.66 per share on revenue of $3.75 billion that analysts surveyed by LSEG had expected – its revenue growth for the first quarter came in weaker than expected. The company guided growth of between 14% and 15% year over year for that quarter, below the 15.9% that analysts polled by FactSet had penciled in.
• Workday – The human resources software company shed 4% after it issued third-quarter subscription revenue guidance of $2.24 billion, in line with analysts’ expectations, per StreetAccount. It expects third-quarter adjusted operating margin to be 28%, just slightly below the 28.1% StreetAccount consensus estimate. Workday warned of challenges in its government and education businesses.

Read the full list of names here.

— Sean Conlon

Nvidia CEO Jensen Huang visits Lawrence Berkeley National Lab to announce a U.S. supercomputer to be powered by Nvidia’s forthcoming Vera Rubin chips, in Berkeley, California, on May 29, 2025.

Manuel Orbegozo | Reuters

Nvidia is in talks with the U.S. government about shipping a new, more advanced chip to China, CEO Jensen Huang said on Friday.

Earlier this week, Reuters reported the U.S. tech giant is developing a new artificial intelligence chip for China, dubbed the B30A, that will be more powerful than the H20 — the only semiconductor Nvidia is allowed to sell in the country at present. The U.S. has grown concerned in the past few years that advanced American chips could be used in Chinese military applications.

A journalist asked Huang about the B30A during a trip to Taiwan.

“Offering a new product to China for the data center, AI data centers, the follow on to H20, that’s not our decision to make. It’s up to of course the United States government. And we are in dialogue with them. But it’s too soon to know,” Huang said in response.

Shares of Nvidia are down 3% this week, and dipped 1.3% in premarket trading Friday.

— Arjun Kharpal

The math isn’t mathing when it comes to Paramount Skydance, according to Guggenheim.

Analyst Michael Morris downgraded the media giant to neutral from buy, noting the stock’s recent moves may be disconnected from the company’s reality. Paramount shares are up a whopping 27% this month.

“Bigger picture, we believe key strategic questions remain unanswered, particularly related to the balance of linear and direct-to-consumer economics as an increasing number of competitor DTC apps (ESPN, Fox One) are made available to pay-TV customers with their bundle subscription. Driving DTC growth without pressuring linear economics is an incremental risk to consolidated performance that we believe may be underappreciated by management,” Morris said in a note.

— Fred Imbert

Google CEO Sundar Pichai gestures to the crowd during Google’s annual I/O developers conference in Mountain View, California on May 20, 2025.

Camille Cohen | Afp | Getty Images

Federal Reserve Chair Jerome Powell is set to deliver what almost certainly will be his last keynote address at the central bank’s annual conclave during one of the most tumultuous times in its history.

What’s at stake is the near-term sentiment for financial markets, the longer-term path of the Fed’s policy trajectory, and a not insignificant dose of trying to preserve vestiges of independence at a time when the normally sacrosanct institution is facing enormous political pressure.

Read the full story here.

— Jeff Cox

An aerial view of Workday headquarters on February 06, 2025 in Pleasanton, California.

Justin Sullivan | Getty Images News | Getty Images

Check out the companies making headlines after hours.

Intuit — Shares dropped roughly 6% even after the financial technology company reported fiscal fourth-quarter results that topped Wall Street’s expectations. Intuit reported adjusted earnings of $2.75 per share on revenue of $3.83 billion. Analysts polled by LSEG had expected earnings per share of $2.66 on revenue of $3.75 billion.

Workday — The stock slid nearly 6%. The human resources software company said it sees third-quarter subscription revenue coming in at $2.24 billion, in line with analysts’ expectations, per StreetAccount. Third-quarter adjusted operating margin is expected to be 28.0%, just slightly below the StreetAccount consensus call for 28.1%.

Read the full list here.

— Sarah Min

Stock futures opened little changed Thursday night.

Dow Jones Industrial Average futures rose 65 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures each added about 0.1%.

— Sarah Min