Stocks closed higher to close out a volatile week.

The Dow Jones Industrial Average jumped 294.04 points higher, or 0.58%, to finish at 50,579.70. The S&P 500 settled at 7,473.47, climbing 0.37% on the day. The Nasdaq Composite rose 0.19% to end the session at 26,343.97.

— Liz Napolitano

Health care stocks are on track to record their best week in more than half of a year.

The S&P 500 health care sector has climbed 3.4% so far this week. If that holds through Friday's closing bell, it would mark the group's largest weekly increase since November, when it gained nearly 4% in one week.

DexCom led the sector higher this week with a 17% gain, followed by Bio-Techne and Baxter International's rallies of around 11% each. But well-known stocks such as Moderna, CVS and UnitedHealth traded in the red this week, limiting upside for the broader sector.

— Alex Harring

Retail investors are rushing into some space-related trades ahead of the potential SpaceX IPO, according to Vanda.

The market data firm said everyday investors have bought space-related funds at their fastest rate since 2021. Vanda called the Procure Space ETF (UFO) the "standout favorite."

Mom-and-pop investors have also rushed into infrastructure stock Redwire, net buying a record of more than $25 million this week, according to Vanda. On the other hand, the firm said recent selling in Rocket Lab shows retail traders are looking for picks-and-shovels names as opposed to clear proxys.

"Retail investors are looking to get ahead of the widely anticipated SpaceX IPO," the firm told clients. But, they're doing so "in a selective way."

The S&P 500 has risen 0.93% over the past five days, putting it on pace for its eighth winning week in a row.

This is poised to be the broad-market index's longest stretch in the green since its 9-week streak ended Dec. 29, 2023.

Stocks broadly rallied on Friday as medium and long-term Treasury yields declined.

— Liz Napolitano

Reddit shares fell about 6% on Friday on concern that a new app from Meta called Forum could create an alternative avenue for internet users to congregate and create discussion groups.

Forum, launched as a test app on Apple's iOS, is part of Facebook Groups. Analysts at Truist wrote in a note on Friday that it's "an attempt by the company to compete against Reddit as an online forum for public discourse" and "represents a new threat."

Reddit's stock is now down almost 40% this year despite a strengthening online ad business.

Read the full article.

— Jonathan Vanian

Estée Lauder's shares jumped 10% on Friday, just a day after the cosmetics company dropped its potential merger with Spanish beauty group Puig.

The price action puts Estée Lauder on pace for its best day since May 16, 2025.

— Liz Napolitano

Dell Technologies, HP Inc — The computer manufacturers saw their shares pop more than 15% on the heels of a blowout quarterly report from competitor Lenovo. Hong Kong-traded shares of Lenovo soared nearly 20% after the company said that revenue related to artificial intelligence jumped 84% in the fourth quarter.

Estee Lauder – The cosmetics company saw shares jump 10%. Estee Lauder and Puig confirmed on Thursday that they have ended talks about a potential merger.

Workday — Workday shares jumped almost 4% after the provider of finance and human-resources software posted stronger-than-expected results and raised its full-year margin outlook. Aneel Bhusri, a Workday co-founder, returned as CEO during the quarter.

Read more here.

— Darla Mercado

Chipmaker Qualcomm was up more than 11% in midday Friday trading.

The stock has ripped higher ever since its fiscal second-quarter earnings results, and is now up more than 50% since April 29. It's rallied with other semiconductor stocks as investors have become enchanted again with the artificial intelligence trade.

With Friday's move, the stock was up 18% on the week.

— Davis Giangiulio

President Donald Trump led a ceremony swearing in Kevin Warsh as chair of the Federal Reserve, putting him in charge of a central bank that must navigate a tumultuous economy and a president with very specific expectations on interest rates.

Trump, whose actions toward the Fed have spurred bipartisan alarms about executive influence on the historically independent central bank, said he wanted Warsh to "just do your own thing and do a great job."

"I want Kevin to be totally independent," Trump said at the start of the event Friday morning. "Don't look at me, don't look at anybody."

But the swearing-in ceremony itself highlighted the the president's unprecedented involvement with the Fed during his second term: Warsh is the first Fed chair to be sworn in at the White House since Alan Greenspan in 1987.

Read the full story.

—Jeff Cox, Kevin Breuninger

A flurry of initial public offerings from mega-cap companies this year could mark the top of the market, strategists said, drawing parallels with the late-1990s dot-com bubble.

SpaceX's hotly anticipated IPO, confirmed in a regulatory filing on Thursday and expected on June 12, could mark the largest float in history. Elon Musk's firm is targeting a valuation of $1.75 trillion on the Nasdaq. Meanwhile, OpenAI and Anthropic have also announced their intentions to go public later this year. 

All three companies are yet to generate an annual profit, though Anthropic is expected to post its first-ever profitable quarter in its upcoming earnings.

Analysts regard each firm's business model as opaque in nature of their business models, leading some to urge caution from investors looking to buy at IPO. 

"I see it as a market top," John Blank, chief equity strategist at Zacks, told CNBC's Squawk Box Europe on Thursday. 

Read the full story.

— Joseph Wilkins

Federal Reserve Governor Christopher Waller said he's concerned higher energy prices will leave a lasting imprint on inflation.

"Inflation is not headed in the right direction," he said on Friday at The Centre for Central Banking Guest Lecture in Germany. He also said it's "unclear" how long the conflict in the Middle East will impact constrained supplies, high gas prices and goods. 

"While I was initially hopeful that the Middle East conflict would be quickly resolved and that the FOMC could similarly look through the effects on prices, uncertainty over the conflict and how the energy shock will spread to other prices led me to support a pause in rate cuts at the FOMC's last meeting in April," he said.

Another concern was how long-term inflation expectations from one to five years ahead have already moved up since the start of 2026 too, Waller said.

Just as the central bank agreed to a pause in rate cuts at the Federal Open Market Committee's meeting in April, the governor said he wants "to hold rates steady" for now. Future policy moves would be dependent on if inflation decreases or if there is a drop in the labor market. 

Waller identified it as historically "low" for the over 100,000 jobs created in April and an average 48,000 new jobs created over the past three months. Waller cautioned, though, that a weaker labor market should not play a significant role in guiding future monetary policy. 

— Ananya Chetia

U.S. drivers will pay gasoline prices near four-year highs when they fuel up for travel over the long Memorial Day weekend and should expect more pain at the pump this summer if the Strait of Hormuz does not reopen.

The average gasoline price stood at $4.55 per gallon on Friday, an increase of more than 50% since the U.S. and Israel began the war with Iran on Feb. 28. It is the most drivers have paid on the Friday before Memorial Day since 2022, following Russia's full-scale invasion of Ukraine.

Prices dipped slightly from Thursday when drivers paid the most on average since July 2022.

Read the full story.

— Spencer Kimball

The index of consumer sentiment fell to 44.8 from a preliminary reading of 48.2. It's also well below the 49.8 level seen at the end of April.

"Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices. Sentiment is now just below the previous historical trough seen in June 2022," Surveys of Consumers Director Joanne Hsu said in a statement. "Critically, consumers appear worried that inflation will increase and proliferate beyond fuel prices, even in the long run."

Read more here.

— Fred Imbert

Quantum computing stocks jumped on Thursday after the Commerce Department announced $2 billion in federal incentives for the sector under the 2022 CHIPS and Science Act.

The minority government stake in nine different quantum companies is the latest tech-focused piece of U.S. industrial policy following a 10% acquisition of chipmaker Intel last year. The Defiance Quantum ETF increased by 4.6% in Thursday trading.

"This is government-financed exuberance about the future of quantum computing. The question is whether it is rational or irrational exuberance. We are in the rational exuberance camp. Just imagine the combination of quantum computing and AI," Ed Yardeni, president of Yardeni research, wrote in a Friday analysis.

– Tobias Burns

The Dow Jones Industrial Average traded 364 points higher, or 0.7%, reaching an intraday all-time high. The S&P 500 and Nasdaq Composite climbed 0.6% each.

-- Fred Imbert

Shares of Merck were up more than 3% on news that its lung cancer treatment with China-based Kelun-Biotech cut tumor progression risk by 65%.

Sacituzumab tirumotecan, the drug, also yielded a survival benefit, according to STAT News.

The phase 3 study was conducted in China. The drug was used on patients in combination with Merck's Keytruda, the company's immunotherapy used to treat a wide variety of cancers.  

— Davis Giangiulio

Shares are up nearly 1% after BJ's Wholesale Club reported adjusted EPS of $1.10 for the quarter, topping the FactSet consensus of $1.03 per share.

Comparable club sales increased by 6.3% and income from membership fees also grew by 9.9% year over year to $132.4 million. One new club and six new gas stations were opened by the company, the earnings report said.

The company reaffirmed its full-year EPS guidance of $4.40 to $4.60, compared to the FactSet consensus of $4.51.

— Ananya Chetia

Check out the companies making the biggest moves premarket:

Futu — U.S.-listed shares of the Hong Kong-based brokerage fell 36% after China launched a crackdown on illegal cross-border securities trading. China will penalize brokerages accused of illegally moving money to foreign markets, Reuters reported.

Booz Allen Hamilton — The consulting and engineering services firm was up more than 5% after it reported adjusted earnings of $1.78 per share in its fiscal fourth quarter, higher than analysts polled by FactSet's expectations for $1.34. Revenue, though, slightly missed expectations. 

Generac — Shares jumped more than 3% after Jefferies upgraded the stock to buy from hold. The bank sees the data center buildout as a catalyst for the stock, and Jefferies doesn't think it's priced into the stock price yet. 

Read the full list here.

— Davis Giangiulio

Shares of premium theater company IMAX surged 15% as the movie theater company explores a sale..

The company is in "preliminary talks" through intermediaries, but it has not yet made any official pitches, a source familiar with the matter told CNBC. IMAX's longtime bankers occasionally test the waters for potential interest, added the source, who spoke on the condition of anonymity due to the confidential nature of the discussions.

The Wall Street Journal first reported the potential sale process.

— Sarah Whitten, Liz Napolitano

Strategists at Nordea don't see the Federal Reserve raising rates just yet, even as inflation pressures build.

"The market is now pricing rate hikes in the US. That is a meaningful shift from where it stood just a few months ago, and it reflects an inflation picture that continues to surprise to the upside. Even so, the Fed is likely to stay on hold at the next meeting," they wrote Friday.

"The Committee itself remains visibly divided – some members see cuts later this year, while others view persistent inflation as a reason to consider further tightening. That leaves the FOMC more likely to default to inaction than to settle the argument either way."

-- Fred Imbert

Asia-Pacific markets traded higher Friday as investors assess U.S.-Iran diplomatic efforts to reach a peace deal in the Middle East.

Japan's Nikkei 225 ended Friday's session at 2.68% higher at 63,339.07, while the Topix added 1% at 3,892.46. Japan's core inflation eased more than expected in April to its lowest level since March 2022, weakening the case for an early rate hike by the Bank of Japan.

Core inflation — which strips out prices of fresh food — came in at 1.4%, lower than the 1.7% expected by economists polled by Reuters and below the 1.8% reading in March.

South Korea's Kospi rose 0.41% to 7,847.71, while the Kosdaq Index jumped nearly 5% to 1,161.13. Australia's S&P/ASX 200 was up 0.41% at 8,657.

Hong Kong's Hang Seng index rose 0.81% in the last hour of afternoon trade, while mainland China's CSI 300 added 1.3% at 4,845.1.

India's Nifty 50 gained 0.75%, while the BSE Sensex was 0.8% higher.

— Justina Lee

Shares of Lenovo surged more than 15% on Friday, after the personal computer and electronics giant posted strong revenue growth powered by its growing artificial intelligence business.

Group revenue for the March quarter reached $21.6 billion, up 27% year-on-year — the highest growth rate in five years for the Hong Kong–based Chinese multinational company.

Lenovo aims to become a $100 billion company within the next two years, Chairman and CEO Yuanqing Yang said in a statement, with much of the growth plan hinging on AI.

Read the full story here.

— Dylan Butts

Shares of Guzman y Gomez rose as much as 20.58% on Friday, after the Mexican-themed fast-food chain said it would exit the U.S. market and refocus on Australia.

"Having spent the last 3 months in the US, I realized this was going to take significantly more time and capital than we had expected, said Steven Marks, founder and co-CEO of the Australian food company.

He added that the current performance of the U.S. business could not justify continued investment of shareholder capital.

Read the full story here.

— Justina Lee

SoftBank Group shares extended their scorching rally to a second day, rising over 11% Friday, and building on momentum after Nvidia's blockbuster earnings boosted AI-linked stocks.

The company's shares had closed 20% higher Thursday, adding over $35 billion to its market cap.

Softbank rally is also being powered by a sharp rise in Arm Holdings, in which the Japanese company holds a majority stake. Arm shares advanced over 16% overnight, after gaining more than 15% in the prior session.

Read the full story here.

— Lee Ying Shan

Asia-Pacific markets traded higher Friday, as investors assess U.S.-Iran diplomatic efforts at reaching a peace deal in the Middle East.

Tehran intending to keep its enriched uranium stockpile within the country, according to a Reuters report, could complicate negotiations with Washington as President Donald Trump has made dismantling Iran's nuclear program a central objective of his military action against Tehran.

Japan's Nikkei 225 rose 1.36%, while the Topix added 0.55%. Japan's core inflation eased more than expected in April to its lowest level since March 2022, weakening the case for an early rate hike by the Bank of Japan.

Core inflation — which strips out prices of fresh food — came in at 1.4%, lower than the 1.7% expected by economists polled by Reuters and below the 1.8% reading in March.

South Korea's Kospi was up 0.52%, while the Kosdaq Index jumped over 3%. Australia's S&P/ASX 200 was up 0.5%.

Hong Kong's Hang Seng index rose 0.66%, while mainland China's CSI 300 added 0.78%.

—Lee Ying Shan

The stock market closed higher in Thursday's session, and here's how the major indices performed:

• The Dow posted a fresh record close
• DJ Transports closed more than 17% from 52-week highs. 
• The Nasdaq Composite, Nasdaq 100, and Russell 2000 closed more than 1% from 52-week highs. 
• The Dow and S&P 500 closed more than 1% from 52 week highs. 
• All major indices closed above both their 50-day and 200-day moving averages
• All sectors closed less than 10% off 52-week highs. 

— Chris Hayes, Yun Li

Check out the companies making headlines after the bell: 

Estee Lauder Companies – The cosmetics company saw shares jump almost 12%. Estee Lauder and Puig confirmed on Thursday that they have ended talks about a potential merger.

Workday — Workday shares jumped as much as 11% in after-hours trading Thursday after the provider of finance and human-resources software posted stronger-than-expected results and raised its full-year margin outlook.

Zoom Communications — The video conferencing company saw shares jump 7% after investors cheered the firm's latest results.

Ross Stores — The discount department store's shares popped almost 7% after a stronger-than-expected quarterly earnings report. The firm also raised its comp sales forecast as well as earnings guidance for the full year.

Take-Two Interactive — The video game holding company's shares surged 7% after a small revenue beat. The company also said Grand Theft Auto VI is still on track for November launch.

— Yun Li