Summary

US benchmark equity indexes rose on Friday after President Donald Trump's meeting with his Ukrainian counterpart, Volodymyr Zelenskyy, ended without a minerals deal being signed.

The Nasdaq Composite and S&P 500 climbed 1.6% each to 18,847.3 and 5,954.50, respectively. The Dow Jones Industrial Average increased 1.4% at 43,840.9. All sectors registered gains, led by financials.

Earlier in the day, Zelenskyy left the White House after a heated argument between the two sides. The US wants access to Ukraine's rare earth minerals as part of a broader effort to end the conflict between Kyiv and Russia.

US Treasury yields fell, with the two-year rate sinking 9.1 basis points to 3.99% and the 10-year rate dropping 7.7 basis points to 4.21%.

In economic news, US personal consumption expenditures decreased 0.2% in January following a 0.8% gain the month before, the Bureau of Economic Analysis said. A Bloomberg-polled consensus called for a slowdown in spending growth to 0.2%.The Federal Reserve's preferred core measure, which excludes food and energy, decelerated to 2.6% in January from 2.9% the month before. Sequentially, the core measure accelerated to a 0.3% gain. Both figures were in line with analysts' expectations."Broadly speaking, US households remain in good financial shape, supported by a still-healthy labor market and a significant wealth cushion," TD Economics said. "As long as this remains the case, we expect real consumer spending to stay resilient this year, with growth moderating to around 2%."

In company news,

NetApp saw the steepest decline on the S&P 500, down 16%. The company late Thursday lowered its fiscal 2025 outlook.
Dell Technologies shares fell 4.7% Friday. The computer maker late Thursday logged stronger-than-expected fiscal fourth-quarter earnings, though its revenue fell short of Wall Street's estimates.
AES shares were up nearly 12%, the best performer on the S&P 500, as the company outlined an upbeat full-year earnings outlook following a quarterly beat.
Monster Beverage was among the top gainers on the S&P 500, up 5.3%. The energy drink company late Thursday posted fourth-quarter sales above market expectations, driven by higher prices and growing demand in the US.

West Texas Intermediate crude oil was down 0.4% at $70.07 a barrel.

Gold slid 1% to $2,868.10 per troy ounce, while silver lost 1.2% to $31.72 per ounce.

Portfolio News

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