Wall Street Rebounds Amid Tech Turmoil Google Faces Antitrust Blow Intel Delays Key Conference

U.S. stocks edged higher on Friday, with the Dow Jones Industrial Average rising by 51.44 points, or 0.13%, to close at 39,497.93 points; the NASDAQ Composite rallied by 85.28 points, or 0.51%, to reach 16,745.30 points; and the S&P 500 Index climbed 24.87 points, or 0.47%, ending the session at 5,344.18 points.

Despite the tumultuous week, which saw major indexes plunging earlier, the market regained some of its losses. Analysts pointed to a combination of disappointing employment data, concerns over delayed interest rate cuts by the Federal Reserve, and the unwinding of yen carry trades as factors contributing to Monday's sell-off. However, positive initial jobless claims data released on Thursday helped ease recession fears, lending support to the rebound.

In the tech sector, the U.S. Department of Justice won a landmark antitrust case against Google, potentially leading to the forced divestiture of the Android operating system. Legal experts speculate that structural remedies may be imposed to prevent Google from maintaining its search monopoly, including changes to its agreements with Apple and other entities.

Meanwhile, Intel announced the postponement of its Innovation conference initially scheduled for September 2024. The company attributed this decision to more challenging financial forecasts and the necessity to adapt its cost structure. This delay could impact Intel's promotional efforts for upcoming products like Arrow Lake and Lunar Lake processors.

Adding to the day's high-profile events, former President Donald Trump experienced an aviation scare when the plane he was traveling in encountered technical difficulties. The aircraft managed to land safely, averting any potential crisis.

The market volatility is likely to persist, with attention now turning to upcoming economic data, particularly consumer inflation and retail sales, as investors seek signs of a soft landing for the U.S. economy.