Wall Street surged to fresh all-time highs Friday as a softer-than-expected inflation reading strengthened market conviction that the Federal Reserve will cut interest rates by 25 basis points at its Oct. 30 policy meeting.
The annual headline inflation came in at 3% in September 2025, slightly up from August’s 2.9% pace but below expectations of 3.1%. When excluding food and energy items, core inflation was cooler-than-expected, falling from 3.1% to 3% year-over-year.
The S&P 500 broke above the 5,800 level, rising 1% on the day and extending its year-to-date gain to 15%. Gains were broad-based across sectors, with every S&P 500 group advancing except energy, while tech led the rally.
The Dow Jones Industrial Average jumped 1.2% to 47,290, setting a new record, while the Nasdaq 100 also climbed 1.2% to 25,370, marking another all-time high.
Small caps led the charge, with the Russell 2000 soaring 1.7% to 2,520, just shy of its record high of 2,560.
Ford Motor Co. (NYSE:F) was the top-performing large-cap stock of the day, soaring 10% in its best session since 2022, after the company posted stronger-than-expected third-quarter earnings.
The automaker reported earnings per share of $0.45, well above analysts' expectations of $0.36. Revenue came in at $50.53 billion, beating the consensus forecast of $47.05 billion. The company cited resilient demand and improving margins, particularly in its truck segment.
In the small-cap space, Inhibrx Biosciences Inc. (NASDAQ:INBX) jumped more than 90% after announcing encouraging trial results for its cancer drug ozekibart.
Gold prices held steady around $4,130 per ounce on Friday but are set to close the week down 2.8%, snapping a nine-week winning streak after a sharp selloff earlier in the week.
Oil prices extended gains amid escalating supply concerns linked to U.S. sanctions on Russian oil majors Rosneft and Lukoil, which added fresh geopolitical risk to global energy markets. West Texas Intermediate (WTI) crude rose above $62 a barrel, climbing 9% for the week in its strongest performance since June.
Bitcoin (CRYPTO: BTC) held flat at $110,000.
Friday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %Chg |
| Russell 2000 | 2,523.48 | 1.7% |
| Nasdaq 100 | 25,411.89 | 1.3% |
| Dow Jones | 47,292.13 | 1.2% |
| S&P 500 | 6,805.54 | 1.0% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) rose 1% to $623.57.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 1.2% to $472.91.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 1.2% to $617.75.
- The iShares Russell 2000 ETF (NYSE:IWM) rallied 1.7% to $250.49.
- The Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up 1.7%; the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 0.6%.
Friday’s Stock Movers On Earnings
- HCA Healthcare Inc. (NYSE:HCA) up 4.6%
- Newmont Corp. (NYSE:NEM) down 4.1%
- General Dynamics Corp. (NYSE:GD) up 1.2%
- Illinois Tool Works Inc. (NYSE:ITW) down 4.1%
- Digital Realty Trust Inc. (NYSE:DLR) up 3.6%
- Norfolk Southern Corp. (NYSE:NSC) down 1.0%
- Ford Motor Co. up 10.7%
- Baker Hughes Co. (NASDAQ:BKR) down 2.4%
- Comfort Systems USA Inc. (NYSE:FIX) up 15.9%
- Verisign Inc. (NASDAQ:VRSN) down 9.3%
- SS&C Technologies Holdings Inc. (NASDAQ:SSNC) up 5.0%
- Deckers Outdoor Corp. (NYSE:DECK) down 12.2%
- Booz Allen Hamilton Holding Corp. (NYSE:BAH) down 9.4%
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Image created using artificial intelligence via Midjourney.
