Stock market live Friday: Dow rises 350, winning week, Nasdaq record, Tesla tops $1,500

• The Dow gained 369 points, or 1.43%, its second positive session in three.
• The Dow gained 0.96% for the week, its second positive week in a row and third positive week in four
• Dow impact: Goldman Sachs has the most positive impact on the Dow on Friday, adding 60 points to the index
• The S&P 500 gained 1.04%, its second positive session in three
• The S&P 500 gained 1.75% for the week, its second positive week in a row and third positive week in four
• Nine of 11 S&P Sectors were positive in Friday's session, led by financials, up 3.48%. Health care was the laggard down 0.22%
• The Nasdaq Composite gained 70 points, 0.66%, its third positive session in a row and eighth positive session in nine
• The Nasdaq gained 4.01% for the week, its second positive week in a row and third positive week in four
• The Russell 2000 gained 1.70% on Friday but fell -0.64% for the week
• Gold (AUG) fell 0.11% to settle at $1,801.9 but gained 0.66% for the week
• WTI (AUG) gained 2.35% to settle at $40.55, down 0.25% for the week — Christopher Hayes

Stocks ended the day sharply higher and investors cheered positive news about a coronavirus treatment from Gilead Sciences. The Dow Jones Industrial closed the trading session up 368 points or 1.43% on Friday. The S&P 500 gained about 32 points or 1.04%. The Nasdaq Composite jumped 0.66% for a record close. All three major average finished the week with gains. — Maggie Fitzgerald

The outperformance of tech stocks over the past few weeks could set the sector up for a bumpy earnings season, said Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management. "Going into earnings season, it seems to me the risk is all these tech stocks that have been red hot and with a lot of expectations that they are going to blow out the number," Slimmon said. "And I'm sure some will. But woe to anyone who owns a stock that doesn't blowout the quarter." Slimmon said that it may be easier for stocks that have struggled recently to get a boost when the companies report quarterly results and pointed out that many earnings estimates were made before the unemployment rate began shrinking faster than expected.

Matt Peden, chief investment officer at GuideStone Capital Management, said his firm has relaxed its defensive position slightly in recent weeks but is still expecting volatile markets during earnings season. The firm has focused on stocks with a low beta, or correlation to the overall market swings, to limit potential losses and has a larger-than-normal portion of the portfolio parked in cash. "The phrase we kind of use internally is 'winning by not losing," Peden said. — Jesse Pound

Shares of Tesla jumped more than 7% to hit a session high of $1,503.00, marking the first time the electric carmaker's stock topped the $1,500 threshold. Tesla shares have exploded lately, soaring 39% this month alone and bringing its 2020 gains to a whopping 259%. The company beat delivery estimates in the latest quarter. Last week, the company surpassed Toyota to become the largest automaker in terms of valuation.—Yun Li

Stocks were sharply higher with about an hour left in the trading day on Friday. The Dow Jones Industrial Average climbed about 300 points or 1.18%. The S&P 500 rose 25 points or 0.8%. The technology heavy Nasdaq Composite was the relative underperformer, gaining 0.35%. All three major average are on pace to end the week higher. — Maggie Fitzgerald 

Investors are gearing up for what is expected to be one of the worst earnings seasons in more than a decade, and banks are the main sector out of the gate next week.

Major financials JPMorgan, Bank of America, Goldman Sachs and Wells Fargo are among the financial firms reporting. Pepsico starts off the week with its report Monday, and Johnson and Johnson, Abbott Labs and Netflix also report.

The financial sector is expected to see a more than 52% decline in profits, according to Refinitiv. — Jesse Pound, Patti Domm. 

Social Capital founder and CEO Chamath Palihapitiya explained his short case against Facebook and Google-parent Alphabet in a Twitter thread on Friday. Palihapitiya, a former Facebook executive, listed regulation and taxes as risks for the stocks. — Jesse Pound, Yun Li

President Trump said a phase-two trade deal between the U.S. and China is not a priority for him after the relationship between the two nations has been "severely damaged" by the pandemic. Trump has repeatedly criticized China's handling of the coronavirus. "They could have stopped the plague. They could have stopped it. They didn't stop it," Trump said on Air Force One en route to Florida, according to reporters present on the plane. –Yun Li

The S&P 500's 50-day moving average broke above the 200-day trend line on Friday for the first time since the market bottom in March. This phenomenon is called a Golden Cross, which is seen as a bullish signal that historically indicates strong rallies on the horizon. Stephen Suttmeier, Bank of America's chief equity technical strategist, said this bullish indicator is even more meaningful when triggered during a recession. — Yun Li

The Dow jumped more than 200 points around midday as investors cheered positive coronavirus treatment and vaccine news from Gilead Sciences and BioNTech. The S&P 500 gained 0.5%. Meanwhile, the Nasdaq Composite was flat as the news sent investors out of Big Tech and into companies that would benefit from the economy reopening. —Fred Imbert

JPMorgan said on Friday that Disney parks reopening "removes the largest overhang at the company due to COVID-19." Disneyland in Anaheim is the only one of the company's parks that has yet to re-open. "We remain Overweight and have increasing conviction that the health of the company is returning throughout several of its segments, with a move toward profitability in F23 at Disney+, the reopening of the parks, and the return of live sports," analyst Alexia Quadrani wrote. The firm kept its price target at $135. Shares are up 1.46% in midday trading. — Michael Bloom

Shares of Carnival surged 9.5% after the cruise operator said it is seeing demand for voyages in 2021, with the majority of bookings being new and not from rescheduling, and will restart voyages from Germany in August. The company also said on a conference call that it can be cash flow break even at a capacity between 30% and 50%, CNBC's Seema Mody reports. — Jesse Pound

The Dow picked up steam and briefly marked a 200-point gain for the session. The biggest individual moves in the 30-stock index were from JPMorgan, Goldman Sachs and Dow, Inc. — Jesse Pound

Tesla could be joining the S&P 500, and that might lead to a flood of mainstream investors, Reuters reported Friday.

 "It's also very conspicuous to have a quarter-trillion-dollar company outside the index — in fact — between Tesla, Shopify, Spotify and Zoom Video. That's half a trillion dollars sitting outside the S&P 500 at the moment," CNBC's senior market commentator Michael Santoli said on "Squawk on the Street" on Friday.

Tesla's stock has risen more than 500% in the past year. "So, that's becoming a little bit of a glaring disconnect and it's not a critical point in terms of if you own the index you're not getting representation, but there's going to be an effort perhaps to find excuses to get Tesla in there. It's likely a when, not if," added Santoli. — Maggie Fitzgerald 

Shares of Netflix gained 1.5% in morning trading on Friday, the only positive name among the popular big technology stocks. The streaming giant is up 8% this week alone. Amazon fell for the first time in three days, dipping 0.3%. Microsoft and Facebook slid about 1% each, while Apple and Alphabet were also in the red. These megacap tech names had outperformed the market earlier this week. –Yun Li

Banks moved higher on Friday morning ahead of the start of earnings season next week. Shares of JPMorgan and Citigroup rose 2.7%, while Goldman Sachs climbed 1.9%. Wells Fargo, which received multiple bullish calls from Wall Street on Friday morning, gained more than 3%. — Jesse Pound

Airline shares rose and major tech stocks fell as the market rotated to a reopening trade following positive news about a Covid-19 treatment from Gilead. Amazon and Microsoft dipped 0.3% and 1.1%, respectively, while United and American climbed more than 2%. — Jesse Pound

China stocks fell for the first time in nine days on Friday after state-run media China Economic Times warned about the dangers of a "crazy" bull market. The piece cited China's market crash in 2015, which was partly due to the over-enthusiasm from retail investors and the massive flows into the market. The Shanghai Composite had gained for eight days straight, pushing its July gains to 13%, following China's message urging citizens to buy stocks. Earlier this month, the state-owned China Securities Journal said fostering a "healthy bull market" is important, which boosted Asia markets as well as global equities. –Yun Li

• Citi raised its price target on Amazon to $3,550 from $2,700.
• Goldman Sachs raised its price target on Netflix to $670 from $540.
• Rosenblatt raised its price target on Nvidia to $500 from $400.
• RBC downgraded Redfin to sector perform from outperform.
• Citi initiated Beyond Meat as sell.
• Susquehanna upgraded Foot Locker to positive from neutral.
• Evercore ISI added Wells Fargo to the tactical outperform list.
• Baird upgraded Wells Fargo to outperform from neutral.

CNBC PRO subscribers can read more here. — Michael Bloom

U.S. stocks inched higher at the start of the regular session Friday morning, buoyed by an announcement from Gilead Sciences that its antiviral drug helped reduce mortality in patients with Covid-19. The Dow Jones Industrial Average added 12 points while the broad S&P 500 also advanced less than 0.1%. The Nasdaq Composite, up more than 3% so far this week, traded just above the flatline at the opening bell. — Thomas Franck

Joe Biden said Thursday evening he wants to end the "era of shareholder capitalism." Biden, the presumptive Democratic nominee for president, blasted President Donald Trump for his focus on financial markets during the coronavirus pandemic and promised to overhaul the tax code to make it more equitable.

"Throughout this crisis, Donald Trump has been almost singularly focused on the stock market, the Dow and Nasdaq. Not you. Not your families," he said at an event in northeast Pennsylvania. "If I am fortunate enough to be elected president, I'll be laser-focused on working families, the middle-class families I came from here in Scranton. Not the wealthy investor class. They don't need me." — Thomas Franck, Jesse Pound

The United States reported more than 63,000 new cases of Covid-19 on Thursday, according to data compiled by Johns Hopkins University, the second time this week the country has set a new daily record. The seven-day average for the U.S. now stands at 53,699 new cases per day. — Jesse Pound, Will Feuer

House Speaker Nancy Pelosi rejected the Trump administration's plan to cap the second coronavirus relief stimulus plan at $1 trillion. "A trillion dollars is OK, that's an interesting starting point. But that doesn't come anywhere near," the top Democrat said at her news conference, Politico reported on Thursday. Pelosi said Congress would need double the $1 trillion figure amid the uptick in coronavirus cases across the U.S. — Maggie Fitzgerald 

The Labor Department reported Friday morning that U.S. producer prices unexpectedly fell in June as businesses continued to grapple with the Covid-19 pandemic. The government said its producer price index for final demand dropped 0.2% last month after rebounding 0.4% in May. Economists polled by Reuters had forecast the PPI advancing 0.4% in June. — Thomas Franck

Biotech firm Gilead Sciences said Friday its antiviral drug remdesivir, a coronavirus treatment candidate, showed an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard care. Shares of Gilead jumped 2% in premarket trading following the announcement, and the broader futures market also pared losses. — Yun Li

Wall Street analysts continued to back Big Tech on Friday, with Amazon and Netflix receiving price target hikes that showed double-digit upside. Both stocks have soared this year, helping tech outperform the rest of the market. Netflix is slated to report quarterly earnings next week. — Jesse Pound

Shares of some of the nation's largest technology and communications companies are responsible for the Nasdaq Composite's relative outperformance versus the S&P 500 and Dow this week. Names like Amazon (up 10.1% for the week), Tesla (up 15.3%), Advanced Micro Devices (up 9.3%) and Netflix (up 6.4%) have all helped carry the Nasdaq to multiple record closes since Monday.

Tom Essaye, editor of the Sevens Report, said Friday that even the S&P 500 has held onto its week-to-date advance in large part thanks to Microsoft, Amazon and Apple. He and others have noted that investors may prefer these stocks for their demonstrated ability to post earnings even when the broader economy is weak.

"Those three stocks have accounted for the vast majority of the S&P 500's outperformance over the past month (and the entire year). Without them, the S&P 500 would look a lot more like those other indices and the 10-year yield, i.e., cautioning on future economic growth," he wrote. — Thomas Franck

A German biotech firm said it has a coronavirus vaccine that will be ready for approval by the end of the year. Shares of BioNTech rose 2% in premarket trading following a Wall Street Journal report that it will be seeking regulatory approval for its vaccine that uses experimental technology known as messenger RNA, or mRNA. BioNTech is one of 17 firms globally that are testing on humans in the fight against the virus. The company told the Journal it could have millions of doses produced even before it gets the regulatory green light, and could have more than a billion by the end of 2021. However, CEO Dr. Ugur Sahin said that even with vaccines, it could take a decade before the world develops sufficient immunity to the virus. — Jeff Cox

Futures tied to the major U.S. stock indexes pointed to losses on the week's final day of trading as investors headed for the relative safety of government debt amid the potential for bearish coronavirus headlines over the weekend.

Dow Jones futures fell 128 points, or 0.5%. The move implied a loss of about 142 points at the open. S&P 500 futures fell 0.4%. The decline threatened to push the S&P 500 into negative territory for the week and added to an already-down week for the Dow.

Nasdaq-100 futures were down just 0.3%. The Nasdaq has for nearly the entire week outperformed the two other major indexes amid hardiness among the largest tech and communications stocks.

The composite, up 3.3% for the week through Thursday's close, has notched multiple record closes this week thanks to a 10.1% rally in Amazon, a 6.4% advance in Netflix, a 5% rise for Apple and a 9% climb for chipmaker Nvidia. — Thomas Franck