U.S. stocks bounced higher on Friday, shrugging off a tepid first day of market activity to commence 2025.

The broad S&P 500 index was up 32 points, near 5,900, at mid-morning, and the tech-heavy Nasdaq gained 120 points, about 0.7%, to trade near 19,400.

Investors appeared to be looking history recent concerns about higher worth rise, which had sent steady earnings yields higher over the previous months. The 10-year U.S. Treasury note slipped one basis point on Friday after gaining nearly a packed percentage point since mid-September. Higher worth rise makes the steady earnings that bonds produce less attractive, and yields rise when steady earnings prices fall.

Companies that produce alcoholic beverages were market activity sharply lower after the surgeon general called for those products to carry warnings about cancer risks. Shares of Anheuser-Busch InBev, parent business of brands like Budweiser and Corona, were down 2.2%, while Diageo, which produces challenging liquor brands like Johnnie Walker, Guiness, and Smirnoff, fell 3.5%.

More:America’s surgeon general calls for cancer warnings on alcoholic beverages

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Economic activity in the manufacturing sector was stronger in December, according to a update from the Institute for Supply Management, but still signaled modest contraction in the industry.

And shares of Rivian Automotive, Inc., surged more than 16% in midmorning market activity after the business announced results that beat analysts’ expectations for car deliveries. That announcement followed a Thursday update from competitor Tesla Inc., which saw its first annual decline in deliveries in 2024.