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Tom's Guide
5 hours ago
- Tom's Guide
I tried new AirPods features with the iOS 26 beta — and Apple missed an opportunity to add this killer feature
For the past couple of weeks now, I've been trying out as many new features I can find with the iOS 26 developer beta. For example, I've already explained the first thing I did after checking out the software's new Liquid Glass design. Soon after that, I checked out the new CarPlay experience to see what's new and different with Apple's car infotainment system. The next thing up on my list was to try out the new AirPods features that are included with iOS 26 update. Considering how Apple's AirPods are some of the best wireless earbuds on the market, it comes as no surprise that the company would look to add capabilities that make them even more helpful across different situations. I got to test out some of these new features with the iOS 26 beta release, but I'm still confused by one thing that Apple hasn't added — the ability to use the AirPods as a wireless microphone system. Honestly, I'm baffled because it seems like a no-brainer addition given the other things Apple has introduced with the beta software. For example, you can now use AirPods to control how you take photos and videos on your iPhone by simply squeezing on their stems. I tested out this exact feature on my iPhone 16 Pro Max with firmware version 8A293c on my AirPods Pro 2. While video recording, I can use these controls to start and stop recordings remotely. When you shoot as many videos as I do, this feature is helpful because I can put my iPhone on a tripod and then shoot a video of myself at a distance using its rear cameras as opposed to the front-facing one. I hear the usual start recording tone on my AirPods that indicates a recording has started, then the stop recording tone when I'm done. Again, this is a handy feature, but Apple's missing the ball with turning the AirPods into a wireless microphone that can be used for better audio quality because it's on me — and therefore better at picking up my voice. When I do start a video recording using these new gestures, the audio recording is still through my iPhone, so it sounds distant because I'm farther away. I don't understand why Apple doesn't make this addition because it would only make the AirPods better for shooters and creators. With the iOS 26 beta software, Apple says that the AirPods are getting 'studio-quality' audio recording. I can definitely tell that the firmware update enhances my audio quality because I tried this out while outdoors in the city with a phone call to a friend. Get instant access to breaking news, the hottest reviews, great deals and helpful tips. They couldn't hear all the background noise that was around me, like the loud honking noises from the cabs and other traffic disturbances. Knowing that the microphones are delivering better results with audio, you would think that this could be applied to video recording as well — but it isn't, and I think it's a missed opportunity. I'm hopeful the AirPods gain this feature in subsequent iOS 26 updates, just because it could replace my existing DJI Mic system that I use. Apple can certainly have a big impact if the AirPods could effectively act as wireless microphones when recording video with an iPhone. In fact, it would be even better if Apple comes up with a lanyard attachment that could attach an AirPod to your shirt. It could also make the audio better for interviews to break up the audio into two separate tracks since two AirPods would be used as an audio source. Given the popularity of the AirPods for music listening, they could also become game-changing with video recording. What's interesting is that you can technically use AirPods as a wireless mic with an iPhone, but only through third party camera apps like FiLMiC Pro and BlackMagic Camera. At the same time, I suspect that these camera apps wouldn't have access to the same 'studio-quality' audio recording. Hopefully Apple sees this big opportunity and takes the time to add it in time for iOS 26's final release presumably this fall with the iPhone 17 launch.
Canada Standard
11 hours ago
- Business
- Canada Standard
U.S. stocks surge despite Trump rift with Canada
NEW YORK, New York - U.S. President Donald Trump dropped a bombshell on Friday announcing he had terminated trade talks with Canada. Such is the strength of the U.S. stock market though, that after an early dip, buyers again took the upper hand, sending the Standard and Poor's 500 to a new record. "We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country," the U.S. president posted on his own social media platform Truth Social on Friday. "They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us, also. Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately." "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period," Mr Trump said. Despite the ruckus with Canada, there were some stand-outs on Friday. Nvidia rose for the fifth day in a row, taking it to a record high. The stock after hitting a one-year low in April, has since surged 66 percent and is now capitalized at $3.85 trillion, ahead of Apple and Microsoft. The stock rose $2.66 or 1.72 percent on Friday, to close at $157.75, its highest closing level ever. Wall Street Extends Gains The Standard and Poor's 500 (^GSPC) rose 32.08 points (up 0.52 percent) to close at 6,173.10 , marking another record high, as investors remained optimistic about corporate earnings and economic growth. The Dow Jones Industrial Average (^DJI) outperformed with a strong gain of 432.43 points (up 1.00 percent) , finishing at 43,819.27 —its best close since early June. Tech stocks also advanced, with the Nasdaq Composite (^IXIC) climbing 105.54 points (up 0.52 percent) to 20,273.46 , supported by gains in semiconductor and AI-related shares. Market Outlook Analysts attributed Wall Street's strength to renewed confidence in the Federal Reserve's potential rate cuts later this year, while weaker oil prices and the breakdown in trade talks pressured Canadian equities. Trading volumes were robust, with the S&P 500 seeing 4.147 billion shares exchanged. Dollar Strengthens Against Yen and Canadian Dollar Friday's foreign exchange session saw the U.S. dollar (USD) gaining against some major currencies while weakening against others, as traders assessed economic data and central bank outlooks. The EUR/USD pair on Friday edged up slightly to 1.1704 , rising 0.04 percent as the euro held steady amid mixed European economic signals. Meanwhile, the USD/JPY climbed 0.25 percent to 144.71 , as the yen remained under pressure amid expectations of continued loose monetary policy from the Bank of Japan. The USD/CAD saw a notable jump Friday, gaining 0.54 percent to 1.3712 , as the United States terminated trade talks with Canada. Pound and Aussie Dollar Decline Against Greenback The GBP/USD fell 0.16 percent to 1.3703 , as the British pound softened following cautious remarks from Bank of England policymakers. The AUD/USD dropped 0.37 percent to 0.6520 , reflecting broader risk-off sentiment in commodity-linked currencies. The NZD/USD dipped slightly by 0.05 percent to 0.6049 , while the USD/CHF saw a marginal decline of 0.01 percent to 0.7995 , as the Swiss franc held firm amid global market uncertainty. Market Outlook Traders are now looking ahead to next week's key economic data, including inflation figures and central bank speeches, which could influence currency movements. The dollar's mixed performance suggests markets remain cautious. Global markets wrap up Friday, European and UK bourses finish with solid gains Friday's trading session saw a mixed performance across global indices. Overall, European markets outperformed, while Asian indices showed a split between gains and losses as investors weighed economic data and central bank policies. Canada's TSX Drops After Rift with U.S. re-emerges The S&P/TSX Composite (^GSPTSE) declined 59.63 points (down 0.22 percent) to 26,692.32 , weighed down by losses in energy and materials sectors as news of the ending of trade tades with the United States broke. UK and European Indices Rally The FTSE 100 (^FTSE) in London closed at 8,798.91 , rising 63.31 points (up 0.72 percent) . In Germany' the DAX (^GDAXI) surged 383.92 points (up 1.62 percent) to 24,033.22 , while France's CAC 40 (^FCHI) climbed 134.24 points (up 1.78 percent) to 7,691.55 . The broader EURO STOXX 50 (^STOXX50E) also advanced Friday, gaining 81.61 points (up 1.56 percent) to 5,325.64 . Belgium's BEL 20 (^BFX) added 38.13 points (up 0.85 percent) to 4,509.03 , and the Euronext 100 (^N100) rose 19.45 points (up 1.25 percent) to 1,575.55 . Split Results in Asia and Pacific In Asia on Friday, Hong Kong's Hang Seng (^HSI) dipped 41.25 points (down 0.17 percent) to 24,284.15 , while Australia's S&P/ASX 200 (^AXJO) fell 36.60 points (down 0.43 percent) to 8,514.20 . The Australian All Ordinaries (^AORD) slipped 30.00 points (down 0.34 percent) to 8,743.60 . However, India's S&P BSE SENSEX (^BSESN) gained 303.03 points (up 0.36 percent) on Friday to 84,058.90 , while in Indonesia, the IDX Composite (^JKSE) rose 65.26 points (up 0.96 percent) to 6,897.40 . Malaysia's KLSE (^KLSE) edged up 8.37 points (up 0.55 percent) to 1,528.16 , and New Zealand's NZX 50 (^NZ50) jumped 103.54 points (up 0.83 percent) to 12,583.59 . South Korea's KOSPI (^KS11) declined 23.62 points (down 0.77 percent) to 3,055.94 , while Taiwan's TWII (^TWII) added 87.74 points (up 0.39 percent) to 22,580.08 . Japan and China Show Divergence Japan's Nikkei 225 (^N225) continued its strong run on Friday, climbing 566.21 points (up 1.43 percent) to 40,150.79 , marking another milestone. However, China's Shanghai Composite ( fell 24.23 points (down 0.70 percent) to 3,424.23 . African equities slide South Africa's JSE Top 40 (^ dipped 26.92 points (down 0.50 percent) to 5,319.61 , while Singapore's STI (^STI) rose 27.74 points (up 0.70 percent) to 3,966.20 . Middle East Markets Closed Mideast markets were mostly closed on Friday and are set to re-open on Sunday. Related stories: Thursday 26 June 2025 | Nasdaq Composite surges 194 points, close to record high | Big News Network Wednesday 25 June 2025 | Tech stocks move higher Wednesday, broader markets falter | Big News Network Tuesday 24 June 2025 | Dow Jones jumps 507 points as Mideast truce takes hold | Big News Network Monday 23 June 2025 | Wall Street forges ahead despite despite weekend attacks on Iran | Big News Network
Canada News.Net
11 hours ago
- Business
- Canada News.Net
U.S. stock markets jump despite Trump tussle with Canada
NEW YORK, New York - U.S. President Donald Trump dropped a bombshell on Friday announcing he had terminated trade talks with Canada. Such is the strength of the U.S. stock market though, that after an early dip, buyers again took the upper hand, sending the Standard and Poor's 500 to a new record. "We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country," the U.S. president posted on his own social media platform Truth Social on Friday. "They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us, also. Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately." "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period," Mr Trump said. Despite the ruckus with Canada, there were some stand-outs on Friday. Nvidia rose for the fifth day in a row, taking it to a record high. The stock after hitting a one-year low in April, has since surged 66 percent and is now capitalized at $3.85 trillion, ahead of Apple and Microsoft. The stock rose $2.66 or 1.72 percent on Friday, to close at $157.75, its highest closing level ever. Wall Street Extends Gains The Standard and Poor's 500 (^GSPC) rose 32.08 points (up 0.52 percent) to close at 6,173.10, marking another record high, as investors remained optimistic about corporate earnings and economic growth. The Dow Jones Industrial Average (^DJI) outperformed with a strong gain of 432.43 points (up 1.00 percent), finishing at 43,819.27—its best close since early June. Tech stocks also advanced, with the Nasdaq Composite (^IXIC) climbing 105.54 points (up 0.52 percent) to 20,273.46, supported by gains in semiconductor and AI-related shares. Market Outlook Analysts attributed Wall Street's strength to renewed confidence in the Federal Reserve's potential rate cuts later this year, while weaker oil prices and the breakdown in trade talks pressured Canadian equities. Trading volumes were robust, with the S&P 500 seeing 4.147 billion shares exchanged. Friday's foreign exchange session saw theU.S. dollar (USD)gaining against some major currencies while weakening against others, as traders assessed economic data and central bank outlooks. The EUR/USD pair on Friday edged up slightly to 1.1704, rising 0.04 percent as the euro held steady amid mixed European economic signals. Meanwhile, the USD/JPY climbed 0.25 percent to 144.71, as the yen remained under pressure amid expectations of continued loose monetary policy from the Bank of Japan. The USD/CAD saw a notable jump Friday, gaining 0.54 percent to 1.3712, as the United States terminated trade talks with Canada. Pound and Aussie Dollar Decline Against Greenback The GBP/USD fell 0.16 percent to 1.3703, as the British pound softened following cautious remarks from Bank of England policymakers. The AUD/USD dropped 0.37 percent to 0.6520, reflecting broader risk-off sentiment in commodity-linked currencies. The NZD/USD dipped slightly by 0.05 percent to 0.6049, while the USD/CHF saw a marginal decline of 0.01 percent to 0.7995, as the Swiss franc held firm amid global market uncertainty. Market Outlook Traders are now looking ahead to next week's key economic data, including inflation figures and central bank speeches, which could influence currency movements. The dollar's mixed performance suggests markets remain cautious. Global markets wrap up Friday, European and UK bourses finish with solid gains Friday's trading session saw a mixed performance across global indices. Overall, European markets outperformed, while Asian indices showed a split between gains and losses as investors weighed economic data and central bank policies. The S&P/TSX Composite (^GSPTSE) declined 59.63 points (down 0.22 percent) to 26,692.32, weighed down by losses in energy and materials sectors as news of the ending of trade tades with the United States broke. UK and European Indices Rally The FTSE 100 (^FTSE) in London closed at 8,798.91, rising 63.31 points (up 0.72 percent). In Germany' theDAX (^GDAXI) surged 383.92 points (up 1.62 percent) to 24,033.22, while France's CAC 40 (^FCHI) climbed 134.24 points (up 1.78 percent) to 7,691.55. The broader EURO STOXX 50 (^STOXX50E) also advanced Friday, gaining 81.61 points (up 1.56 percent) to 5,325.64. Belgium's BEL 20 (^BFX) added 38.13 points (up 0.85 percent) to 4,509.03, and the Euronext 100 (^N100) rose 19.45 points (up 1.25 percent) to 1,575.55. Split Results in Asia and Pacific In Asia on Friday, Hong Kong's Hang Seng (^HSI) dipped 41.25 points (down 0.17 percent) to 24,284.15, while Australia's S&P/ASX 200 (^AXJO) fell 36.60 points (down 0.43 percent) to 8,514.20. The Australian All Ordinaries (^AORD) slipped 30.00 points (down 0.34 percent) to 8,743.60. However, India's S&P BSE SENSEX (^BSESN) gained 303.03 points (up 0.36 percent) on Friday to 84,058.90, while in Indonesia, the IDX Composite (^JKSE) rose 65.26 points (up 0.96 percent) to 6,897.40. Malaysia's KLSE (^KLSE) edged up 8.37 points (up 0.55 percent) to 1,528.16, and New Zealand's NZX 50 (^NZ50) jumped 103.54 points (up 0.83 percent) to 12,583.59. South Korea's KOSPI (^KS11) declined 23.62 points (down 0.77 percent) to 3,055.94, while Taiwan's TWII (^TWII) added 87.74 points (up 0.39 percent) to 22,580.08. Japan and China Show Divergence Japan's Nikkei 225 (^N225) continued its strong run on Friday, climbing 566.21 points (up 1.43 percent) to 40,150.79, marking another milestone. However, China's Shanghai Composite ( fell 24.23 points (down 0.70 percent) to 3,424.23. African equities slide South Africa's JSE Top 40 (^ dipped 26.92 points (down 0.50 percent) to 5,319.61, while Singapore's STI (^STI) rose 27.74 points (up 0.70 percent) to 3,966.20. Middle East Markets Closed
Yahoo
16 hours ago
- Business
- Yahoo
Stock market today: S&P 500, Nasdaq notch record closes, brushing off renewed trade tensions
US stocks recovered on Friday afternoon to clinch fresh records despite renewed trade tensions after President Trump said he was terminating talks with Canada. The S&P 500 (^GSPC) closed at an all-time high for the first time since February. The benchmark index was trading near record territory for much of the session over optimism on the trade front — the US and China clinched a trade truce — and hopes of a rate cut from the Fed sooner rather than later. The Nasdaq Composite (^IXIC) also notched a record high. Meanwhile, the Dow Jones Industrial Average (^DJI) gained 1%, or about 400 points. Stocks temporarily took a dramatic turn after Trump posted on social media that he was "terminating ALL discussions on Trade with Canada, effective immediately," citing Canada's digital services tax as the cause. He said he would set a new tariff rate on Canadian goods within the next week. Markets had gotten a boost on the trade front on Friday after Trump said that the US and China have "signed" a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports. Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, 'we'll take down our countermeasures,' he said. Also on Friday, Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day, raising hopes that the US wouldn't be firm on its July 9 tariff deadline. Meanwhile, the Fed's rate path also remained in focus. The latest reading of the Fed's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut. That report also contained signs of an economic slowdown, however, which could further complicate the emerging debate between Fed hawks and doves. Stocks closed at all-time highs on Friday following a dramatic session after President Trump said he was halting trade talks with China. The S&P 500 (^GSPC) recovered from an afternoon dip, to close above its first record since February. The Nasdaq Composite (^IXIC) also closed at a record as spirits were lifted following the announcement of a US -China trade framework, and investor optimism over a Fed rate cut sooner, rather than later. Trading was volatile after Trump said he was "terminating" negotiations with Canada. Markets recovered in their last half hour of trading to close at fresh highs. Stocks pared gains Friday as President Trump canceled trade talks with Canada and spurred confusion over the state of broader tariff negotiations ahead of the July 9 deadline. After Trump said he was "terminating" negotiations with Canada, the S&P 500 (^GSPC) pulled back from a record intraday high but still added 0.3% and was on pace to hit its first record close since February. Trump offered multiple scenarios during a press conference about how tariff negotiations could play out. Yahoo Finance's Ben Werschkul writesL Read the full story here. Despite recent gains in tech stocks, markets have largely traded sideways for seven months, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read more here. Nike stock (NKE) continued to soar on Friday afternoon, up more than 15% after the sneaker giant said its profit and sales declines would narrow in the current quarter. Nike's costs from tariffs are expected to approach $1 billion as the company makes additional moves to diversify its supply chain away from China, Yahoo Finance's Brooke DiPalma reported. Nike's jump Friday appeared to lift its competitors as well. On Holding (ONON) rose 1.8%, while Adidas ( climbed more than 3.8% and Crocs (CROX) rose 2.7%. Read more about Nike's latest earnings results here. American investors are pumped about a new record high in the S&P 500 stock index. But the gains in US stocks are modest compared to the rise in global stocks. Yahoo Finance's Rick Newman points out: Read the full story here. Palantir stock (PLTR) dropped more than 5% Friday, after President Trump said during the NATO Summit that the conflict in the Middle East was 'over" for now. Trump added, "Can it start again? I guess someday it can. It could maybe start soon." Shares of Palantir had soared in early June after announcing a new $463 million contract to provide its AI software to the US Special Operations Command within the US military. The stock continued to rise after Israel first carried out airstrikes on Iran on June 12 and after the US carried out its own bombings on Iran's nuclear sites later in the month. Palantir provides its AI software to the Israeli Defense Force. 'Shares of PLTR did seem to benefit from the tension and conflict in the Middle East, so with more quiet outlook for the region, PLTR may be giving some of those gains back,' DA Davidson analyst Gil Luria told Yahoo Finance. In addition to the ceasefire between Israel and Iran, The Washington Post reports that there is a renewed push between Arab mediators and Israeli hostage families to negotiate an end to Israel's war on Gaza. The drop also comes a day after protesters rallied outside of Palantir's Palo Alto offices to oppose the company's work with ICE amid Trump's sweeping deportations. In other news for Palantir, the company announced Thursday that it's partnering with a nuclear power company, The Nuclear Company, to develop AI software to help build plants 'faster and safer.' JPMorgan analysts said in a report following a survey of 168 chief information officers that artificial intelligence spending is set to jump over the next three years, with positive implications for chip stocks. According to the survey, AI-related computing hardware as a percentage of CIOs' IT budgets is set to rise to 15.9% in three years from 5.9% currently, the analysts wrote. 'The survey results support our view of a strong multi-year spending cycle in the AI infrastructure build-out and should continue to support sustained strong revenue growth for the AI beneficiaries,' the report said. Those beneficiaries include chipmakers Advanced Micro Devices (AMD), Broadcom (AVGO), Marvell Technology (MRVL), Micron (MU), Arm (ARM), and Nvidia (NVDA), as well as producers of high-performance networking products for AI data centers such as Astera Labs (ALAB). The PHLX Semiconductor index (^SOX) has come roaring back since hitting a low in April. The index is up more than 14% over the past month. Of the 'Magnificent Seven' tech stocks, three stand out. Meta (META), Microsoft (MSFT), and Nvidia (NVDA) stocks have seen a remarkable turnaround from lows in April and lead the group for the year. Meta is up nearly 25% for the year, while Microsoft and Nvidia are up around 18%. Nvidia has roared back to hit new record highs each trading day since Wednesday and was set to end the trading week up more than 10%. The AI chipmaker and Microsoft have seen their market capitalizations balloon to nearly $4 trillion. 'We believe both Nvidia and Microsoft will hit the $4 trillion market cap club this summer and then over the next 18 months the focus will be on the $5 trillion club ... as this tech bull market is still early being led by the AI Revolution,' Wedbush's Dan Ives wrote in a note to investors on Friday. Nvidia's market cap stood at $3.86 trillion Friday, while Microsoft's was $3.71 trillion. Amazon (AMZN) on Friday entered positive territory for the year for the first time since February, up roughly 0.2% in 2025 as of midday Friday. Despite recent gains, the other members of the Magnificent Seven remain negative for the year. Yahoo Finance's Ben Werschkul reports: Read more here. Uber (UBER) and Lyft (LYFT) stocks both fell more than 2% on Friday after Canaccord Genuity downgraded the ride-hail platforms to Hold from Buy when analyst George Gianarikas assumed coverage of the stocks the prior day. Gianarikas said it would take only 411,000 robotaxis to replace all Uber and Lyft drivers in the US. 'Now, we are not sure it all happens that quickly, but there is very much a non-zero probability that it does.' While the platforms have been integrating robotaxis into their offerings — for example, Uber has partnered with Waymo, and Lyft with Mobileye and others — Gianarikas said that 'hybrid' approach may not help them in a future robotaxi-dominated market. "The challenge for UberLyft is how long a hybrid network will stay relevant, and then what value they can add over the long-term in a new paradigm," he wrote. "The future could be bright: value added in the AV world through hybrid human-robot networks, strong on the ground operations, and other tactical elements," he added. "An alternative scenario is also plausible: a new world dominated by a few AV behemoths that control the value chain and leave UberLyft reflecting on the golden days of the past. It is truly unclear." Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. US stocks trod higher on Friday, on the cusp of fresh record highs as investors assessed a key inflation reading to test bets on interest-rate cuts and eyed progress toward a US-China trade deal. The S&P 500 (^GSPC) added 0.2% and was on pace to close at its first record high since February. The Nasdaq Composite (^IXIC) moved up more than nearly 0.3%, also pacing for a record close. Meanwhile the Dow Jones Industrial Average (^DJI) added 0.4%, or nearly 200 points. Yahoo Finance's Allie Canal writes: Read more here. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. The release comes as investors have been closely watching data releases for signs of when, or if, the Federal Reserve will cut interest rates this year. The "core" Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 2.7% on an annual basis, above the 2.6% economists had expected and higher than the 2.6% seen in April. The April reading was revised higher to 2.6% from an originally reported 2.5% increase. Core prices rose 0.2% in May from the prior month, above the 0.1% economists had expected, which would have been in line with April's increase. On a yearly basis, overall PCE increased by 2.3%, above the 2.2% increase from the month prior. Read more here. Nvidia stock (NVDA) continued to add to gains in premarket trading Friday, building on a rally that saw shares of the AI chipmaker reach fresh record highs this week. Shares were up 0.5% an hour before the opening bell. Year to date, Nvidia stock is up more than 15%, marking a huge turnaround from earlier in the year when China's DeepSeek AI model and President Trump's trade wars weighed on shares. With a current market capitalization of $3.78 trillion, Nvidia is considered the most valuable company in the world, surpassing Microsoft's (MSFT) $3.69 trillion market cap. And Nvidia's breakout suggests a $4 trillion market cap may be within reach as the artificial intelligence boom continues full steam ahead. If the stock can keep powering higher, Nvidia would be the first company to reach that milestone. Read more here from Bloomberg. Shares of Hong Kong-listed Xiaomi ( popped 3.6% on Friday after the consumer electronics maker unveiled its new $35,000 SUV to compete with Tesla's (TSLA) Model Y vehicle in China. Xiaomi's YU7 drew substantial buzz, collecting 289,000 preorders in its first hour of availability. It's a direct challenge to Tesla, and its 253,500 yuan price tag undercuts Tesla's Model Y by 10,000 yuan. Tesla stock fell 0.4% in premarket trading. Tesla is also currently grappling with evaporating sales for its EVs in Europe and the firing of Omead Afshar, the head of sales and manufacturing in North America and Europe. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Investors are finding glimmers of hope in Nike's (NKE) after-hours earnings report on Thursday. The sneaker giant expects its sales decline to narrow in the current quarter — a single-digit percentage drop, versus the 12% fall in the three months to May 31. While Nike expects a nearly $1 billion increase in costs from Trump's tariff hikes, the company laid out plans to lower its reliance on Chinese manufacturers for goods it sells in the US. China accounts for 16% of the shoes it imports into the US, per Reuters. Shares jumped almost 10% in premarket trading on Friday. Yahoo Finance's Brooke DiPalma reports: Read more here. Asian markets are bouncing back in a healthy fashion as the region swims through tariff shock and looks poised for a meteoric second half to 2025. Bloomberg reports: Read more here. Stocks closed at all-time highs on Friday following a dramatic session after President Trump said he was halting trade talks with China. The S&P 500 (^GSPC) recovered from an afternoon dip, to close above its first record since February. The Nasdaq Composite (^IXIC) also closed at a record as spirits were lifted following the announcement of a US -China trade framework, and investor optimism over a Fed rate cut sooner, rather than later. Trading was volatile after Trump said he was "terminating" negotiations with Canada. Markets recovered in their last half hour of trading to close at fresh highs. Stocks pared gains Friday as President Trump canceled trade talks with Canada and spurred confusion over the state of broader tariff negotiations ahead of the July 9 deadline. After Trump said he was "terminating" negotiations with Canada, the S&P 500 (^GSPC) pulled back from a record intraday high but still added 0.3% and was on pace to hit its first record close since February. Trump offered multiple scenarios during a press conference about how tariff negotiations could play out. Yahoo Finance's Ben Werschkul writesL Read the full story here. Despite recent gains in tech stocks, markets have largely traded sideways for seven months, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read more here. Nike stock (NKE) continued to soar on Friday afternoon, up more than 15% after the sneaker giant said its profit and sales declines would narrow in the current quarter. Nike's costs from tariffs are expected to approach $1 billion as the company makes additional moves to diversify its supply chain away from China, Yahoo Finance's Brooke DiPalma reported. Nike's jump Friday appeared to lift its competitors as well. On Holding (ONON) rose 1.8%, while Adidas ( climbed more than 3.8% and Crocs (CROX) rose 2.7%. Read more about Nike's latest earnings results here. American investors are pumped about a new record high in the S&P 500 stock index. But the gains in US stocks are modest compared to the rise in global stocks. Yahoo Finance's Rick Newman points out: Read the full story here. Palantir stock (PLTR) dropped more than 5% Friday, after President Trump said during the NATO Summit that the conflict in the Middle East was 'over" for now. Trump added, "Can it start again? I guess someday it can. It could maybe start soon." Shares of Palantir had soared in early June after announcing a new $463 million contract to provide its AI software to the US Special Operations Command within the US military. The stock continued to rise after Israel first carried out airstrikes on Iran on June 12 and after the US carried out its own bombings on Iran's nuclear sites later in the month. Palantir provides its AI software to the Israeli Defense Force. 'Shares of PLTR did seem to benefit from the tension and conflict in the Middle East, so with more quiet outlook for the region, PLTR may be giving some of those gains back,' DA Davidson analyst Gil Luria told Yahoo Finance. In addition to the ceasefire between Israel and Iran, The Washington Post reports that there is a renewed push between Arab mediators and Israeli hostage families to negotiate an end to Israel's war on Gaza. The drop also comes a day after protesters rallied outside of Palantir's Palo Alto offices to oppose the company's work with ICE amid Trump's sweeping deportations. In other news for Palantir, the company announced Thursday that it's partnering with a nuclear power company, The Nuclear Company, to develop AI software to help build plants 'faster and safer.' JPMorgan analysts said in a report following a survey of 168 chief information officers that artificial intelligence spending is set to jump over the next three years, with positive implications for chip stocks. According to the survey, AI-related computing hardware as a percentage of CIOs' IT budgets is set to rise to 15.9% in three years from 5.9% currently, the analysts wrote. 'The survey results support our view of a strong multi-year spending cycle in the AI infrastructure build-out and should continue to support sustained strong revenue growth for the AI beneficiaries,' the report said. Those beneficiaries include chipmakers Advanced Micro Devices (AMD), Broadcom (AVGO), Marvell Technology (MRVL), Micron (MU), Arm (ARM), and Nvidia (NVDA), as well as producers of high-performance networking products for AI data centers such as Astera Labs (ALAB). The PHLX Semiconductor index (^SOX) has come roaring back since hitting a low in April. The index is up more than 14% over the past month. Of the 'Magnificent Seven' tech stocks, three stand out. Meta (META), Microsoft (MSFT), and Nvidia (NVDA) stocks have seen a remarkable turnaround from lows in April and lead the group for the year. Meta is up nearly 25% for the year, while Microsoft and Nvidia are up around 18%. Nvidia has roared back to hit new record highs each trading day since Wednesday and was set to end the trading week up more than 10%. The AI chipmaker and Microsoft have seen their market capitalizations balloon to nearly $4 trillion. 'We believe both Nvidia and Microsoft will hit the $4 trillion market cap club this summer and then over the next 18 months the focus will be on the $5 trillion club ... as this tech bull market is still early being led by the AI Revolution,' Wedbush's Dan Ives wrote in a note to investors on Friday. Nvidia's market cap stood at $3.86 trillion Friday, while Microsoft's was $3.71 trillion. Amazon (AMZN) on Friday entered positive territory for the year for the first time since February, up roughly 0.2% in 2025 as of midday Friday. Despite recent gains, the other members of the Magnificent Seven remain negative for the year. Yahoo Finance's Ben Werschkul reports: Read more here. Uber (UBER) and Lyft (LYFT) stocks both fell more than 2% on Friday after Canaccord Genuity downgraded the ride-hail platforms to Hold from Buy when analyst George Gianarikas assumed coverage of the stocks the prior day. Gianarikas said it would take only 411,000 robotaxis to replace all Uber and Lyft drivers in the US. 'Now, we are not sure it all happens that quickly, but there is very much a non-zero probability that it does.' While the platforms have been integrating robotaxis into their offerings — for example, Uber has partnered with Waymo, and Lyft with Mobileye and others — Gianarikas said that 'hybrid' approach may not help them in a future robotaxi-dominated market. "The challenge for UberLyft is how long a hybrid network will stay relevant, and then what value they can add over the long-term in a new paradigm," he wrote. "The future could be bright: value added in the AV world through hybrid human-robot networks, strong on the ground operations, and other tactical elements," he added. "An alternative scenario is also plausible: a new world dominated by a few AV behemoths that control the value chain and leave UberLyft reflecting on the golden days of the past. It is truly unclear." Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. US stocks trod higher on Friday, on the cusp of fresh record highs as investors assessed a key inflation reading to test bets on interest-rate cuts and eyed progress toward a US-China trade deal. The S&P 500 (^GSPC) added 0.2% and was on pace to close at its first record high since February. The Nasdaq Composite (^IXIC) moved up more than nearly 0.3%, also pacing for a record close. Meanwhile the Dow Jones Industrial Average (^DJI) added 0.4%, or nearly 200 points. Yahoo Finance's Allie Canal writes: Read more here. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. The release comes as investors have been closely watching data releases for signs of when, or if, the Federal Reserve will cut interest rates this year. The "core" Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 2.7% on an annual basis, above the 2.6% economists had expected and higher than the 2.6% seen in April. The April reading was revised higher to 2.6% from an originally reported 2.5% increase. Core prices rose 0.2% in May from the prior month, above the 0.1% economists had expected, which would have been in line with April's increase. On a yearly basis, overall PCE increased by 2.3%, above the 2.2% increase from the month prior. Read more here. Nvidia stock (NVDA) continued to add to gains in premarket trading Friday, building on a rally that saw shares of the AI chipmaker reach fresh record highs this week. Shares were up 0.5% an hour before the opening bell. Year to date, Nvidia stock is up more than 15%, marking a huge turnaround from earlier in the year when China's DeepSeek AI model and President Trump's trade wars weighed on shares. With a current market capitalization of $3.78 trillion, Nvidia is considered the most valuable company in the world, surpassing Microsoft's (MSFT) $3.69 trillion market cap. And Nvidia's breakout suggests a $4 trillion market cap may be within reach as the artificial intelligence boom continues full steam ahead. If the stock can keep powering higher, Nvidia would be the first company to reach that milestone. Read more here from Bloomberg. Shares of Hong Kong-listed Xiaomi ( popped 3.6% on Friday after the consumer electronics maker unveiled its new $35,000 SUV to compete with Tesla's (TSLA) Model Y vehicle in China. Xiaomi's YU7 drew substantial buzz, collecting 289,000 preorders in its first hour of availability. It's a direct challenge to Tesla, and its 253,500 yuan price tag undercuts Tesla's Model Y by 10,000 yuan. Tesla stock fell 0.4% in premarket trading. Tesla is also currently grappling with evaporating sales for its EVs in Europe and the firing of Omead Afshar, the head of sales and manufacturing in North America and Europe. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Investors are finding glimmers of hope in Nike's (NKE) after-hours earnings report on Thursday. The sneaker giant expects its sales decline to narrow in the current quarter — a single-digit percentage drop, versus the 12% fall in the three months to May 31. While Nike expects a nearly $1 billion increase in costs from Trump's tariff hikes, the company laid out plans to lower its reliance on Chinese manufacturers for goods it sells in the US. China accounts for 16% of the shoes it imports into the US, per Reuters. Shares jumped almost 10% in premarket trading on Friday. Yahoo Finance's Brooke DiPalma reports: Read more here. Asian markets are bouncing back in a healthy fashion as the region swims through tariff shock and looks poised for a meteoric second half to 2025. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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17 hours ago
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Stock market today: S&P 500, Nasdaq pull back from record-setting rally after Trump ends Canada talks
US stocks retreated from from a record-setting rally on Friday after President Trump said he was terminating trade talks with Canada. The S&P 500 (^GSPC) erased gains to fall back from an intraday record high. The benchmark index touched record highs after optimism on the trade front — the US and China clinching a trade truce — and hopes of a rate cut from Fed sooner rather than later. The Nasdaq Composite (^IXIC) also shed some earlier gains after touching a record intra-session high. Meanwhile, the Dow Jones Industrial Average (^DJI) also lost steam but remained up around 0.5%. Earlier in the session, stocks embraced upbeat news after days of Mideast tensions and swirling tariff uncertainty. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut. Markets got a boost on the trade front on Friday after President Trump said that the US and China have "signed" a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports. Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, 'we'll take down our countermeasures,' he said. But in a sign that not all trade talks were progressing, Trump posted on social media that he was "terminating ALL discussions on Trade with Canada, effective immediately," citing Canada's digital services tax as the cause. Trade deals with 10 major US trading partners are imminent, according to Lutnick. Others on Trump's team have said that countries negotiating with the US will get an extension to the tariff pause, set to expire July 9. Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day. Stocks pared gains Friday as President Trump canceled trade talks with Canada and spurred confusion over the state of broader tariff negotiations ahead of the July 9 deadline. After Trump said he was "terminating" negotiations with Canada, the S&P 500 (^GSPC) pulled back from a record intraday high but still added 0.3% and was on pace to hit its first record close since February. Trump offered multiple scenarios during a press conference about how tariff negotiations could play out. Yahoo Finance's Ben Werschkul writesL Read the full story here. Despite recent gains in tech stocks, markets have largely traded sideways for seven months, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read more here. Nike stock (NKE) continued to soar on Friday afternoon, up more than 15% after the sneaker giant said its profit and sales declines would narrow in the current quarter. Nike's costs from tariffs are expected to approach $1 billion as the company makes additional moves to diversify its supply chain away from China, Yahoo Finance's Brooke DiPalma reported. Nike's jump Friday appeared to lift its competitors as well. On Holding (ONON) rose 1.8%, while Adidas ( climbed more than 3.8% and Crocs (CROX) rose 2.7%. Read more about Nike's latest earnings results here. American investors are pumped about a new record high in the S&P 500 stock index. But the gains in US stocks are modest compared to the rise in global stocks. Yahoo Finance's Rick Newman points out: Read the full story here. Palantir stock (PLTR) dropped more than 5% Friday, after President Trump said during the NATO Summit that the conflict in the Middle East was 'over" for now. Trump added, "Can it start again? I guess someday it can. It could maybe start soon." Shares of Palantir had soared in early June after announcing a new $463 million contract to provide its AI software to the US Special Operations Command within the US military. The stock continued to rise after Israel first carried out airstrikes on Iran on June 12 and after the US carried out its own bombings on Iran's nuclear sites later in the month. Palantir provides its AI software to the Israeli Defense Force. 'Shares of PLTR did seem to benefit from the tension and conflict in the Middle East, so with more quiet outlook for the region, PLTR may be giving some of those gains back,' DA Davidson analyst Gil Luria told Yahoo Finance. In addition to the ceasefire between Israel and Iran, The Washington Post reports that there is a renewed push between Arab mediators and Israeli hostage families to negotiate an end to Israel's war on Gaza. The drop also comes a day after protesters rallied outside of Palantir's Palo Alto offices to oppose the company's work with ICE amid Trump's sweeping deportations. In other news for Palantir, the company announced Thursday that it's partnering with a nuclear power company, The Nuclear Company, to develop AI software to help build plants 'faster and safer.' JPMorgan analysts said in a report following a survey of 168 chief information officers that artificial intelligence spending is set to jump over the next three years, with positive implications for chip stocks. According to the survey, AI-related computing hardware as a percentage of CIOs' IT budgets is set to rise to 15.9% in three years from 5.9% currently, the analysts wrote. 'The survey results support our view of a strong multi-year spending cycle in the AI infrastructure build-out and should continue to support sustained strong revenue growth for the AI beneficiaries,' the report said. Those beneficiaries include chipmakers Advanced Micro Devices (AMD), Broadcom (AVGO), Marvell Technology (MRVL), Micron (MU), Arm (ARM), and Nvidia (NVDA), as well as producers of high-performance networking products for AI data centers such as Astera Labs (ALAB). The PHLX Semiconductor index (^SOX) has come roaring back since hitting a low in April. The index is up more than 14% over the past month. Of the 'Magnificent Seven' tech stocks, three stand out. Meta (META), Microsoft (MSFT), and Nvidia (NVDA) stocks have seen a remarkable turnaround from lows in April and lead the group for the year. Meta is up nearly 25% for the year, while Microsoft and Nvidia are up around 18%. Nvidia has roared back to hit new record highs each trading day since Wednesday and was set to end the trading week up more than 10%. The AI chipmaker and Microsoft have seen their market capitalizations balloon to nearly $4 trillion. 'We believe both Nvidia and Microsoft will hit the $4 trillion market cap club this summer and then over the next 18 months the focus will be on the $5 trillion club ... as this tech bull market is still early being led by the AI Revolution,' Wedbush's Dan Ives wrote in a note to investors on Friday. Nvidia's market cap stood at $3.86 trillion Friday, while Microsoft's was $3.71 trillion. Amazon (AMZN) on Friday entered positive territory for the year for the first time since February, up roughly 0.2% in 2025 as of midday Friday. Despite recent gains, the other members of the Magnificent Seven remain negative for the year. Yahoo Finance's Ben Werschkul reports: Read more here. Uber (UBER) and Lyft (LYFT) stocks both fell more than 2% on Friday after Canaccord Genuity downgraded the ride-hail platforms to Hold from Buy when analyst George Gianarikas assumed coverage of the stocks the prior day. Gianarikas said it would take only 411,000 robotaxis to replace all Uber and Lyft drivers in the US. 'Now, we are not sure it all happens that quickly, but there is very much a non-zero probability that it does.' While the platforms have been integrating robotaxis into their offerings — for example, Uber has partnered with Waymo, and Lyft with Mobileye and others — Gianarikas said that 'hybrid' approach may not help them in a future robotaxi-dominated market. "The challenge for UberLyft is how long a hybrid network will stay relevant, and then what value they can add over the long-term in a new paradigm," he wrote. "The future could be bright: value added in the AV world through hybrid human-robot networks, strong on the ground operations, and other tactical elements," he added. "An alternative scenario is also plausible: a new world dominated by a few AV behemoths that control the value chain and leave UberLyft reflecting on the golden days of the past. It is truly unclear." Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. US stocks trod higher on Friday, on the cusp of fresh record highs as investors assessed a key inflation reading to test bets on interest-rate cuts and eyed progress toward a US-China trade deal. The S&P 500 (^GSPC) added 0.2% and was on pace to close at its first record high since February. The Nasdaq Composite (^IXIC) moved up more than nearly 0.3%, also pacing for a record close. Meanwhile the Dow Jones Industrial Average (^DJI) added 0.4%, or nearly 200 points. Yahoo Finance's Allie Canal writes: Read more here. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. The release comes as investors have been closely watching data releases for signs of when, or if, the Federal Reserve will cut interest rates this year. The "core" Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 2.7% on an annual basis, above the 2.6% economists had expected and higher than the 2.6% seen in April. The April reading was revised higher to 2.6% from an originally reported 2.5% increase. Core prices rose 0.2% in May from the prior month, above the 0.1% economists had expected, which would have been in line with April's increase. On a yearly basis, overall PCE increased by 2.3%, above the 2.2% increase from the month prior. Read more here. Nvidia stock (NVDA) continued to add to gains in premarket trading Friday, building on a rally that saw shares of the AI chipmaker reach fresh record highs this week. Shares were up 0.5% an hour before the opening bell. Year to date, Nvidia stock is up more than 15%, marking a huge turnaround from earlier in the year when China's DeepSeek AI model and President Trump's trade wars weighed on shares. With a current market capitalization of $3.78 trillion, Nvidia is considered the most valuable company in the world, surpassing Microsoft's (MSFT) $3.69 trillion market cap. And Nvidia's breakout suggests a $4 trillion market cap may be within reach as the artificial intelligence boom continues full steam ahead. If the stock can keep powering higher, Nvidia would be the first company to reach that milestone. Read more here from Bloomberg. Shares of Hong Kong-listed Xiaomi ( popped 3.6% on Friday after the consumer electronics maker unveiled its new $35,000 SUV to compete with Tesla's (TSLA) Model Y vehicle in China. Xiaomi's YU7 drew substantial buzz, collecting 289,000 preorders in its first hour of availability. It's a direct challenge to Tesla, and its 253,500 yuan price tag undercuts Tesla's Model Y by 10,000 yuan. Tesla stock fell 0.4% in premarket trading. Tesla is also currently grappling with evaporating sales for its EVs in Europe and the firing of Omead Afshar, the head of sales and manufacturing in North America and Europe. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Investors are finding glimmers of hope in Nike's (NKE) after-hours earnings report on Thursday. The sneaker giant expects its sales decline to narrow in the current quarter — a single-digit percentage drop, versus the 12% fall in the three months to May 31. While Nike expects a nearly $1 billion increase in costs from Trump's tariff hikes, the company laid out plans to lower its reliance on Chinese manufacturers for goods it sells in the US. China accounts for 16% of the shoes it imports into the US, per Reuters. Shares jumped almost 10% in premarket trading on Friday. Yahoo Finance's Brooke DiPalma reports: Read more here. Asian markets are bouncing back in a healthy fashion as the region swims through tariff shock and looks poised for a meteoric second half to 2025. Bloomberg reports: Read more here. Stocks pared gains Friday as President Trump canceled trade talks with Canada and spurred confusion over the state of broader tariff negotiations ahead of the July 9 deadline. After Trump said he was "terminating" negotiations with Canada, the S&P 500 (^GSPC) pulled back from a record intraday high but still added 0.3% and was on pace to hit its first record close since February. Trump offered multiple scenarios during a press conference about how tariff negotiations could play out. Yahoo Finance's Ben Werschkul writesL Read the full story here. Despite recent gains in tech stocks, markets have largely traded sideways for seven months, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read more here. Nike stock (NKE) continued to soar on Friday afternoon, up more than 15% after the sneaker giant said its profit and sales declines would narrow in the current quarter. Nike's costs from tariffs are expected to approach $1 billion as the company makes additional moves to diversify its supply chain away from China, Yahoo Finance's Brooke DiPalma reported. Nike's jump Friday appeared to lift its competitors as well. On Holding (ONON) rose 1.8%, while Adidas ( climbed more than 3.8% and Crocs (CROX) rose 2.7%. Read more about Nike's latest earnings results here. American investors are pumped about a new record high in the S&P 500 stock index. But the gains in US stocks are modest compared to the rise in global stocks. Yahoo Finance's Rick Newman points out: Read the full story here. Palantir stock (PLTR) dropped more than 5% Friday, after President Trump said during the NATO Summit that the conflict in the Middle East was 'over" for now. Trump added, "Can it start again? I guess someday it can. It could maybe start soon." Shares of Palantir had soared in early June after announcing a new $463 million contract to provide its AI software to the US Special Operations Command within the US military. The stock continued to rise after Israel first carried out airstrikes on Iran on June 12 and after the US carried out its own bombings on Iran's nuclear sites later in the month. Palantir provides its AI software to the Israeli Defense Force. 'Shares of PLTR did seem to benefit from the tension and conflict in the Middle East, so with more quiet outlook for the region, PLTR may be giving some of those gains back,' DA Davidson analyst Gil Luria told Yahoo Finance. In addition to the ceasefire between Israel and Iran, The Washington Post reports that there is a renewed push between Arab mediators and Israeli hostage families to negotiate an end to Israel's war on Gaza. The drop also comes a day after protesters rallied outside of Palantir's Palo Alto offices to oppose the company's work with ICE amid Trump's sweeping deportations. In other news for Palantir, the company announced Thursday that it's partnering with a nuclear power company, The Nuclear Company, to develop AI software to help build plants 'faster and safer.' JPMorgan analysts said in a report following a survey of 168 chief information officers that artificial intelligence spending is set to jump over the next three years, with positive implications for chip stocks. According to the survey, AI-related computing hardware as a percentage of CIOs' IT budgets is set to rise to 15.9% in three years from 5.9% currently, the analysts wrote. 'The survey results support our view of a strong multi-year spending cycle in the AI infrastructure build-out and should continue to support sustained strong revenue growth for the AI beneficiaries,' the report said. Those beneficiaries include chipmakers Advanced Micro Devices (AMD), Broadcom (AVGO), Marvell Technology (MRVL), Micron (MU), Arm (ARM), and Nvidia (NVDA), as well as producers of high-performance networking products for AI data centers such as Astera Labs (ALAB). The PHLX Semiconductor index (^SOX) has come roaring back since hitting a low in April. The index is up more than 14% over the past month. Of the 'Magnificent Seven' tech stocks, three stand out. Meta (META), Microsoft (MSFT), and Nvidia (NVDA) stocks have seen a remarkable turnaround from lows in April and lead the group for the year. Meta is up nearly 25% for the year, while Microsoft and Nvidia are up around 18%. Nvidia has roared back to hit new record highs each trading day since Wednesday and was set to end the trading week up more than 10%. The AI chipmaker and Microsoft have seen their market capitalizations balloon to nearly $4 trillion. 'We believe both Nvidia and Microsoft will hit the $4 trillion market cap club this summer and then over the next 18 months the focus will be on the $5 trillion club ... as this tech bull market is still early being led by the AI Revolution,' Wedbush's Dan Ives wrote in a note to investors on Friday. Nvidia's market cap stood at $3.86 trillion Friday, while Microsoft's was $3.71 trillion. Amazon (AMZN) on Friday entered positive territory for the year for the first time since February, up roughly 0.2% in 2025 as of midday Friday. Despite recent gains, the other members of the Magnificent Seven remain negative for the year. Yahoo Finance's Ben Werschkul reports: Read more here. Uber (UBER) and Lyft (LYFT) stocks both fell more than 2% on Friday after Canaccord Genuity downgraded the ride-hail platforms to Hold from Buy when analyst George Gianarikas assumed coverage of the stocks the prior day. Gianarikas said it would take only 411,000 robotaxis to replace all Uber and Lyft drivers in the US. 'Now, we are not sure it all happens that quickly, but there is very much a non-zero probability that it does.' While the platforms have been integrating robotaxis into their offerings — for example, Uber has partnered with Waymo, and Lyft with Mobileye and others — Gianarikas said that 'hybrid' approach may not help them in a future robotaxi-dominated market. "The challenge for UberLyft is how long a hybrid network will stay relevant, and then what value they can add over the long-term in a new paradigm," he wrote. "The future could be bright: value added in the AV world through hybrid human-robot networks, strong on the ground operations, and other tactical elements," he added. "An alternative scenario is also plausible: a new world dominated by a few AV behemoths that control the value chain and leave UberLyft reflecting on the golden days of the past. It is truly unclear." Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. US stocks trod higher on Friday, on the cusp of fresh record highs as investors assessed a key inflation reading to test bets on interest-rate cuts and eyed progress toward a US-China trade deal. The S&P 500 (^GSPC) added 0.2% and was on pace to close at its first record high since February. The Nasdaq Composite (^IXIC) moved up more than nearly 0.3%, also pacing for a record close. Meanwhile the Dow Jones Industrial Average (^DJI) added 0.4%, or nearly 200 points. Yahoo Finance's Allie Canal writes: Read more here. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. The release comes as investors have been closely watching data releases for signs of when, or if, the Federal Reserve will cut interest rates this year. The "core" Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 2.7% on an annual basis, above the 2.6% economists had expected and higher than the 2.6% seen in April. The April reading was revised higher to 2.6% from an originally reported 2.5% increase. Core prices rose 0.2% in May from the prior month, above the 0.1% economists had expected, which would have been in line with April's increase. On a yearly basis, overall PCE increased by 2.3%, above the 2.2% increase from the month prior. Read more here. Nvidia stock (NVDA) continued to add to gains in premarket trading Friday, building on a rally that saw shares of the AI chipmaker reach fresh record highs this week. Shares were up 0.5% an hour before the opening bell. Year to date, Nvidia stock is up more than 15%, marking a huge turnaround from earlier in the year when China's DeepSeek AI model and President Trump's trade wars weighed on shares. With a current market capitalization of $3.78 trillion, Nvidia is considered the most valuable company in the world, surpassing Microsoft's (MSFT) $3.69 trillion market cap. And Nvidia's breakout suggests a $4 trillion market cap may be within reach as the artificial intelligence boom continues full steam ahead. If the stock can keep powering higher, Nvidia would be the first company to reach that milestone. Read more here from Bloomberg. Shares of Hong Kong-listed Xiaomi ( popped 3.6% on Friday after the consumer electronics maker unveiled its new $35,000 SUV to compete with Tesla's (TSLA) Model Y vehicle in China. Xiaomi's YU7 drew substantial buzz, collecting 289,000 preorders in its first hour of availability. It's a direct challenge to Tesla, and its 253,500 yuan price tag undercuts Tesla's Model Y by 10,000 yuan. Tesla stock fell 0.4% in premarket trading. Tesla is also currently grappling with evaporating sales for its EVs in Europe and the firing of Omead Afshar, the head of sales and manufacturing in North America and Europe. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Investors are finding glimmers of hope in Nike's (NKE) after-hours earnings report on Thursday. The sneaker giant expects its sales decline to narrow in the current quarter — a single-digit percentage drop, versus the 12% fall in the three months to May 31. While Nike expects a nearly $1 billion increase in costs from Trump's tariff hikes, the company laid out plans to lower its reliance on Chinese manufacturers for goods it sells in the US. China accounts for 16% of the shoes it imports into the US, per Reuters. Shares jumped almost 10% in premarket trading on Friday. Yahoo Finance's Brooke DiPalma reports: Read more here. Asian markets are bouncing back in a healthy fashion as the region swims through tariff shock and looks poised for a meteoric second half to 2025. Bloomberg reports: Read more here. Sign in to access your portfolio
