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UPI
2 hours ago
- Business
- UPI
S&P 500, Nasdaq set records in dramatic 3-month turnaround
The Standard & Poor's 500 and Nasdaq Index on Friday rose to records nearly three months after plunging amid tariff wars. File Photo by John Angelillo/UPI | License Photo June 27 (UPI) -- The Standard & Poor's 500 and Nasdaq Composite on Friday rose to record highs nearly three months after plunging to bearish stock prices amid tariff wars. The S&P finished at 6,173, an increase of 32.05, or 0.52% at the close of trading at 4 p.m. EDT. The previous all-time high closing price was 6,144 on Feb. 19. The index dropped to 4,982.77 on April 8, six days after Donald Trump announced trading tariffs on virtually all U.S. trading partners. That low point was 19% off the record with a bear market considered to be 20%. Tech-heavy Nasdaq finished at 20,273, a rise of 105.55, or .52%. The last all-time high was 20,173.89 on Dec. 16. The year's low was April 8 at 15,267, a decline of 24.5% from the record. The Dow Jones Industrial Average ended the day at 43,819.27, a rise of 431.43 or 1%. DJIA hit a record of 45,014.04 on Dec. 4 and was down to 37,645.59 on April 8. The high this year was 44,882.13 on Jan. 30th, 10 days after Donald Trump became president. All but two of CNBC's 11 sectors declined. Energy dropped 0.5% and health 0.17%. The biggest increases were consumer discretionary at 1.78% and communications services at 1.55%. Stocks had been trading higher Friday until Trump posted on Truth Social that trade talks with Canada were terminated. "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," Trump posted. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," he said. "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." The United States has imposed a 25% tariff on non-compliant Canadian goods, including vehicles, with energy products subject to a 10% tariff. Also, Canada was hit by the 50% tariff on steel and aluminum imports like other nations. Canada has retaliated with its own tariffs. Products involved in the U.S.-Mexico-Canada Agreement are exempted. Investors were buoyed after Commerce Secretary Howard Lutnick said a trade framework with China had been finalized. At one time, Trump imposed a 134% tariff but it has since been cut to $30. Lutnick said he expects deals with 10 trading partners soon. On "Liberation Day" on April 2, Trump said he would impose a baseline 10% tariffs on most trading partners and stiffer ones for big violators. A week later, he paused them until July 7 and that date might be extended. "I can see where the risks are here -- if the trade [progress] is just hype from the White House and no deals are really forthcoming, then this market is going to roll over," Thierry Wizman, global FX and rates strategist at Macquarie Group, told CNBS. "Ultimately, this all comes back to growth in the U.S. economy and growth of earnings." "We think the recovery makes sense, considering that most large-cap companies should weather the tariffs reasonably well," David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, told investors in a note. "In fact, we think the upcoming [second-quarter] earnings season will once again highlight the resilience of corporate profits." Vital Knowledge analyst Adam Crisafulli sees possibly bumpy times. "We think there's a dangerous amount of complacency on trade/tariffs, a view underscored by the fact markets this morning are celebrating the China 'deal' for a third time," Crisafulli said in a report. The records come days after Trump brokered a cease-fire between Israel and Iran. Oil prices surged before the U.S. bombed three nuclear targets in Iran. West Test Intermediate crude climbed to $74.14 a barrel after being as low as $57.13 on May 13. On Friday, crude oil settled at 65.07, up 17 cents from the day before. One year ago, it reached nearly $84. The average price for unleaded gas in the United States is $3.207, a penny down from last week and $3.503 one year ago, according to AAA. Investors are also pleased with good economic data. Inflation rose 2.4% in May over one year. The unemployment rate 4.2% and has been at this level since May 2024. The Federal Reserve has not raised interest rates since Dec. 18. The Federal Funds Rate is 4.25% to 4.50%. Federal Reserve Chairman Jerome Powell has described a "wait-and-see" approach to interest rate adjustments, describing the need for more data. The next meeting is July 29 and 30.
Yahoo
4 hours ago
- Business
- Yahoo
S&P 500 and Nasdaq notch first record high closes in months
(Reuters) -The S&P 500 and Nasdaq notched record high closes on Friday for the first time in months, rebounding from a slump caused by U.S. President Donald Trump's trade policies that threatened to tip the global economy into a recession. The S&P 500 index advanced 0.5% to about 6,173.07 points, surpassing its previous record high close of 6,144.15 reached on February 19. The tech-heavy Nasdaq Composite index also gained 0.5%, ending at about 20,273.46 points and surpassing its record high close of 20,173.89 on December 16.
Yahoo
4 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
Yahoo
5 hours ago
- Business
- Yahoo
Breaking: S&P 500 and Nasdaq Smash Records on Trade Deal Hopes
June 27 U.S. stock benchmarks hit fresh all-time highs Friday as a newly signed U.S.-China trade deal and mixed inflation data bolstered investor optimism. The S&P 500 climbed about 0.5%, while the Dow Jones Industrial Average gained roughly 0.7% and the Nasdaq Composite rose about 0.5%. Yields on the two- and ten-year U.S. Treasury notes each inched up two basis points to 3.74% and 4.26%, respectively. Warning! GuruFocus has detected 7 Warning Sign with C. Ten of the 11 S&P sectors were in positive territory, led by Consumer Discretionary. Energy trailed the pack with a marginal decline. May's core Personal Consumption Expenditures Price Index rose 0.2% month-over-month, slightly above forecasts, and 2.7% year-over-year. Headline PCE was flat month-to-month and up 2.3% annually. The University of Michigan's final June consumer sentiment reading ticked up to 60.7 from a mid-month estimate of 60.5. On the geopolitical front, the White House confirmed formal ratification of a bilateral trade agreement with China, aiming to solidify supply-chain ties and reduce uncertainty. Nike (NYSE:NKE) shares soared 16% after reports of inventory trimming and supply-chain improvements. Investors will monitor next week's economic releases and trade negotiations for further market cues. This article first appeared on GuruFocus.
Al Etihad
5 hours ago
- Business
- Al Etihad
Wall Street indexes hit fresh peaks on trade, Fed cut optimism
27 June 2025 22:54 (REUTER) Wall Street's main indexes rose on Friday, pushing the S&P 500 and the Nasdaq to intraday record highs as investors pinned their hopes on deeper interest-rate cuts and the US striking deals with its biggest trading S&P 500 (.SPX) and the Nasdaq Composite (.IXIC) both rose more than 0.5%, surpassing their previous peaks touched in February and December, respectively. The Nasdaq looked on course to confirm a bull market, having recovered more than 20% from a trough in April."I think the driver for that momentum is the dissipation of concerns over the magnitude of tariffs. That was the biggest concern in the early April time frame and I think that headwind seems to be dissipating a bit," said Art Hogan, chief market strategist at B Riley to the upbeat sentiment, Washington reached an agreement with China on expediting rare-earth shipments to the United States, a White House official said, days ahead of the July 9 deadline for US President Donald Trump's "reciprocal" Treasury Secretary Scott Bessent said the Trump administration's trade deals with other countries could be done by Labor Day, citing the country's 18 main trading are focusing on the interest-rate trajectory after the Wall Street Journal reported that Trump toyed with the idea of announcing US Federal Reserve Chair Jerome Powell's replacement by September or on Friday showed US consumer spending fell unexpectedly in May as the boost from consumers preemptively buying goods such as motor vehicles ahead of tariffs faded, while monthly inflation rose moderately, supporting bets for rate now price in a 20.7% chance of a rate cut in July, compared with 14.5% last week, according to CME Group's FedWatch 11:28 a.m. ET, the Dow Jones Industrial Average (.DJI) rose 403.09 points, or 0.93%, to 43,789.88, the S&P 500 (.SPX) gained 36.14 points, or 0.58%, to 6,177.16, and the Nasdaq Composite (.IXIC) added 108.05 points, or 0.54%, to 20, of the 11 major S&P 500 sub-sectors rose. Energy stocks were the only laggards, falling 0.5%.Shares of Nvidia (NVDA.O), the world's most valuable company, rose 1.8% to touch a record high, while other tech heavyweights including (AMZN.O) and Apple (AAPL.O) added 1.1% and 0.2%, benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) were on track for their best weekly performance in more than a month, while the blue-chip Dow (.DJI) was set for a weekly advance if gains Global Wealth Management raised its year-end target for the S&P 500 to 6,200 from its prior forecast of 6,000, banking on softening trade (NKE.N) shares jumped 15.8% after it forecast a smaller-than-expected drop in first-quarter Lululemon Athletica (LULU.O) rose 1.6% after Nike's results, while Hoka-owner Deckers Outdoor (DECK.N) added 2.7%.Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and two new lows, while the Nasdaq Composite recorded 70 new highs and 34 new lows.
