S&P 500 closes at record
The S&P 500 notched a record close on Friday, after earlier hitting an intraday high.
The broad market index gained 0.52% to close at 6,173.07, while the Nasdaq Composite gained 0.52% to 20,273.46, also a record close. The Dow Jones Industrial Average climbed 432.43 points, or 1%, to finish the session at 43,819.27.
— Brian Evans
Credit bureau stocks fall after Pulte says agencies under ‘full scale review’
Shares of credit score providers Fair Isaac, Equifax and TransUnion took a sharp drop in afternoon trading after Bill Pulte, the director of the Federal Housing Finance Agency, said on X “We are doing a full scale review of all credit bureaus.”
Fair Isaac shares were recently down 1.7%, Equifax fell 2.5%, and TransUnion tumbled almost 3%. All three stocks had logged gains earlier in the session.
Further details, including the scope of the review, were not disclosed.
—Christina Cheddar Berk
Stocks curtail gains after Trump says U.S. is ending trade talks with Canada
The three major averages trimmed their earlier gains on Friday after President Donald Trump said the U.S. is ending all trade talks with Canada immediately.
The move was in response to Canada’s decision to impose a digital services tax on American tech firms, Trump said in a Truth Social post Friday afternoon.
“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.”
S&P 500 over the past day
Oil price plunge on lower geopolitical risk supports stocks
In an aerial view, oil storage tanks are seen at the Enterprise Sealy Station on June 19, 2025 in Sealy, Texas.
Brandon Bell | Getty Images
The Middle East oil shock that the stock market feared never materialized, with crude prices now looking as bearish as they did before the conflict between Israel and Iran.
Oil prices swung wildly over the course of the 12-day conflict. U.S. crude jumped 15% from the start of Israel’s unprecedented air campaign against Iran on June 13 to peak at a five month high on June 23 after the U.S. bombed the Islamic Republic’s key nuclear sites.
But oil sold off sharply after it became clear that Iran had calibrated its retaliation to avoid escalation and would not attempt to disrupt regional oil flows. U.S. crude prices plummeted $14.40 per barrel or 18% from the five-month high on the U.S. bombing of Iran to Tuesday’s low on the ceasefire agreement.
U.S. crude prices are down 12.91% this week, on pace for the biggest weekly decline since 2023.
— Spencer Kimball
Coinbase is the best performing stock in the S&P 500 this month
In this photo illustration, the Coinbase logo is seen displayed on a mobile phone screen.
Idrees Abbas | SOPA Images | Lightrocket | Getty Images
Coinbase is the top performer in the S&P 500 for the month of June after a winning month fueled by the Senate’s passage of the GENIUS Act, the strong performance of Circle post IPO, and its very inclusion in the benchmark stock index, which began at the end of May.
The crypto exchange’s outperformance among current S&P constituents extends back to the April 8 market low, just after President Donald Trump’s initial sweeping tariffs announcement sent stocks sinking.
Coinbase is pacing for its third straight monthly gain, a roughly 44% increase, and first three-month rally since the end of 2023. On Thursday, the stock hit its highest level back to its intraday high on its IPO date in 2021.
“There’s clearly a sentiment trade occurring in crypto as institutional investors are looking at the space, many for the first time, and want to express a positive view on crypto evolving from a speculative asset class to one of utility – with legislative clarity as the key catalyst – and Coinbase is the most direct ways to invest in that thesis,” Devin Ryan, head of financial technology research at Citizens, told CNBC.
For more, read our full story here.
— Tanaya Macheel
Crypto stocks slide into the final weekend of the month and quarter
Crypto stocks slid to end the week amid some potential repositioning for quarterly portfolio rebalancing and general profit-taking heading into the final weekend of a winning month for the sector.
Among the crypto trading providers, Coinbase fell more than 5%, while Robinhood lost 1% and eToro dipped 2%. Crypto financial services firm Galaxy was lower by about 1%. Circle dropped 11%.
Crypto stocks were big winners in the second quarter
Each of these stocks have seen monster gains for the month and the quarter. Circle is up more than 500% since its early June IPO. Coinbase is up more than 100% for the quarter and is the S&P 500’s biggest winner since the market low on April 8.
— Tanaya Macheel
Canaccord Genuity downgrades Uber, Lyft
Canaccord Genuity downgraded shares of Uber and Lyft to hold from buy, saying it’s unclear yet whether the ride hailing companies can survive the existential threat posed by robotaxis.
“Our near-term concern is multiple compression: as the AV market crystallizes, does the market brush off the growth and conclude UberLyft will be relegated to the dustbin of history with newspapers and Blackberries?” George Gianarikas wrote Thursday. “The alternative is also possible: UberLyft remodels into a new Netflix, deftly transforming its business, wrangling emerging technology to its benefit.”
“We remain flexible and are open to either outcome, but given the uncertainty and potential for rapid disruption, see neutral as the appropriate near-term rating,” he added.
On Friday, shares for both Uber and Lyft were down roughly 3%, each.
— Sarah Min
Consumer sentiment improves as inflation fears abate, University of Michigan survey shows
Investor sentiment improved in June as inflation fears pulled back, according to the University of Michigan’s latest survey released Friday.
The headline sentiment reading rose to 60.7, up 16.3% from the May reading and close to the Dow Jones estimate for 60.5. The index was still 11% below the same month a year ago.
Much of the improvement came from a sharp slide in inflation expectations. The one-year outlook tumbled to 5%, down 1.6 percentage points from May, while the five-year edged down to 4%, or 0.2 percentage point lower from the prior reading.
“Consumers continue to be concerned about the potential impact of tariffs, but at this time they do not appear to be connecting developments in the Middle East with the economy,” survey director Joanne Hsu said in a statement.
—Jeff Cox
Apple shares missing out on rally
People walk by the Apple World Trade Center store in the Westfield Oculus shopping mall in New York City, U.S., June 2, 2025.
Kylie Cooper | Reuters
As some of the biggest names in tech notch record highs, Apple is missing out.
Nvidia reached an all-time high on Friday, as did Microsoft. The S&P 500 and tech-heavy Nasdaq Composite also rose to new highs.
Apple’s stock added 0.45% week to date and is down about 19% so far this year. Nvidia rallied 9% so far this week and nearly 17% year to date, while Microsoft gained 4% week to date and 18% year to date.
—Michelle Fox
Tesla shares on pace to close the week higher following ‘successful’ robotaxi launch
Shares of Tesla were on track to close the week in positive territory on Friday, with the stock up more than 1% week to date, after the electric vehicle maker kicked off the week with its autonomous robotaxi rollout in Austin, Texas.
TSLA, 5-day
The stock jumped more than 8% during Monday’s session on the heels of the robotaxi service’s launch Sunday, which CEO Elon Musk called “successful.” The launch spurred hopes among investors that the company may be able to compete against others in the autonomous vehicle space, like Alphabet’s Waymo.
Shares are still solidly in the red this year, however, having fallen around 19%.
— Sean Conlon, Samantha Subin
What Wall Street is saying about CoreWeave’s attempt to buy Core Scientific
A screen displays the company logo for CoreWeave Inc., Nvidia-backed cloud services provider, during the company’s IPO at the Nasdaq Market in New York City on March 28, 2025.
Brendan McDermid | Reuters
Cloud infrastructure company CoreWeave is making a smart power play with its bid for Core Scientific, Wall Street analysts say.
CoreWeave, which went public on the Nasdaq in late March, has again made a bid to acquire bitcoin mining and hosting provider Core Scientific. A transaction could be finalized in the coming weeks, the Wall Street Journal reported, citing people familiar with the matter. Here’s what analysts have to say about the deal:
- Deutsche Bank analyst Brad Zelnick: “If accurate, we view this report positively reflecting CoreWeave’s confidence in its pipeline materializing into significant additional capacity over the next several years, especially given mgmt.’s demonstrated aversion to taking on financial risk associated with uncommitted fixed assets to date.”
- Morgan Stanley analyst Keith Weiss: “Power remains a primary constraint for CoreWeave’s growth, with CoreWeave and Core Scientific having signed ~$10bn of contracts over the past year, so, if such a deal was confirmed, the acquisition could help secure further capacity at more attractive prices.”
- Barclays analyst Raimo Lenschow: “Today’s announcement does not come as a total surprise to us, with CoreWeave already Core Scientific’s largest tenant, accounting for 590MW of infrastructure, and responsible for CapEx, power, and utility costs. We think the marrying of these two businesses would make sense, as it provides CoreWeave more ownership and direction over their infrastructure, while allowing them more capacity to grow into as well.”
- Gordon Haskett analyst Don Bilson: “These two AI hyper-scalers are already close and work together as partners … we see this deal as one that matches brains and brawn.
CoreWeave has been a hot stock in the AI race competing against companies like Microsoft, Amazon, Google and Oracle. Hyperscalers also account for a substantial chunk of CoreWeave’s own customer base.
Shares of CoreWeave have popped more than 336% quarter to date and roughly 45% this month alone. The stock was up nearly 2% on Friday.
— Pia Singh
Goldman upgrades Franklin Resources, Affiliated Managers Group
Goldman Sachs is shaking up its outlook for asset management stocks.
Analyst Alexander Blostein upgraded Franklin Resources — the parent company of Franklin Templeton — to buy from neutral, among other changes.
“We see BEN’s traction in Alternatives and moderating outflows from Traditional products leading to a break-even organic base fee growth over the coming quarters — up from negative mid-single digits over the last several years. Coupled with robust expense management (including Western-related cost reductions,” Blostein said in a note to clients.
Affiliated Managers Group also received the same upgrade, with Goldman citing “inflection in organic base fee growth” as a reason for optimism.
On the negative side, Blostein downgraded AllianceBernstein to neutral from buy, pointing to signs of slowing growth in the firm’s equities and fixed income businesses.
Franklin Resources has been the best performing of those three stocks year to date, rising more than 15%.
— Jesse Pound
Stocks rise, S&P 500 and Nasdaq hit fresh records at market open
Stocks opened higher on Friday, with the S&P 500 and Nasdaq Composite hitting fresh record-highs at the opening bell.
The broad market index gained 0.2%, alongside the Nasdaq Composite. The Dow Jones Industrial Average gained 176 points, or 0.3%
— Brian Evans
Stocks making the biggest moves premarket: Nike, Core Scientific and more
These are the stocks moving the most in premarket trading:
- Nike — Shares of the sneaker giant jumped 10% after Nike posted fiscal fourth-quarter results that beat expectations and said it expects profit and sales declines to moderate in the future.
- Core Scientific — Shares of the bitcoin miner jumped 7%, as it looks to extend its rally a second day. The Wall Street Journal reported Thursday that the company is in talks to be acquired by the artificial intelligence player CoreWeave.
- Pony.ai — Shares of the autonomous vehicle company rose nearly 2% after the New York Times reported that Uber is in talks to help fund an acquisition of Pony.ai’s U.S. subsidiary.
Read the full list of stocks moving here.
— Lisa Kailai Han
Core inflation rose more than expected in May, Fed’s preferred measure shows
People shop at a grocery store in Brooklyn on May 13, 2025 in New York City.
Spencer Platt | Getty Images
The Fed’s preferred inflation gauge rose more than expected in May, raising questions over sticky inflation and the path toward lower interest rates.
The core PCE price index increased 2.7% in May on a year-over-year basis. Economists polled by Dow Jones expected core inflation to rise 2.6% year over year.
— Fred Imbert
Power stocks rise on report Trump will sign AI orders
Cooling towers at the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024.
Danielle DeVries | CNBC
Power stocks rose premarket on a report that President Donald Trump could sign a series of executive orders to increase power supply to support artificial intelligences.
Vistra was up 1.89%, Talen Energy ticked 0.9% higher, NRG Energy rose 1.06%, and Constellation Energy jumped more than 2%.
The Trump administration is considering making it easier for power plants to connect to the grid and providing federal land for data centers among other actions, sources familiar with the matter told Reuters.
— Spencer Kimball
S&P 500, Nasdaq Composite look to capture fresh record on Friday
Both the Nasdaq Composite and S&P 500 are within just inches away from their record-highs.
The broad market index and technology heavy Nasdaq are roughly 0.1% away from their records, after closing just shy of registering fresh intraday highs on Thursday. The S&P 500 closed just 0.05% away from a record close on Thursday, while the Nasdaq was only 0.03% from its closing high.
— Brian Evans
Asia-Pacific markets mostly lower as investors assess China industrial data
Asia-Pacific markets traded mixed Friday as investors assessed China’s May industrial data. The country’s industrial profits fell 9.1% year on year in the first five months of the year, according to the National Bureau of Statistics.
Japan’s benchmark Nikkei 225 climbed 1.43% to end the day at 40,150.79, after crossing the 40,000 mark for the first time since Jan. 7 earlier in the day. Meanwhile, the broader Topix index advanced 1.28% to 2,840.54.
In South Korea, the Kospi index ended the day 0.77% lower at 3,055.94, while the small-cap Kosdaq dropped by 0.81% to 781.56.
Hong Kong’s Hang Seng Index closed 0.17% lower at 24,284.15 and mainland China’s CSI 300 index were down 0.61% at 3,921.76.
Over in Australia, the S&P/ASX 200 benchmark ended the day 0.43% lower at 8,514.20.
India’s benchmark Nifty 50 had moved up 0.32% while the BSE Sensex was up 0.29% at 11.15 a.m. Indian Standard Time.
— Amala Balakrishner
Trump trade deadlines in July ‘not critical’: White House
U.S. President Donald Trump arrives for a “One Big Beautiful” event at the White House in Washington, DC., U.S., June 26, 2025.
Nathan Howard | Reuters
President Donald Trump could extend looming deadlines for reimposing steep tariffs on imports from most of the world’s countries, the White House said Thursday.
Trump’s July 8 and 9 deadlines for restarting tariffs on those nations are “not critical,” White House Press Secretary Karoline Leavitt told reporters.
“Perhaps it could be extended, but that’s a decision for the president to make,” Leavitt said.
Leavitt also said Thursday that if any of those countries refuse to make a trade deal with the United States by the deadlines, “The president can simply provide these countries with a deal.”
In late May, Trump threatened to impose tariffs of 50% on imports from European Union nations, all of whom had already been subject to the reciprocal tariffs imposed in April.
Read more here.
— Kevin Breuninger
See the stocks moving after hours
These rare some of the stocks making notable moves after hours:
- Nike — The athletic retailer fell 2%. While Nike beat expectations on the top and bottom lines in the fiscal fourth quarter, the company said sales dropped 12% from the same period a year prior.
- CorMedix — The biopharmaceutical stock tumbled 10% after announcing a common stock offering of $85 million. The offering is being done through RBC Capital Markets.
Click here for the full list.
— Alex Harring
Stock futures are little changed
Futures tied to the Dow, S&P 500 and Nasdaq 100 all sat near flat shortly after 6 p.m. ET.
— Alex Harring
