The Dow Jones Industrial Average and other major indexes gave up a good portion of their gains Friday afternoon, after President Donald Trump said he is ending trade talks with Canada. After dipping into the red, the S&P 500 and Nasdaq managed to claw back some of their gains and set new records on the stock market today.
As Trump called Canada "a very difficult country to trade with," the sticking points in the trade deal appear to be on dairy products and a digital-services tax on American tech companies. The S&P 500 initially wiped out the day's gains after the news, but rebounded 0.5%, closing out Friday at a record high.
The Nasdaq composite also set an all-time high earlier in the day Friday, lost it, then rebounded to end the day 0.5% higher. The tech-heavy index was able to extend its winning streak to five sessions and also set a new high-water mark.
The Dow climbed 1%, or 432 points. Small caps on the Russell 2000 index closed the day only a hair higher. Amid afternoon weakness, the Russell also undercut its 200-day moving average.
Volume was markedly higher on both the Nasdaq and New York Stock Exchange. Breadth was slightly negative on the Nasdaq exchange and positive on the NYSE by a 5-to-4 ratio.
The 10-year Treasury yield climbed to around 4.28%. Oil prices ticked lower to around $65.10 a barrel. And bitcoin fell to around the $106,900 level.
Cruise Line Stocks Sail Higher
Royal Caribbean climbed 4.6% and hit a new high on the stock market today. The cruise line stock reached the 20% profit zone from the 255.80 buy point of a cup-with-handle base.
Meanwhile, competitor Carnival bolted 4.2% higher. Shares are extended from the 23.46 buy point of a cup-with-handle base.
3:52 p.m. ET
Big Tech Movers
IBD Big Cap 20 name, Palantir Technologies, got hit hard as it sank 4.4%, after reaching a record high Thursday.
Nvidia wasn't spared in the afternoon weakness, as it trimmed a larger gain to 1.5%, after hitting a new high on the stock market today.
And Tesla remained weak, with a near-1% drop Friday afternoon.
What To Do As Stock Market Hits Highs; Tesla Deliveries On Tap
3:00 p.m. ET
Stock Movers: Netflix Keeps Climbing
IBD SwingTrader position Netflix added another 1% and reached a new high on the stock market today. The IBD 50 stock has rallied 48% so far this year.
Pegasystems stock broke out of an early-stage cup-with-handle base with a 52.75 buy point. The IBD MarketSurge Growth 250 name is in a 5% buy zone up to 55.39.
IBD 50 stock Ouster reversed sharply after an initial move higher Friday morning. Shares tumbled more than 8% in heavier-than-average volume after reaching a level not seen since May 2022.
1:38 p.m. ET
Stock Market Today: Two Fintech Names On The Move
IBD 50 stock Dave jumped 5% and reached a record high on the stock market today. The mobile banking app stock has rocketed 191% higher so far this year. Its powerful action earned it a best-possible 99 Investor's Business Daily Relative Strength Rating.
Virtu Financial climbed around 1.5%, and broke out of an early-stage flat base with a 44.58 buy point. The fintech stock is struggling to hold its breakout and dipped back below the entry point.
New issue AIRO Group Holdings sank nearly 6%, giving up a chunk of Thursday's 15.3% jump. The aerospace and defense company makes drones and technology for aviation training and electric vertical lift aircraft.
12:27 p.m. ET
Nike Paces The Dow
On the Dow, Nike was far and away the best gainer among stocks on the blue-chip index. Nike soared by 18%, after the company reported earnings late Tuesday. Amazon was off highs but still rallied more than 1% as it holds in a buy zone.
Among other Dow Jones stocks, Nvidia added nearly 2% after Tuesday's breakout. The artificial intelligence giant hit another all-time high despite a hotter-than-expected reading on inflation before the open. Investors seemed to focus on progress regarding trade talks with China.
Inside the S&P 500, power providers to data centers like Leaderboard stock GE Vernova, NRG Energy and Vistra Energy outperformed with gains of 3% to 5%.
Elsewhere, aerospace sector player TransDigm Group rose to the top of a flat base with 1,488.54 buy point. Shares were up nearly 2%.
Recent initial public offering Hinge rallied nearly 6% after reversing higher above a 43.80 entry. The digital physical therapy startup went public about a month ago at 32 a share and closed at 37.56 on its first day of trading.
But the sell-off continued in recent new issue Circle Internet. The stock rebounded a bit Thursday after two days of sharp declines, but the stock fell nearly 11% more Friday. Circle will set up again and offer a new entry, but it needs more time to consolidate.
11:22 a.m. ET
Boeing, CoreWeave Make Moves
Also on the Dow Jones index, Boeing climbed more than 3%. The stock made a bullish technical move after Rothschild upgraded Boeing stock to buy from neutral, with a big price target hike to 275 from 180.
After jumping 3.4% Thursday, the Innovator IBD 50 ETF edged higher by 0.2%. Top gainers in the IBD 50 index of leading growth stocks included CoreWeave, which rallied more than 3%.
A recent initial public offering, CoreWeave has been buying Nvidia artificial intelligence chips hand over fist lately as it basically rents out cloud access for AI training and development. Amid glowing fundamentals, CoreWeave has the look of a true stock market leader, but it needs to pause and take a breather after a bullish breakout from an IPO base on May 13.
Inside the MarketSurge Growth 250, software firm Pegasystems broke out past a 52.75 buy point. Shares were up nearly 2% and still inside a 5% buy zone.
10:34 a.m. ET
Nvidia, Amazon, AmEx Lead The Dow
Nvidia was among the leaders on the Dow, as it gained 1.3%. The continued strength comes after an initial breakout for Nvidia Tuesday. The artificial intelligence bellwether was lagging badly when the Nasdaq and S&P 500 marked follow-through days on April 22. Now Nvidia looks like a stock market leader.
Amazon.com also outperformed on the Dow, helped by an analyst upgrade. Amazon is still holding in a buy zone from an alternate handle entry of 218.40.
Also in the Dow Jones index, American Express gapped up and was poised to extend its winning streak to seven sessions. The financial services giant is getting near the top of the 5% buy zone from a 303.79 alternate handle entry. AmEx joined the Leaders list on June 6.
Stock Market Today: Growth 250 Stocks
Inside the MarketSurge Growth 250, Kratos Defense & Security rebounded after a volatile session Thursday. Shares were weak early Thursday after the company announced plans to sell nearly 13 million shares at 38.50. But Kratos pared early losses and closed near its session high. In the early going Friday, shares jumped more than 8% in strong volume.
Toast continued to warm up after a volatile drop Wednesday that saw shares plunge 7% after two days of strong gains. After reversing higher for a gain of 2.5% Thursday, Toast was up another 2% early Friday.
Gold stocks fell broadly, with August gold futures down 2.2% to near $3,275 an ounce. Agnico Eagle Mines, a member of Investor's Business Daily's Leaderboard, slumped nearly 5% and is testing its 50-day line.
9:45 a.m. ET
Treasurys, Oil Up
The 10-year Treasury yield ticked up to 4.29% Friday morning. Meanwhile, oil prices extended their rebounds with West Texas Intermediate futures selling around $65.95 a barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.3%, while the SPDR S&P 500 ETF added 0.3% after the market open.
Early Stock Movers: Amazon, Tesla, Uber
In stocks, Amazon, Tesla and Uber Technologies were on the move Friday morning.
Amazon stock jumped 1.7% after BNP Paribas Exane upgraded the stock from neutral to outperform, raising its price target on the e-commerce giant to 254 from 200. Shares are moving further above a 214.84 cup-with-handle entry.
Tesla skidded 1.4%, threatening to extend a losing streak to four sessions. Shares of electric-vehicle leader are pulling back to their 50-day and 200-day moving averages.
Finally, Uber stock lost 1.7% in morning action. Shares are trying to break out past a 93.60 flat-base entry.
8:44 a.m. ET
Stock Market Today: Inflation Data Hotter Than Expected
Early Friday, the Commerce Department's personal income and outlays report for May showed that personal income dropped 0.4% on the month, below estimates for a 0.3% gain.
The core PCE price index rose 0.2% on the month, with an annual increase of 2.7%. Both readings were hotter than expected. Economists had expected inflation to tick up 0.1% for the month, with also an annual increase of 2.6%, according to Econoday.
8:23 a.m. ET
Nike Surges On Earnings
Retail leader Nike surged more than 10% Friday premarket after management's first-quarter sales forecast was better than expected.
Nike also reported better-than-expected earnings and sales results for its fiscal fourth quarter.
"While our financial results are in-line with our expectations, they are not where we want them to be," Nike Chief Executive Elliott Hill said in the company's earnings press release. "Moving forward, we expect our business to improve as a result of the progress we're making through our Win Now actions."
8:04 a.m. ET
Stock Market Today: U.S.-China Trade Deal; Fed Inflation Indicator Due
Early Friday, Commerce Secretary Howard Lutnick told Bloomberg news that a trade agreement between China and the U.S. had been finalized this week.
Also, China's Commerce Ministry confirmed details of a trade framework, saying in a statement, "China will review and approve applications for the export of controlled items. The United States will correspondingly cancel a series of restrictive measures it has taken against China."
Later in the morning, the Commerce Department's personal income and outlays report for May is due out at 8:30 a.m. ET. Economists predict a 0.3% rise in personal income on the month, with personal consumption expenditures climbing 0.2%, according to Econoday.
Included in the report is the Fed's key measure of inflation: the core Personal Consumption Expenditures price index. Economists expect inflation to tick up 0.1% for the month, with also an annual increase of 2.6%, according to Econoday.
The core index makes it easier to see the underlying inflation trend by excluding two categories — food and energy — where prices tend to swing up and down more dramatically and more often than other prices. The Federal Reserve closely watches the PCE price index in order to conduct monetary policy.
Nvidia And Microsoft Battle For Supremacy In This Arena
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