Source: Sharecast
At the close, the Dow Jones Industrial Average was up 1.0% at 43,819.27, while the S&P 500 and the Nasdaq Composite advanced 0.52% to 6,173.07 and 20,273.46, respectively.
The Dow closed 432.43 points higher on Friday, while the S&P 500 and Nasdaq both surpassed their previous record highs as major indices finally bounced back from Donald Trump's "Liberation Day" tariff-fueled losses.
Sentiment got a boost after Donald Trump said a "very big" deal had been done with China, but did not provide any details, and added that there could be a separate agreement soon that would "open up" India. A White House official also said on Thursday that Washington and Beijing had reached an agreement on "how we can implement expediting rare earths shipments to the US again". However, stocks pulled back from session highs after Trump said that he was abandoning trade talks with Canada.
Traders also digested personal income and spending growth figures that undershot economists' forecasts in May, as well as a slightly stronger-than-expected reading on inflation. According to the Department of Commerce, in seasonally adjusted terms, personal incomes and spending fell by 0.4% and 0.1% month-on-month, respectively. Consensus had been for increases of 0.3% and 0.1%. The headline PCE price deflator was 0.1% higher over the month and ahead by 2.3% in annual terms, both as expected. However, core PCE prices, the Fed's preferred inflation gauge, were up 0.2% month-on-month and 2.7% year-on-year.
Elsewhere, consumer confidence popped higher in June, according to the University of Michigan's consumer confidence index, which jumped from a reading of 52.2 in May to 60.7 for June, led by an improvement in a gauge for consumer expectations from 47.9 to 58.1. Inflation expectations one year ahead fell from 6.6% to 5.0%.
"Consumers’ fears about the potential impact of tariffs on future inflation softened somewhat in June," said survey director Joanne Hsu. "Still, inflation expectations remain above readings seen throughout the second half of 2024, reflecting widespread beliefs that risks to inflation have not fully abated."
In the corporate space, Nike posted better-than-feared Q4 earnings and revenue overnight but warned that Donald Trump's so-called "reciprocal" tariffs would cost it roughly $1.0bn this year, before price increases and supply chain shifts.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Nike Inc. (NKE) $72.04 15.19%
Boeing Co. (BA) $214.55 5.91%
Unitedhealth Group Inc. (UNH) $309.11 2.14%
McDonald's Corp. (MCD) $291.55 2.07%
American Express Co. (AXP) $317.19 1.85%
Home Depot Inc. (HD) $368.74 1.44%
Walmart Inc. (WMT) $97.27 1.30%
Coca-Cola Co. (KO) $70.33 1.24%
Salesforce.Com Inc. (CRM) $273.42 0.99%
3M Co. (MMM) $152.02 0.84%
Dow Jones - Fallers
Amgen Inc. (AMGN) $277.13 -1.44%
International Business Machines Corporation (CDI) (IBM) $289.70 -0.76%
JP Morgan Chase & Co. (JPM) $287.11 -0.57%
Dow Chemical Co. (DOW) $27.00 -0.55%
Apple Inc. (AAPL) $201.08 -0.54%
Chevron Corp. (CVX) $143.79 -0.45%
Dowdupont Inc. (DWDP) $0.00 0.00%
Travelers Company Inc. (TRV) $263.31 0.14%
Microsoft Corp. (MSFT) $495.94 0.17%
Cisco Systems Inc. (CSCO) $68.65 0.22%
S&P 500 - Risers
Nike Inc. (NKE) $72.04 15.19%
TripAdvisor Inc. (TRIP) $13.06 5.92%
Boeing Co. (BA) $214.55 5.91%
Royal Caribbean Cr (RCL) $309.51 4.60%
Amazon.Com Inc. (AMZN) $223.30 4.59%
Gilead Sciences Inc. (GILD) $110.67 4.21%
Carnival Corp. (CCL) $27.26 4.17%
CH Robinson Worldwide Inc (CHRW) $96.62 4.13%
Alphabet Inc. Class A (GOOGL) $178.53 3.89%
Norwegian Cruise Line Holdings Ltd (NCLH) $20.18 3.70%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $25.76 -20.15%
Newmont Corporation (NEM) $56.76 -4.11%
Incyte Corp. (INCY) $68.38 -3.65%
Eli Lilly and Company (LLY) $775.45 -2.47%
AbbVie Inc (ABBV) $182.31 -2.40%
Micron Technology Inc. (MU) $124.76 -2.29%
Archer-Daniels-Midland Co. (ADM) $51.98 -2.24%
Tractor Supply Company (TSCO) $51.71 -2.23%
Arista Networks Inc. (ANET) $99.39 -2.17%
National Oilwell Varco Inc. (NOV) $12.73 -2.08%
Nasdaq 100 - Risers
Amazon.Com Inc. (AMZN) $223.30 4.59%
Gilead Sciences Inc. (GILD) $110.67 4.21%
Alphabet Inc. Class A (GOOGL) $178.53 3.89%
Paychex Inc. (PAYX) $143.94 3.68%
Alphabet Inc. Class C (GOOG) $178.27 3.20%
Netflix Inc. (NFLX) $1,323.12 3.17%
Synopsys Inc. (SNPS) $502.63 3.04%
Booking Holdings Inc. (BKNG) $5,693.13 2.67%
Meta Platforms Inc. (META) $733.63 2.60%
Fastenal Co. (FAST) $41.97 2.47%
Nasdaq 100 - Fallers
Incyte Corp. (INCY) $68.38 -3.65%
Qvc Group Inc Series A (QVCGA) $2.69 -2.54%
Micron Technology Inc. (MU) $124.76 -2.29%
Tesla Inc (TSLA) $323.63 -2.01%
Biogen Inc (BIIB) $126.08 -1.91%
Kraft Heinz Co. (KHC) $25.61 -1.80%
Microchip Technology Inc. (MCHP) $70.49 -1.44%
Amgen Inc. (AMGN) $277.13 -1.44%
Monster Beverage Corp (MNST) $61.71 -1.33%
Baidu Inc. (BIDU) $86.13 -1.01%