Markets
Nia Warfield, Luke Kawa

S&P 500 slumps into the close for first three-day losing streak since reciprocal tariff announcement

US stocks stumbled into the close, unable to hold onto solid daily gains and ending virtually unchanged.

The S&P 500 and Russell 2000 finished the session marginally in the red, while the Nasdaq 100 mustered a 0.2% advance. It’s the first three-day losing streak for the benchmark US stock index since the S&P 500 fell four days in a row following the unveiling of reciprocal tariffs on April 2.

Utilities were far and away the worst-performing S&P 500 sector ETF; consumer discretionary and tech were the only ones that advanced.

Key S&P 500 gainers included Coinbase, United Airlines, and Moderna. Renewable stocks Enphase and NextEra led the day’s losses after President Trump’s tax-and-spending bill cleared the House, putting clean energy tax benefits at risk. Elsewhere…

Advance Auto Parts surged 58%, erasing its year-to-date losses after the retailer reaffirmed its full-year guidance, despite the 25% auto parts tariff that went into effect earlier this month.

Urban Outfitters shares popped nearly 23%, hitting a fresh all-time high after the trendy retailer posted record Q1 earnings results and strong sales across all its banner brands.

Peloton shares jumped nearly 12% Thursday after the fitness tech company saw more bullish options activity than a full-day total for 90% of sessions this year.

Nike shares jumped over 2% after news broke that the sneaker and apparel retailer plans to push price hikes into effect by June 1.

Palantir also rose after its Department of Defense contract was upsized by $800 million.

Hims & Hers sank nearly 8% after rival pharmacy benefit manager Cigna said it would cap copays for its popular GLP-1 weight-loss drugs at $200.

Quantum stocks had a massive session, with IonQ, D-Wave, and Rigetti Computing all up more than 20% and Quantum Computing up double digits as the cohort fully erased losses suffered in early January when Nvidia CEO Jensen Huang said it would likely be decades before the technology would be “very useful.”

Navitas Semiconductor more than doubled on the day after announcing a collaboration with Nvidia on data center infrastructure.

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Toby Bochan
Market wrap
7h
Markets close out 2025’s last full week of trading on a cheerful note

Stocks rallied for the second day in a row, with the S&P 500, Nasdaq 100, and Russell 2000 all closing higher, giving traders the early Christmas gift they desired.

Man is happy about his saw
markets
Nate Becker

Health insurance stocks lose steam as Trump says he’ll lobby insurers for lower prices

Shares of health insurance companies dropped Friday afternoon, as President Trump said he would ask insurers to meet with him in the coming weeks to seek lower prices.

Stocks including Humana, UnitedHealthcare, Cigna, CVS Health, and Elevance Health all either pared gains or went further into the red after Trump’s remarks, which came at the end of a press event to announce pricing deals with nine drugmakers.

“I’m going to call a meeting of the big insurance companies that have gotten so rich,” Trump said, noting that he would lobby them for lower prices.

“I would say that maybe with one talk, they would be willing to cut their prices by 50, 60, or 70%. They’ve made a fortune.”

markets
Max Knoblauch

Rivian’s surge continues as stock reaches highest level since December 2023 on analyst upgrades

Shares of EV maker Rivian are on pace to close up double digits for the second day in a row on Friday as bullish investors pour into the stock following analyst upgrades.

Rivian shares were up more than 10% on Friday afternoon, with the stock climbing to its highest level since December 2023.

Webush’s Dan Ives boosted his Rivian price target by 56% to $25 in a note on Friday morning. The analyst wrote that 2026 is a “prove-me” year for the automaker, with its lower-cost R2 model set to launch in the first half.

Ives’s note follows a separate optimistic bit of analysis from Baird, which also boosted its Rivian price target to $25 in a note on Thursday.

If today's gains hold, Friday will mark the third day of double-digit gains for Rivian in the past six trading days. An “AI Day” event that saw the automaker detail autonomous updates and tease a robotaxi plan started the recent run.

markets
Luke Kawa

The neoclouds are shooting back up into the stratosphere

Investors’ faith in tech CEOs’ pursuit of digital God has seemingly been restored for now, sparking an intense rally in the speculative AI players that had been in full-on meltdown mode over concerns that the boom had passed its best-before date.

The data center companies colloquially known as the “neoclouds” — CoreWeave, Nebius, IREN, and Cipher Mining — are up more than double digits over the past two sessions, as of 10:40 a.m. ET.

The past 48 hours have brought a steady drumbeat of positive news for the AI theme.

CoreWeave received a vote of confidence from Wall Street as Citi resumed coverage with a buy rating and price target of $135. Oracle, the epicenter of AI credit concerns, has seen a reversal in its fortunes as it nears an acquisition of TikTok’s US operations. And OpenAI’s fundraising efforts appear be going so well that its reported valuation has gone up in back-to-back days.

Before that, Micron’s earnings reaffirmed the intense demand for AI compute, which continues to outstrip supply — a positive sign for the neoclouds. The macro backdrop is also turning perhaps a bit more in favor of lower interest rates, as CPI inflation came in well below expectations.

Snoop Dogg Performs At OVO Hydro Glasgow

Marijuana rescheduling could mean more investment in US weed stocks. There aren’t many ways in.

“Yes, institutional capital will go into the underlying names. The question is: How fast?" one weed company chairman said.

J. Edward Moreno12h

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