Stocks close the day flat but S&P 500 notches its best month since 2023
Stocks were mixed Friday after President Donald Trump accused China of violating its preliminary trade agreement, rekindling fears of a prolonged trade war.
The S&P 500 closed flat, the Nasdaq fell 0.32%, and the Russell 2000 was down 0.41%. Still, all three indexes ended May firmly in the green, with the Nasdaq and the S&P 500 logging their best month since 2023. It was also the S&P 500’s best May since 1990.
Consumer staples led sector gains, driven by Ulta Beauty, which surged nearly 12% after posting blowout Q1 results and raising its full-year outlook. Discount retailer Costco also jumped 3% after reporting solid earnings.
Gap shares plunged 20% after the Y2K-era retailer beat on Q1 earnings but warned that new tariffs could take a $150 million bite out of its bottom line.
Canadian cannabis company Canopy Growth sank over 23% after posting disappointing top- and bottom-line results, citing sluggish growth domestically.
EV names Lucid and Rivian dropped 7% and 3%, respectively, as Trump’s proposed “big beautiful bill” threatened to slash EV subsidies, tax credits, and charger network funding.
Drugmakers Regeneron and Sanofi also dipped after seeing mixed results from key trials of their experimental “smoker’s lung” treatment.
