(Lance King/Getty Images)

Stocks reach new high

After months of tariff-induced volatility, the S&P 500 notched a new intraday record high.

6/27/25 8:32AM

The S&P 500 opened at a new intraday all-time high Friday for the first time since February 19, a fresh bullish milestone after a breakdown in momentum stocks and the president’s drumbeat on tariffs had pushed the blue chips to the brink of a bear market earlier this year.

On April 2, President Donald Trump announced major new tariffs on, effectively, the entire world. The market plunged the day after this so-called Liberation Day announcement, enduring its worst session since Covid hit.

The sell-off scraped bottom on April 8, with the S&P 500 closing down 18.9% from its February 19, 2025 high-water mark. (A bear market is declared on a 20% drop.)

Perhaps not unrelatedly, the next day, the Trump administration suddenly backed off on the tariffs, announcing a 90-day delay, prompting a 9.5% relief rally that was the market’s biggest daily gain since the pandemic.

With that, the bottom was in, as companies thought to be most exposed to the tariffs — particularly tech companies with exposure to China — rocketing off the lows.

Tech hardware companies Seagate Technologies and Western Digital are both up some 100% since that April 8 low, and semiconductor makers Micron and Microchip Technologies are up almost as much. Large cap tech stocks Oracle (up about 70%) and Palantir (about 80%) also contributed to the market-cap weighted index’s gains. Megacap tech is the biggest driver of the recovery: Nvidia rose about 60% and Microsoft hit a new all-time high last week, creating more than $2 trillion worth of market value.

Toby Bochan, Luke Kawa

Market Wrap

US stocks close at record highs on US-China trade truce optimism

The S&P 500, Nasdaq 100, and Russell 2000 all started off the week with record highs ahead of a big earnings week, with five of the members of the Magnificent 7 reporting.

Max Knoblauch3h

Bullish options flows boost Rivian

EV maker Rivian is up nearly 5% on Monday afternoon as bullish options flows lift the stock ahead of its third-quarter earnings, set to drop next week.

According to Bloomberg, Rivian call options traded outnumber put options more than five to one, for a put/call ratio of less than 0.2 as of 2:38 p.m. ET. That’s significantly less than the 20-day put/call average of 0.4. More than 116,000 call options have changed hands, more than 60% above the full-day average over the past 20 days.

Rivian’s upcoming earnings will measure the automaker’s sales ahead of the expiration of the $7,500 EV tax credit. Since September, Rivian has performed two rounds of layoffs as it seeks to cut costs amid the end of regulatory credits and ahead of next year’s lower-cost SUV launch.

Matt Phillips4h

Palantir inks defense deal with Poland, touches new intraday high

Palantir Technologies touched a new intraday high of $192.83 early Monday, as the company rode the China trade truce rally in AI tech stocks and retail favorites.

Palantir also signed a new deal to supply the government of Poland with data, AI, and cybersecurity software, according to Bloomberg.

Polish Minister of Defense Wladyslaw Kosiniak-Kamysz and Palantir CEO Alex Karp signed the letter of intent on the deal, about which few details were released. Polish officials did signal that they were interested in Palantir software systems for “battlefield management” and logistics. Up more than 150% this year, Palantir reports Q3 earnings on November 3.

Poland Signs Palantir, Anduril Deals Amid Record Army Spending

J. Edward Moreno5h

Intellia tanks as it pauses late-stage CRISPR gene-editing trials after one patient was hospitalized

Intellia dropped sharply on Monday after it announced that it’s pausing two late-stage CRISPR gene-editing trials because one patient was hospitalized with liver damage.

Intellia had also disclosed in May that a patient had experienced elevated liver enzymes. The news is a major setback for the company, which currently has no products on the market and is working on a one-time treatment for heart and nerve conditions.

The news dragged down other companies working on CRISPR treatments, including Beam Therapeutics Inc, Crispr Therapeutics, Editas Medicine, and Prime Medicine.

Luke Kawa6h

Gold craters as retail traders pull money from commodity ETFs

As its fierce rally begins to fade, it looks like retail traders are waving au revoir to gold.

JPMorgan strategist Arun Jain noted that retail traders have pulled about $120 million from commodity ETFs as of 11 a.m. ET on Monday, a level that stands in the 0.4th percentile relative to its one-year average. The SPDR Gold Shares ETF is down 2.8% as of 11:53 a.m. ET after suffering its worst loss since April 2013 last Tuesday. That day, retail had pulled just $50 million from commodity ETFs by 11 a.m.

The five-session average daily flows into the product hit an all-time high of nearly $1.1 billion last Monday as gold and silver had effectively become the new meme stocks, displaying strong momentum and heavy options activity.