Dow Jones - 43,819.27 (+1.00%) 

Nasdaq - 20,273.46 (+0.52%)

S&P 500 - 6,173.07 (+0.52%) 

• A new S&P 500 record. U.S. stocks ended the day in the green, with the S&P 500 reaching a fresh record and rising 23% since its April 8 low. The three major U.S. stock indexes climbed roughly 4% for the week, lifted by declining oil prices and easing trade tensions that improved investor sentiment. On Friday, the S&P 500 surpassed the record it set four months ago, while the Nasdaq broke past its previous high from last December. The Dow, however, remained about 3% below its all-time peak.
• No to Canada. President Trump announced he is ending trade talks with Canada due to its digital services tax.
• Rate cut desires. President Donald Trump expressed his desire for interest rates to be cut to 1% and said he would welcome Federal Reserve Chair Powell’s resignation. As of early Friday, the CME FedWatch Tool indicated a 22% chance of a July interest rate cut, while markets currently price in a 92% likelihood of at least one cut by September.
• Trade update. U.S. Commerce Secretary Lutnick announced that 10 additional trade agreements are nearing completion, though specific details have not yet been released.
• Changes to the Big Beautiful Tax Bill. The U.S. will remove the proposed Section 899 “revenge tax” from its tax legislation following G7 support for exemptions that protect American companies from certain foreign taxes.
• Internation markets are seeing gains. South Korean stocks have surged 37% year-to-date, German stocks are up 28%, Mexican stocks have risen 27%, and Hong Kong shares have gained 20%. Overall, foreign stocks are up about 15%.
• AI spending to grow. JPMorgan analysts, referencing a survey of 168 chief information officers, reported that spending on artificial intelligence is expected to grow substantially over the next three years.
• Economic data. Consumer sentiment has improved slightly, according to the University of Michigan’s latest survey, which showed a final June reading of 60.7—up from a preliminary 60.5 and May’s 52.2. Inflation expectations for the next 12 months fell to 5.0% from 6.6% last month.
• The dollar fell. The U.S. Dollar Index dropped to a new three-year low this past week.
• Xiaomi sees record highs. Shares surged to all-time highs after debuting a $35,000 electric SUV aimed directly at Tesla’s Model Y in China.
• Nike gains. The retailer soared following its latest earnings report.
• DeepSeek warning. Apple and other major tech firms received warnings over the Chinese AI app DeepSeek.
• Oil prices edged up slightly on Friday. Prices recovered from a midday drop into negative territory following a report that OPEC+ was planning to hike production in August, but tumbled about 12% in the week in their biggest drop since March 2023. Brent crude futures settled at $67.77 a barrel.
• Bitcoin settled around $107,000.
• Ripple coin saw gains. Ripple's CEO says the company will drop cross appeal against the US SEC in crypto lawsuit.
• Spot gold eased. Spot gold eased 1.5% to $3,277.17 per ounce by 0200 p.m. EDT (1800 GMT), after dropping 2% to its lowest level since May 29.
• GDP contracted. It contracted at a 0.5% annual rate versus an earlier estimate of a 0.2% contraction. It’s the first negative GDP reading since the first quarter of 2022. 
• Consumer sentiment has revived modestly. According to a new University of Michigan survey. A final reading for June came in at 60.7. That compared to a preliminary reading of 60.5, and is up from 52.2 in May. Consumers expect 5.0% inflation in the next 12 months, down from 6.6% a month ago.
• Nvidia is approaching a historic milestone. The chipmaker is potentially becoming the first company to hit a $4 trillion market valuation.
• Palantir shares dropped more than 5% on Friday. President Trump declared at the NATO Summit that the Middle East conflict is “over” for now.
• Uber and Lyft each declined over 2%. Canaccord Genuity downgraded both stocks from Buy to Hold. The shift followed analyst George Gianarikas assuming coverage on Thursday.
• Core Scientific rallied. Shares went up 7.3% after The Wall Street Journal reported that CoreWeave (CRWV) is in acquisition talks with the digital infrastructure firm. The stock added to a 33% gain from the previous day, while CoreWeave rose another 2%.
• Amazon advanced 1.3% in premarket trading. BNP Paribas Exane upgraded the stock to Outperform from Neutral.
• Boeing rose 1.2% early Friday. The plane maker got an upgrade to Buy from Neutral by Rothschild & Co Redburn, which cited signs of operational improvement.
• Circle Internet Group extended its upward momentum. Investor enthusiasm around stablecoins continued.
• Alcoa and Cleveland-Cliffs both added over 0.5% before the open on Friday. The gains built on Thursday’s gains amid optimism for durable goods demand.
• Newmont fell. The mining giant went lower 2.3% on Friday as gold prices pulled back.

• Tesla (TSLA)
• Nvidia (NVDA)
• Nike (NKE)
• Circle (CRCL)
• Amazon (AMZN)

Biggest Gainers

• NIKE, Inc. (NKE) - 15.19%
• EchoStar Corp. (SATS) - 13.16%
• Kratos Defense & Security (KTOS) - 10.91%
• Snap, Inc. (SNAP) - 7.13%
• James Hardie Industries (JHX) - 7.06%

Biggest Losers

• QuantumScape Corp. (QS) - 13.46%
• Nektar Therapeutics (NKTR) - 13.21%
• Newegg Commerce, Inc. (NEGG) - 10.98%
• Palantir Technologies, Inc. (PLTR) - 10.64%
• MP Materials Corp. (MP) - 8.59%

Weekly Notables

Nike Gains on Turnaround Plan Progress

Nike shares surged 17% on Friday after the company reassured investors that the heaviest financial toll from its turnaround plan is now behind it, bolstering confidence that a recovery may be on the horizon.

Wall Street responded positively, with several firms—including HSBC—issuing upbeat commentary following Nike’s fiscal fourth-quarter earnings. Some analysts pointed to early signs of progress in the company’s key strategic initiatives.

Xiaomi Unveils New SUV that Threatens Tesla in China

In the latest move amid a deepening EV price war, Chinese tech giant Xiaomi unveiled its luxury electric SUV—the YU7—at a price lower than Tesla’s Model Y, igniting a strong market reaction and overwhelming customer response. Hong Kong-listed Xiaomi shares surged more than 5% to reach an all-time high on Friday, just a day after the YU7's debut.

The company’s new YU7 SUV will start at 253,500 yuan ($35,322), CEO Lei Jun announced Thursday, noting it is “10,000 yuan cheaper than Tesla’s Model Y,” which begins at 263,500 yuan in China. Xiaomi said the vehicle racked up more than 200,000 orders within the first three minutes of its launch.

The Week Ahead

• Potential market moving catalysts this week: Monday (6/30): Chicago Purchasing Managers' Index (PMI). Tuesday (7/1): Construction Spending, ISM Manufacturing Index. Wednesday (7/2): ADP Employment Change, EIA Crude Oil Inventories, MBA Mortgage Applications Index. Thursday (7/3): Nonfarm Payrolls, Unemployment Rate, Average Workweek, Average Hourly Earnings, Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Factory Orders, Trade Balance. Friday (7/4): -no reports.
• Earnings on deck this week: Monday (6/30): Progress Software Corp. (PRGS), Barnes & Noble Education Inc. (BNED), Petmed Express Inc. (PETS). Tuesday (7/1): MSC Industries Direct Co. (MSM), Constellation Brands Inc. (STZ), Greenbrier Companies Inc. (GBX). Wednesday (7/2): UniFirst Corp. (UNF), Radius Recycling Inc. (RDUS), Franklin Covey Co. (FC). Thursday (7/3): -no reports. Friday (7/4): -no reports.