Market Snapshot for Friday 6-27-2025
Dow Jones – 43,819.27 (+1.00%)
NASDAQ – 20,273.46 (+0.52%)
S&P 500 – 6,173.07 (+0.52%)
Market Performance
U.S. stocks posted modest gains, with the S&P 500 closing at fresh record highs—now up 23% from its April 8 low. The Nasdaq Composite also notched a record high. Meanwhile, the Dow Jones Industrial Average gained 1%, or about 400 points. The ongoing rally has been supported by optimism around trade negotiations, strong corporate earnings, expectations of lower interest rates, and a reduction in geopolitical tensions. These tailwinds have helped markets bounce back fully after flirting with bear market territory earlier this year.
While news of President Trump ending trade discussions with Canada over its digital services tax caused some intraday volatility, it failed to derail the market’s upward trajectory. The first payment for Canada’s digital tax is due Monday and covers revenue retroactively to 2022.
Economic Takeaways –
- President Donald Trump said he wants rates cut to 1%$ and would love if Powell resigned.
- S. Commerce Secretary Lutnick announced that 10 additional trade agreements are nearing finalization, though specific details have yet to be disclosed.
- The U.S. will drop the proposed Section 899 “revenge tax” from its tax legislation following G7 backing for exemptions that shield American companies from certain foreign levies.
- International market gains: South Korean stocks also hit new highs recently, up 37% so far this year. German stocks are up 28%. Mexican stocks, up 27%. The gain in Hong Kong is 20%. All foreign stocks combined are up about 15%.
- JPMorgan analysts, citing a survey of 168 chief information officers, said in a report that spending on artificial intelligence is expected to see significant growth over the next three years.
- 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.
- The U.S. Dollar Index hit a new three-year low below 98 yesterday.
- As of early Friday, the CME FedWatch Tool showed a 22% probability of a July interest rate cut, while markets priced in a 92% chance of at least one cut by September.
Gold –
- 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.
Oil –
- Oil prices edged up slightly on Friday, recovering 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.
Crypto –
- The price of Bitcoin settled around $107,000.
- Ripple’s CEO says the company will drop cross appeal against the US SEC in crypto lawsuit.
President Trump Halts Trade Talks with Canada
President Donald Trump announced he is halting all trade talks with Canada in response to the country’s digital services tax and warned that a new tariff rate could be imposed within the next week.
“Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” Trump posted Friday on social media.
Speaking on CNBC, Treasury Secretary Scott Bessent said he anticipates the administration will initiate a Section 301 investigation into Canada — a process previously used against countries like China that could result in increased import duties.
Canada and the U.S. share one of the world’s largest bilateral trade relationships, exchanging more than $900 billion in goods and services last year. However, tensions have grown since Trump’s election victory. The president has floated 25% tariffs on Canadian imports and has even suggested the country should become the 51st U.S. state. Since taking office, he has imposed tariffs on Canadian steel, aluminum, automobiles, and other products.
The escalating rhetoric has fueled consumer backlash, with many Canadians opting to boycott U.S. goods and avoid travel to American destinations.
Canadian Prime Minister Mark Carney briefly addressed the issue Friday, saying he had not spoken with Trump since the social media post.
“We’ll continue to conduct these complex negotiations in the best interests of Canadians,” he said.
The Canadian dollar fell more than 0.5% shortly after Trump’s post, though it later recovered. Canada’s main equity index dropped 0.2% by market close, with stocks tied to cross-border trade — including General Motors Co. and Canada Goose Holdings Inc. — also seeing losses.
While dozens of countries face a July 9 deadline for Trump’s broader tariff hikes to take effect, Canada and Mexico are on a separate track. The White House had previously imposed tariffs on its North American neighbors earlier this year, citing concerns over fentanyl trafficking and migration.
Last-Minute Changes Are Driving Up the Cost of Trump’s ‘Big, Beautiful Bill’
Key elements of President Trump’s “big, beautiful bill” have undergone significant revisions in recent days—and many of those changes appear to have one thing in common: they’re pushing the overall cost even higher.
While a full cost estimate won’t be available for several days, the trend suggests that the question is no longer if the projected $3 trillion-plus price tag will rise, but by how much.
The latest adjustments are coming from multiple fronts and for varying reasons—ranging from Senate parliamentarian rulings and incentives aimed at swaying reluctant lawmakers to modifications requested directly by the Trump administration.
Fed’s Preferred Inflation Measure Shows Price Growth Picked Up in May
The Federal Reserve’s go-to inflation gauge showed an uptick in price growth for May, keeping inflation above the central bank’s 2% target and reinforcing uncertainty around the timing of potential rate cuts.
The core Personal Consumption Expenditures (PCE) index—which excludes volatile food and energy prices and is closely monitored by the Fed—rose 2.7% year-over-year. That was slightly above economists’ expectations of 2.6% and higher than April’s revised 2.6% reading (originally reported as 2.5%).
Month-over-month, core prices climbed 0.2% in May, surpassing the 0.1% forecast and matching April’s increase.
Headline PCE, which includes all categories, rose 2.3% annually, up from 2.2% in April, signaling persistent inflationary pressures even as investors continue watching for clues on the Fed’s next move.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
- NIKE, Inc. (NKE) moved higher 15.19%
- EchoStar Corp. (SATS) soared by 13.16%
- Kratos Defense & Security (KTOS) exploded 10.91%
- Snap, Inc. (SNAP) surged 7.13%
- James Hardie Industries (JHX) rose 7.06%
- Powell Industries, Inc. (POWL) moved up 6.80%
- Iren Limited (IREN) rose 6.79%
- Hims & Hers Health, Inc. (HIMS) spiked 6.76%
- Peleton Interactive, Inc. (PTON) moved up 6.42%
- The Boeing Company (BA) surged 5.91%
Top Losers
The top US stock losers today, based on percentage change included:
- QuantumScape Corp. (QS) moved lower 13.46%
- Nektar Therapeutics (NKTR) moved down 13.21%
- Newegg Commerce, Inc. (NEGG) sank 10.98%
- Palantir Technologies, Inc. (PLTR) fell 10.64%
- MP Materials Corp. (MP) was down 8.59%
- Sibanye Stillwater Limited (SBSW) moved lower 7.15%
- Astera Labs, Inc. (ALAB) sank 7.08%
- Wingstop Inc. (WING) dragged 3.56%
- Hertz Global Holdings (HTZ) moved down 6.48%
- Pony AI, Inc. (PONY) slumped 6.31%
Notables
- CoA remarkable milestone is within Nvidia’s (NVDA) grasp: becoming the first company to reach $4 trillion.
- Palantir stock (PLTR) fell over 5% on Friday following President Trump’s statement at the NATO Summit that the conflict in the Middle East is “over” for now.
- Uber (UBER) and Lyft (LYFT) shares each dropped over 2% on Friday after Canaccord Genuity downgraded both ride-hailing companies to Hold from Buy. The move came as analyst George Gianarikas took over coverage of the stocks on Thursday.
- Xiaomi (1810.HK) shares rose 3.6% on Friday after the tech giant unveiled its new $35,000 electric SUV, a direct competitor to Tesla’s (TSLA) Model Y in the Chinese market.
- Core Scientific (CORZ) jumped 7.3% following a Wall Street Journal report that CoreWeave (CRWV) is in talks to acquire the digital infrastructure company. The rally builds on a 33% surge the previous day. CoreWeave shares rose another 2%.
- Amazon (AMZN) advanced 1.3% premarket after BNP Paribas Exane upgraded the stock to Outperform from Neutral.
- Boeing (BA) gained 1.2% early Friday after Rothschild & Co Redburn upgraded its rating to Buy from Neutral, citing signs of improving company health.
- Circle Internet Group (CRCL) extended its rally as investor excitement around stablecoins persisted.
- Steelmakers Alcoa (AA) and Cleveland-Cliffs (CLF) each rose over 0.5% before the bell, continuing Thursday’s strong performance amid hopes for durable goods demand. In contrast, gold miner Newmont (NEM) slid 2.3% as gold prices declined.
What to Watch Ahead
June 30: No major earnings or data expected.
July 1: May construction spending, June ISM Manufacturing, May Job Openings and Labor Turnover Survey (JOLTS), and expected earnings from Constellation Brands (STZ).
July 2: June Challenger job cuts report and ADP National Employment Report.
July 3: June nonfarm payrolls, June unemployment, June ISM Services, May factory orders.
July 4: Markets closed for Independence Day.
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