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President Trump abruptly shuttered trade talks with North American partner Canada. The markets are holding onto gains but have come off their best levels of the session. The S&P 500 is letting its record high escape, while the Nasdaq Composite is looking to close up 0.31% today.
At the current pace, the Nasdaq Composite is looking at a 4.3% gain for the week. With the broader market trading at all-time highs, a number of major stocks are trading at or near record-high levels, including Taiwan Semi (NYSE: TSM), up 1.75%, Microsoft (Nasdaq: MSFT), up 0.10% and Nvidia (Nasdaq: NVDA), up 1.4% today.
UBS senior fixed income strategist Frank Sileo is bullish on preferred securities, which blend features of both stocks and bonds. Sileo wrote: “For long-term investors, preferreds can provide high-quality, diverse, and durable portfolio income.” According to S&P Global, the majority of preferred securities are issued by banks.
The Nasdaq Composite is holding onto gains, up 0.46%.
Wall Street firm Baird is bearish on a couple of banks. The analyst firm warned that recent gains in financial stocks JPMorgan (NYSE: JPM) and Bank of America (NYSE: BAC) might soon be erased, owing to a questionable risk-reward future for both stocks. Baird handed both stocks downgrades, including JPM to an “underperform” and BAC to “neutral” with price targets of $235 and $52, respectively, attached.
The Nasdaq Composite is now up 0.34%.
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The broader markets have crossed over into record territory on Friday even in the face of economic uncertainty. The S&P 500 has pushed beyond the 6,147 level to 6,159 in early trading, a fresh all-time high. In fact, all three of the major stock market averages are advancing, including a 0.34% gain in the tech-heavy Nasdaq Composite and a fractional gain in the Dow Jones Industrial Average. Big Tech stocks are trading mixed, with notable gains in Apple (Nasdaq: AAPL | AAPL Price Prediction) and Amazon (Nasdaq: AMZN) of 1% and 1.8%, respectively.
President Trump has announced an agreement between the U.S. and China on trade. According to Treasury Secretary Scott Bessent, the U.S. tariffs on China are 30% compared with Beijing’s 10% on the U.S. On the economic data front, the May personal consumption expenditures price index rose by 0.1% last month, resulting in an annual inflation rate of 2.3%. Core inflation, which excludes food and energy costs, increased to 2.7%, higher than the Federal Reserve had anticipated.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 314.99 (+0.73%)
Nasdaq Composite: Up 108.50 (+0.56%)
S&P 500: Up 33.86 (+0.56%)
Nike (NYSE: NKE) is tacking on 15.4% today after its quarterly results beat estimates on both the top and bottom lines. Nike expects a tariff impact of a hefty $1 billion in the current fiscal year, but Wall Street is seeing the glass half full.
MP Materials (NYSE: MP) is falling 6.3% today on profit taking after a recent rally.
Meta Platforms (Nasdaq: META) is up 0.89% today despite some regulatory headwinds originating from the EU. Meta paid its latest quarterly dividend yesterday, bringing Mark Zuckerberg’s total META dividend tally to a reported $1 billion-plus.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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