Wall Street extended its rally on Friday, sending S&P 500 and Nasdaq to all-time closing highs as trade deal hopes fueled investor risk appetite and economic data helped solidify expectations for rate cuts from the U.S. Federal Reserve.

Market Snapshot

The Dow Jones Industrial Average rose 432.43 points, or 1.00%, to 43,819.27, the S&P 500 gained 32.05 points, or 0.52%, to 6,173.07 and the Nasdaq Composite gained 105.55 points, or 0.52%, to 20,273.46.

Market Movers

Nike - Nike surged 15.2%. The sneaker maker reported fiscal fourth-quarter earnings that beat analysts' estimates but fell sharply from a year earlier. While sales fell 12% to $11.1 billion, the figure topped expectations of $10.7 billion. "While our financial results are in-line with our expectations, they are not where we want them to be," said Elliott Hill, Nike's new CEO. He asserted that the athletic apparel company "expects to improve as a result of the progress" it has been making under its turnaround strategy. Nike said it anticipates first-quarter revenue to decline in the mid-single digits year over year, a stark improvement from the fourth quarter's sales decline, and a better than the 7% drop analysts had been expecting.

Nvidia - Nvidia rose 1.8%. The maker of artificial-intelligence chips held onto its title as the largest company in the U.S. by market capitalization on Thursday, closing at a record $155.02, up 0.5%, and with a value of $3.782 trillion.

Coinbase - Coinbase also notched an all-time closing high on Thursday, rising 5.5% to $375.07 but shares of the cryptocurrency exchange tumbled 5.8% on Friday. The stock has gained 42% in 2025.

Circle - Circle shares plunged 15.5% on Friday. The shares snak 24.9% this week. The company, which went public earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. After an incredible post-IPO run, the company's stock retreated this week as investors grew wary of its valuation.

Palantir - Palantir sank 9.4%. Shares of the data analytics company finished Thursday with a gain of 0.9% and notched an all-time closing high of $144.25. Palantir has soared 73% this year, riding a frenzy of investing in the artificial-intelligence space.

Boeing - Boeing rose 5.9% to $214.55. Analyst Olivier Brochet of Rothschild & Co Redburn said in a research note that positive changes at the aerospace giant were beginning to bear fruit. Brochet upgraded Boeing to Buy from Neutral and raised his price target to $275 from $180.

Tesla - Tesla was down 0.7%. The Wall Street Journal reported that Omead Afshar, a top lieutenant to CEO Elon Musk who just last year was placed in charge of sales and manufacturing operations in North America and Europe, had exited the electric-vehicle company. Falling sales in several markets, particularly in Europe and China, have weighed on Tesla shares.

Li Auto - U.S.-listed shares of Li Auto fell 1.9% after the Chinese EV maker lowered its second-quarter deliveries forecast to 108,000 vehicles from a prior outlook of 123,000 to 128,000 vehicles.

Core Scientific, CoreWeave - Shares of Core Scientific climbed 1.8% higher. The stock surged 33% on Thursday after The Wall Street Journal reported that CoreWeave was in talks to acquire the digital-infrastructure company, citing people familiar with the matter. CoreWeave tried unsuccessfully last year to buy Core Scientific. CoreWeave stock gained 1.2% on Friday.

Newmont - Newmont declined 4.1% as shares of the gold miner followed the price of gold lower on Friday. Gold futures fell 1.8%.

Market News

Trump Cuts off US Trade Talks with Canada, Shattering Optimism over Tariff Deals

U.S. President Donald Trump abruptly cut off trade talks with Canada on Friday over its tax targeting U.S. technology firms, saying that it was a "blatant attack" and that he would set a new tariff rate on Canadian goods within the next week.

The move plunges U.S.-Canada relations back into chaos after a period of relative calm that included a cordial G7 meeting in mid-June where Trump and Canadian Prime Minister Mark Carney agreed to wrap up a new economic agreement within 30 days.

It also came just hours after U.S. Treasury Secretary Scott Bessent struck an upbeat tone on trade, touting progress had been made with China on reviving the flow of critical minerals for the U.S. manufacturing sector and in other key tariff negotiations.

Trump Says He Wants Interest Rate Cut to 1%, Would "Love" If Powell Resigned

U.S. President Donald Trump said on Friday he would "love" if Federal Reserve Chair Jerome Powell were to resign, and the president also said he wanted interest rates cut to 1%.

"I'd love him to resign if he wanted to, he's done a lousy job," Trump said, also labeling the Fed chair as "stupid."

"I think we should be paying 1% right now, and we're paying more because we have a guy who suffers from, I think, Trump Derangement Syndrome," Trump added.