Live Nasdaq Composite: Markets Clinch Record Highs on China Tariff Closure
Live Updates Live Coverage Updates appear automatically as they are published. Bearish on Banks 10:07 am by Gerelyn Terzo 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 […] The post Live Nasdaq Composite: Markets Clinch Record Highs on China Tariff Closure appeared first on 24/7 Wall St..
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Bearish on Banks
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%.
This article will be updated throughout the day, so check back often for more daily updates.
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) 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%)
Market Movers
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.
The post Live Nasdaq Composite: Markets Clinch Record Highs on China Tariff Closure appeared first on 24/7 Wall St..
