Traders work the floor of the New York Stock Exchange.
The S&P 500 ticked lower Friday{
S&P 500 finishes lower, Dow registers best week since May
The S&P 500 fell 0.16% to finish at 5,464.62, while the Nasdaq Composite dipped 0.18% to settle at 17,689.36. The Dow Jones Industrial Average edged up 15.57 points, or 0.04% to close at 39,150.33.
For the week, the broad index advanced 0.6%, while the Nasdaq finished flat. The Dow rose 1.45% for its best weekly performance since May.
— Samantha Subin
NvidiaThe broad market index fell 0.16% to finish at 5,464.62, while the Nasdaq Composite dipped 0.18% to settle at 17,689.36. The Dow Jones Industrial Average edged up 15.57 points, or 0.04% to close at 39,150.33.
Money Report
"Technology stocks continue to be in the spotlight," said Emily Roland, co-chief investment strategist at John Hancock Investment Management. "I can't remember a time when one single stock ... has been so influential on the market, and that's really been a key driver of the market action as of late."
Nvidia shares declined 3.2%. On Thursday, the stock hit an all-time high before closing more than 3% lower. Nonetheless, the chipmaker is still up 155% year to date, and it briefly beat Microsoft as the most valuable public company on Tuesday.
The S&P 500 notched an intraday record of 5,505.53 earlier in the week, and it registered a 0.6% weekly advance. The Nasdaq finished the week flat, while the Dow rose 1.45% for its best weekly performance since May.
Some signs of an overextended market have begun to appear in recent sessions, although it's unclear whether the artificial intelligence-fueled rally has reached its limits. Even Nvidia, which is large enough to sway the market, is showing signs that its upward momentum may be slowing.
"It's probably not a bad time to take some chips off the table," said Dave Grecsek, a managing director at Aspiriant. "We've had a magnificent run, and the market is looking a little extended."
The total U.S. market saw its highest trading volume since March 15, due to the triple witching — that is, the expiration of stock options, stock index options and stock index futures options.
That mid-March day happens to be the same date as the last triple witching.
S&P 500 finishes lower, Dow registers best week since May
The S&P 500 fell 0.16% to finish at 5,464.62, while the Nasdaq Composite dipped 0.18% to settle at 17,689.36. The Dow Jones Industrial Average edged up 15.57 points, or 0.04% to close at 39,150.33.
For the week, the broad index advanced 0.6%, while the Nasdaq finished flat. The Dow rose 1.45% for its best weekly performance since May.
— Samantha Subin
This week's biggest Dow winners
The Dow Jones Industrial Average is up 1.4% since the start of the week and headed for its best weekly performance since May.
Powering those gains in the 30-stock index is Salesforce, which is on pace to advance 5.3% for the week. Other significant winners include Amgen and Nike, both up nearly 4% since the start of the week. Cisco Systems has gained 4.4%.
UnitedHealth is the biggest weekly loser in the index, down nearly 3%.
— Samantha Subin
Nvidia poised to snap eight-week winning streak
Nvidia's troubles this week has put the artificial intelligence darling on track for its first losing week in nine.
The mega-cap technology stock has dropped more than 3% so far this week. That would end the eight-week positive streak notched by the chipmaker.
To be sure, this week's drawdown is a small bite in an otherwise monster rally. Nvidia shares are still higher by more than 16% on the month and 150% on the year.
— Alex Harring
Major gold ETF declines, heads for losing week
A major gold fund was wilting on Friday, putting it on track for a losing week.
The SPDR Gold Shares (GLD) was down 1.7% in afternoon trading at roughly $214.34 per share.
The fund entered the week at $215.73 per share, and closed as high as $224.56 per share in May.
— Jesse Pound
Energy leads weekly sector gains
The energy sector has jumped 2.3% this week, outperforming the broader market amidst a jump in gasoline consumption and oil prices. SLB, Baker Hughes and Targa Resources all gained more than 5%.
Consumer discretionary was the following best-performing sector of the week, rising 2%.
Utilities and real estate were the only negative sectors week-to-date, falling 0.6% and 0.7%, respectively.
— Hakyung Kim
Stocks making the biggest moves midday
Here are the stocks on the move midday:
Sarepta Therapeutics — Shares of the biopharma company surged 33% after the U.S. Food and Drug Administration approved the expanded use of the company's gene therapy, Elevidys, for Duchenne muscular dystrophy. The FDA granted traditional approval of the therapy for patients 4 years and older who are able to walk and an accelerated approval for those who can't.
Hertz Global — Shares rose more than 10% after the car rental giant upsized a bond offering to $1 billion. This comes after the company initially planned to raise $750 million as it looks to refresh its fleet of vehicles.
Asana — The stock popped 10.5% after the software firm announced a share buyback plan that would cost $150 million. Asana's share repurchase program is expected to wrap up on June 30, 2025.
Read the full list here.
— Sean Conlon
Regulators find fault with Citigroup's 'resolution' plan
Citigroup shares fell more than 1.5% Friday after regulators ruled that the megabank's "resolution" plan isn't up to bar.
In a joint review of the eight largest banks' plans to unwind should they fail or come under distress, the FDIC and the Federal Reserve differed on the severity of Citi's shortcomings. The FDIC said the plan "is not credible" while the Fed called a issues a "deficiency," which is a lower offense.
In the event of a disagreement, regulations call the issue a "shortcoming," or "a weakness that raises questions about the feasibility of the plan" that must be addressed by July 1, 2025. Citi also was found to have a shortcoming in 2021.
There were no other issues raised with other plans that submitted resolution plans.
—Jeff Cox
Bitcoin weakness signals S&P 500 summer correction, says Stifel's Bannister
Recent weakness in bitcoin could be signaling an upcoming correction in stocks, according to Stifel's chief equity analyst Barry Bannister.
"Weakening bitcoin … signals an imminent S&P 500 summer correction and consolidation phase," he said. "With the S&P 500 now at the very high end (2 sigma) of bitcoin post-peak cycle overlays since 2011, we have yet another strong signal that an imminent S&P 500 correction is possible."
Bitcoin reached its all-time high of $73,797.68 on March 14 before quickly correcting and it has struggled to hold the $70,000 mark since, barring a handful of blips. On Thursday, the S&P 500 briefly touched 5,500 for the first time ever after notching its most recent record close earlier in the week.
For more on what's behind this signal check out our full story on CNBC PRO.
— Tanaya Macheel
14 stocks in the S&P 500 hit new 52-week highs
14 stocks in the S&P 500 reached new 52-week highs during Friday's session.
Of these names, 10 tickers hit new all-time highs. Names that reached this milestone were:
- Colgate-Palmolive trading at all-time high levels back to its first listing on the NYSE in 1930, the company was founded in 1806
- Walmart Stores trading at all-time high levels back to when it first began trading on the NYSE in Aug, 1972
- Aflac Inc. trading at all-time high levels back through our history in 1973
- Arthur J Gallagher trading at all-time high levels back to its IPO in June, 1984
- Ameriprise Financial trading at all-time highs back to its IPO in Oct, 2005
- McKesson trading all-time highs back through our history to 1983
- Regeneron Pharma trading at all-time highs back to its IPO in Apr, 1991
- Motorola Solutions trading at all-time highs back to its when it began trading as a separate entity post the Motorola Mobility split
- Ecolab trading at all-time highs back to its IPO in 1957
On the other hand, Albemarle was the only stock trading at its 52-week lows.
— Lisa Kailai Han, Christopher Hayes
Nvidia forms ‘bearish engulfing’ chart pattern
Nvidia's Thursday sell-off helped form a "bearish engulfing" pattern that often signals that the prior upward momentum is waning.
The chart pattern occurs during a rally when a large down candle follows a series of up candles. The downside candlestick is also larger than the upside ones preceding it. A candle represents the difference between the opening and closing price.
"A one-day reversal to create a bearish engulfing pattern is typically important for the near-term to suggest that a turning point might be near," Mark Newton, head of technical strategy at Fundstrat, said in a note.
Read more about it here.
— Yun Li
Sales prices for existing homes hits new record
Home prices hit a new record in May, but sales were a little better than expected, the National Association of Realtors reported Friday.
The median sales price for existing homes hit $419,300 for the month, up 5.8% from a year ago, with the record marking the 11th straight month of year-over-year gains.
At the same time, sales totaled a seasonally adjusted 4.11 million, down 0.7% but better than the 4.08 million Dow Jones consensus estimate. Unsold inventory expanded by 6.7% from April and stood at the equivalent of 3.7 months of supply, or 1.28 million.
— Jeff Cox
Services PMI reading its highest level in more than two years
U.S. service sector activity hit its highest level in 26 months during June while the manufacturing picture improved as well, according to S&P Global "flash" readings released Friday.
The flash services activity index hit a level of 55.1, its highest since the spring of 2022 and its 17th straight month of growth, according to the survey of purchasing managers. That was up from 54.8 in May and better than the 54 estimate from Dow Jones.
On the manufacturing side, the PMI flash reading came in at 51.7, a three-month high and 0.4 points better than May. Economists surveyed by Dow Jones had been looking for 51 from the index that measures the share of managers who report expansion in activity.
— Jeff Cox
S&P 500 opens slightly lower
The S&P 500 opened 0.15% lower Friday, along with the Nasdaq Composite. The Dow Jones Industrial Average added 12 points.
— Samantha Subin
Stocks making the biggest moves before the bell: Gilead Sciences, Nike and more
These are the stocks moving the most in premarket trading:
- Nike — The athletic clothing maker moved 1% higher following an upgrade at Oppenheimer to outperform from market perform.
- Gilead Sciences — The pharmaceutical stock rose more than 2.6%, building on a rally of 8.5% from the previous session.
- Sarepta Therapeutics — The biopharma stock soared 37% after the U.S. Food and Drug Administration granted approval for Sarepta's Elevidys gene therapy, which would treat patients with Duchenne muscular dystrophy.
Read the full list of stocks moving here.
— Lisa Kailai Han
Options expiration 'triple witching' and index rebalancing could create volatility Friday
Some mechanical deadlines in the stock market could give Friday's trading an extra jolt of volatility.
June 21 is this quarter's so-called "triple witching," when stock futures and index options contracts expire on the same day as many highly traded individual stock options.
Triple witching can sometimes lead to abnormally high volatility as traders try to close out their options positions.
Friday is also the final day before the rebalance of many indexes followed by major funds takes effect. That includes CrowdStrike joining the S&P 500, and a big shift in the weights of Nvidia and Apple in the Technology Select Sector Index. One ETF will need to acquire more than $10 billion worth of Nvidia to align with the new index weights.
— Jesse Pound
Sarepta surges after gene therapy approval
Shares of Sarepta Therapeutics popped 33% after the Food and Drug Administration approved more use of the company's gene therapy against Duchenne muscular dystrophy.
— Fred Imbert
Stocks head for winning week
With just Friday's session left in the trading week, the three major indexes are tracking for gains.
The Dow led the way, adding 1.4% this week.
The S&P 500 has advanced 0.8%. Notably, the broad index briefly topped 5,500 for the first time during Thursday's session.
The technology-heavy Nasdaq Composite has trailed, rising by just 0.2%.
— Alex Harring
Europe stocks lower
European markets were lower in early deals Friday, though they remained on track for a weekly gain as investors monitor a slew of central bank decisions and data releases from the region.
France's CAC 40 index was down 0.1%, and Germany's DAX and the U.K.'s FTSE 100 were both around 0.2% lower.
— Jenni Reid
Tech is ‘overdone’ right now, Nuveen’s Saira Malik says
Tech stocks may soon be seeing a pullback, according to Saira Malik of Nuveen.
"The technicals and the flows into tech … make them look overbought in the short term," the firm's chief investment officer told CNBC's "Power Lunch" on Thursday. "The relative strength indicators show that tech is overdone at this point, so I wouldn't be surprised to see a shorter-term pause."
However, there's one megacap tech name in particular that could see a lot more upside ahead, especially given the limited supply of artificial intelligence stocks, Malik said.
"Nvidia is definitely becoming the tail that wags the dog," she said, adding that it's not an expensive stock compared to the broader semiconductor industry. "It's just not a stock that you're paying a lot for."
Shares of the chipmaker closed down 3.54% on Thursday after hitting a new 52-week high during the session. The stock is up around 164% this year.
— Sean Conlon
Asana shares jump 4%
Shares of Asana rallied 4% Thursday evening after the company announced a $150 million stock repurchase program. The company said the program will run through June 30, 2025.
Year to date, shares are still down more than 40%.
— Hakyung Kim
Stock futures open flat Thursday
U.S. stock futures were little changed Thursday night.
Futures tied to the Dow Jones Industrial Average inched higher by 4 points, or 0.01%.S&P 500 futures inched down by 0.02%, and Nasdaq 100 futures advanced 0.07%.
— Hakyung Kim
