First back-to-back weekly losses since Liberation Day

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Your Evening Briefing June 20, 2025 S&P 500 ends week on down note for first back-to-back weekly losses since Liberation Day US stocks opened higher but lost ground throughout the day, turning negative after reports of fresh impediments on China's ability to access semiconductor equipment and that Japan had canceled a meeting with the US after being asked to spend more on defense. The S&P 500 ended the day down 0.2%, the Nasdaq 100 fell 0.4%, and the Russell 2000 gave back 0.2%. It's the first back-to-back weekly decline for the S&P 500 since late March into early April — that is, right before and after the Liberation Day tariff announcements. Energy was the best-performing S&P sector ETF, while materials, communication services, healthcare, and tech were the notable drags on the day. Semi equipment makers Lam Research, KLA Corp, and Applied Materials all slumped on the report the Commerce Department is mulling plans to make it more difficult for US semiconductor equipment to be shipped to China. Oscar Health was a standout performer as the insurance company enjoys a massive spike in demand from retail traders, with call volumes setting records on Wednesday and again on Friday. Tesla finished virtually flat as its robotaxi launch in Austin looms this weekend, with Wedbush analyst Dan Ives calling it the start of a $1 trillion market cap addition for the firm. Microsoft hit an intraday record high but finished in the red. — Luke Kawa, Markets Editor Olive Garden parent company Darden rises on cheery earnings report Darden Restaurants, the parent company of Olive Garden and LongHorn Steakhouse, rose 5% in premarket trading after it reported sales and profit that beat Wall Street estimates. Read more. Oscar Health is the newest retail stock market darling, with shares up 60% this week Shares of the telehealth company are up nearly 60% this week on no news and lots of love from retail traders. Read more. TODAY'S BIG MOVE Microsoft shares hit an intraday all-time high. The tech titan's shares hit their highest mark in the company's 39 years of trading as a public company. Read more. Here's the lowdown on Tesla's looming robotaxi launch, including where invites landed  Some of the company's biggest fans will be able to hail rides starting Sunday, albeit with a chaperone in the front passenger seat. Dan Ives thinks this could be the beginning of a $1 trillion market cap add. SoftBank's Masayoshi Son wants to build a $1 trillion AI industrial park in Arizona Never one for modest plans, Son is suggesting what he calls "Project Crystal Land," a massive industrial park in Arizona to build robots and AI. Goldman's list of stocks with great risk-reward ratios Here, by Goldman's reckoning, are the S&P 500 stocks that the market sees as the best bets for "risk-adjusted" returns over the next year. Eli Lilly slips after UK declines to cover Alzheimer's drug The benefits of the injection are too small to justify the cost, the UK's National Institute for Health and Care Excellence said on Thursday.  SpaceX competitors rip after another of Elon's rockets blows up Shares of Rocket Lan and AST SpaceMobile surged on Friday following the explosion of yet another SpaceX rocket late Thursday in Texas.  The Lakers could be sold at a record $10 billion valuation Though the bumper price tag reflects the Lakers' historic pedigree — since the Buss dynasty took over, the Lakers have won more championships (11) than any other team — and world fame, it's just the latest in a growing line of megadeals in the NBA. CarMax shares hit the gas as strong demand for used autos powers earnings beat The used vehicle retailer posted a 38% jump in profit from last year. Its shares climbed 10% in premarket trading Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!  Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy