US stocks end a down week with a gain |
US stocks shook off their midweek slump with a strong finish on Friday, as the S&P 500 notched a 0.6% gain, the Nasdaq 100 rose 0.4%, and the Russell 2000 outperformed with a nearly 1% gain. However, the benchmark US stock index posted a negative week, as was prophesied by the calendar. Every S&P 500 sector ETF was positive on the day, with utilities, consumer discretionary, materials, and health care all up at least 1%. Gains on the day were led by Electronic Arts, which soared nearly 15% following a Wall Street Journal report that the video game giant is nearing a roughly $50 billion deal to go private. Shares of rival Take-Two also popped 4.5%. Declines were led by Oracle, which dipped 2.7%. |
- Shares of Boeing jumped 3.6% following a report that the plane maker could soon face fewer obstacles in delivering its aircraft to customers.
- Tesla climbed 4% as Wedbush Securities analyst Dan Ives hiked his price target on the stock to $600 from $500, saying investors are "underestimating the transformation underway at the company" regarding AI.
- Ford and GM rose 3.4% and 1.1%, respectively, with both stocks trading at 52-week highs as investors pile into gas-powered US automakers with the looming end of the EV tax credit and the Trump administration's potential repeal of vehicle emissions standards.
- GameStop moved 4.6% higher as the company offers promotions to boost interest for today's North American launch of the Mega Evolution set of the "Pokémon Trading Card Game."
- Intel jumped 4.4% following a Wall Street Journal report that the chipmaker approached TSMC about potential investments or manufacturing partnerships as well as a separate WSJ report on potential Trump administration plans to boost domestic chip production.
- Crocs rose 6.6% as the footwear company's HeyDude brand unveiled a new marketing effort starring actress Sydney Sweeney for its Austin Lift shoe line.
- Shares of Restoration Hardware slid 4.3% after President Trump announced 50% tariffs on kitchen cabinets and bathroom vanities, and 30% tariffs on upholstered goods. Peers Wayfair and Williams-Sonoma also initially dipped on the news but later reversed losses.
- Shares of Bitcoin miner and AI compute power provider IREN slumped 9.6% after JPMorgan analyst Reggie Smith downgraded the stock to "underweight" from "neutral," marking the first sell rating for the stock.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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Charting how that stacks up against the rest of the social media landscape suggests Oracle, Silver Lake, and MGX got a pretty sweet deal. Read more. |
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"It kind of comes down to, what inning do you think we are in this AI game?" Read more. |
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Uber's relying less on pad thai from 0.8 miles away. The company expects gross bookings (what customers spend) of non-restaurant deliveries to grow to $12.5 billion by the end of the year, according to reporting by Bloomberg. Read more. |
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- The AI infrastructure debate's heating up, as spending on data centers set to outpace office construction
Multiple gargantuan data center projects got announced this week — some people see huge risks of fruitless spending, while others, like Sam Altman, think the build-out could be too slow. - Waymo, Lyft, Tesla: Who's behind the wheel of the US robotaxi industry?
When it comes to autonomous ride hailing, no company is an island — except maybe Tesla. We mapped out the relationships. - Why pharma stocks aren't getting hit by new tariff threats
Most European drugmakers have announced some sort of investment in the US since Trump's tariff threats began earlier this year. And some seem to have imported plenty of product to get ahead of tariffs anyway. - AI loves an em dash — writers in the US, on the other hand, aren't so keen
Which punctuation marks are getting left behind in modern America? - Nike, trying to break out of its funk, launches its high-stakes collab with Kim Kardashian's Skims
The partnership champions women athletes and tests how far Kim K's star power can stretch in the women's activewear arena. - Apple has built an app like ChatGPT to test AI Siri
Hopefully that means a new and better Siri is coming soon.
- Report: Meta has discussed using Google's AI to help with ads
Meta has big ad ambitions, but its AI models have been lagging.
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