Nia Warfield, Luke Kawa6/27/25

S&P 500 books record closing high

The S&P 500 ended the week with its highest close ever, as Friday’s 0.5% gain capped a week that saw the benchmark US stock index rise 3.4%.

The Nasdaq 100 rose 0.4% on the session, while the Russell 2000 was virtually flat.

The S&P 500 opened at an intraday all-time high. Though stocks took a leg lower and briefly dipped into negative territory in the afternoon when US President Donald Trump said he was breaking off trade talks with Canada over its digital tax, markets made a renewed push higher in the last hour of trading.

Most S&P 500 sector ETFs were positive, with consumer discretionary and communication services leading the way higher. Energy, healthcare, and tech declined on the day.

Nike led S&P 500 gainers, jumping 15% in its best day since 2021 after the sneaker giant laid out a clear game plan for its comeback and picked up a pair of analyst upgrades after reporting a solid sales beat.

Athletic wear stocks including Dick’s Sporting Goods and Adidas both jumped over 3% on the heels of Nike’s strong Q4, as investors grew more bullish on the sportswear space.

Coinbase and Enphase Energy were among the worst performers, down nearly 6% and 5%, respectively. Elsewhere…

Boeing rose about 6% after landing a surprise “buy” rating from Rothschild & Co. Redburn also projected record annual cash flow by 2030, thanks to 737 and 787 jet deliveries.

Hims & Hers gained almost 7% after naming a new C-suite hire, recovering some ground after its high-profile breakup with Novo Nordisk.

Newmont Mining slid 4% as gold prices retreated from recent highs, reversing a streak of safe haven asset buying to combat market volatility.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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