The S&P 500 notched its longest weekly win streak since December 2023
Stocks slid Friday as rising Treasury yields, renewed inflation worries, and tech-sector selling pressured Wall Street. The Trump-Xi summit also failed to deliver any major breakthroughs, leaving the Dow and Nasdaq to lead the selloff. The S&P 500 also pulled back, but eked out its seventh consecutive weekly win alongside the Nasdaq -- the former's longest streak since December 2023 and the latter's since September 2024. Meanwhile, the Dow ended the week lower, pressuring Treasury yields to multi-month highs.
Continue reading for more on today's market, including:
- Nvidia takes center stage as volatile week winds down.
- Why VIAV's record short interest makes it a bull's dream.
- Plus, MSFT stakeholder bags AI play; more on SBUX layoffs; and how subscribers are maximizing profits.
5 Things to Know Today
- The U.S.-China summit concluded without major deal announcements, though both nations endorsed “strategic stability." (The Wall Street Journal)
- U.S. officials reportedly plan to indict Raul Castro over Cuba aircraft downing allegations. (Reuters)
- Pershing Square stake backed Microsoft as an "AI winner".
- Starbucks stock rallied amid its $400M restructuring plan.
- How Schaeffer's subscribers more than doubled profits in four days.
Crude Rises Amid Iran Concerns
Oil prices edged higher Friday as traders anticipated President Donald Trump would refocus on the stalled Iran conflict following his summit with China's Xi Jinping. June-dated West Texas Intermediate (WTI) jumped 4.2% to settle at $105.42 per barrel. Crude added roughly 11.5% on the week.
Gold prices slipped to their lowest level in more than a week as Treasury yields and the U.S. dollar strengthened. June-dated gold futures fell 2.7% to $4,561.50. The yellow metal shed 3.5% for the week.