The S&P 500 rose for the fifth straight day on Friday. It gained 0.70% to close at 5,958.38. The Nasdaq Composite added 0.52% to end at 19,211.10.
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The Dow Jones Industrial Average climbed 331.99 points, or 0.78%, to finish at 42,654.74. For the week, the S&P 500 jumped 5.3%. The Dow gained 3.4% and the Nasdaq Composite surged 7.2%.
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Technology stocks had a strong week. Major companies posted big gains. Earlier this week, the U.S. and China agreed to pause new tariffs for 90 days.
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This boosted investor confidence. “Markets are repricing the stagflation risk right now,” said Jamie Cox from Harris Financial Group. “While consumers report concerns, their spending habits indicate otherwise.
Consumption remains strong once you filter out all the noise.”
President Donald Trump said his administration will soon send letters to various countries. The letters will detail new tariff rates. These will replace direct trade talks when timely meetings can’t be arranged.
Virgin Galactic shares climbed 42% on Friday. The company reported a smaller-than-expected loss for the first quarter. It also announced plans for its first spaceflight with the new SpaceShip in summer 2026.
The flight will carry research payloads. Private astronaut flights are set for fall 2026. Novo Nordisk’s shares fell nearly 4%.
The company unexpectedly said CEO Lars Fruergaard is leaving.
Stock market rebounds as tariffs pause
A search for his replacement is underway.
BMO Capital Markets analyst Evan David Seigerman said replacing the CEO doesn’t resolve the company’s underlying strategic issues. Several companies made notable moves in midday trading:
– Applied Materials shares dropped 6% after reporting lower-than-expected revenue. – Take-Two Interactive shares slid 1.8% on weaker-than-expected bookings guidance.
– NRG Energy gained 3% after acquiring seven natural gas facilities for $1.9 billion. Coinbase stock rose over 9% on Friday. It recovered from Thursday’s losses after analysts reassured about the SEC’s investigation.
The SEC is looking into Coinbase’s “verified users” metric, which hasn’t been used in over two years. Galaxy Digital began trading on the Nasdaq under the ticker GLXY. It opened at $23.50 per share.
The company expects significant growth in AI infrastructure and crypto adoption. It was previously traded on the Toronto Stock Exchange. The latest American Association of Individual Investors survey showed rising bullish sentiment.
35.9% of respondents were optimistic about the market’s short-term outlook, the highest since January. However, bearish sentiment remains well above its long-term average. This suggests potential caution among contrarian investors.
Consumer sentiment fell in May as inflation concerns weighed on outlooks. The University of Michigan’s index dropped to 50.8 from 52.2 in April. This was the second-lowest reading on record.
Year-ahead inflation expectations rose to 7.3%. The stock market’s gains this week highlight investor resilience. This comes amid changing economic indicators and geopolitical developments.
