The S&P 500 and the Nasdaq Composite both finished in the red on Friday.

The broad market S&P 500 fell 0.22%, closing at 5,967.84, while the tech-heavy Nasdaq shed 0.51% to end at 19,447.41. The blue-chip Dow Jones Industrial Average, however, gained 35.16 points, or 0.08%, to finish at 42,206.82.

— Sean Conlon

Thirteen S&P 500 stocks hit new 52-week highs on Friday, and nine of them secured fresh all-time highs. Here are some of those names that reached that milestone:

• Take-Two Interactive trading at all-time high levels since its IPO in April 1997
• Darden Restaurants trading at all-time high levels back to its IPO in 1995
• EQT trading at all-time highs back[ to when it was first listed on NYSE in June, 1950
• Cardinal Health trading at all-time highs back to its IPO in 1983
• Jabil trading at all-time highs back to its IPO in April 1993
• Microsoft trading at all-time high levels back to its IPO in March 1986

Meanwhile, some stocks like Molson Coors and Constellation Brands hit new 52-week lows. Molson Coors was trading at lows not seen since November 2022, while Constellation Brands was trading at lows not seen since May 2020.

— Christopher Hayes, Sean Conlon

The Federal Reserve's annual stress test this year should be "less strenuous" compared to 2024, according to Morgan Stanley.

"We think this year's test should result in lower drawdowns in We think this year's test should result in lower drawdowns in CET1 [Common Equity Tier 1] ratios versus 2024 for most Banks, implying that stress capital buffers should be lower or relatively flat y/y," analyst Betsy Graseck wrote in a Wednesday note.

The Fed's stress test helps the central bank get insight into how well the largest U.S. banks can navigate a economic headwinds, including a potential recession, by evaluating if they have enough cash to absorb losses and continue lending.

— Brian Evans

Ether ETFs have finally come to life this year after some started to fear they may be becoming zombie funds.

Collectively, the funds tracking the price of spot ether are on pace for their sixth consecutive week of inflows and eight positive week in the last nine, according to SoSoValue.

The first year of ether ETFs, which launched in July 2024, has been characterized by weak demand. While the funds have had spikes in inflows, they've trailed far behind bitcoin ETFs in both inflows and investor attention – amassing about $3.9 billion in net inflows since listing versus bitcoin ETFs' $36 billion in their first year of trading.

Despite the uptrend in inflows, the price of ether itself is negative for this month and flat over the past month.

— Tanaya Macheel

Investors are not appreciating the potential upside for Arista Networks, according to JPMorgan.

The stock has been underperforming this year as investors take stock of the artificial-intelligence landscape, particularly the potential traction of competitive offerings from Nvidia and Celestica, said analyst Samik Chatterjee, who has an overweight rating on Arista.

"As we review the latest updates regarding the AI networking market and market share for key players, we see Arista continuing to keep pace with the AI networking market through strong market share, while competitors' Ethernet footprints are benefiting from the cannibalization of demand for their competing technologies (InfiniBand) as well as benefits from lumpy deployments with key customers, which should not be assumed to continue at the same run-rate going forward," he wrote in a note Thursday.

Shares of Arista Networks have lost 18% year to date.

— Michelle Fox

Shares of Circle continued to climb on Friday as investors cheered the Senate approval of its proposed stablecoin legislation, the GENIUS Act.

The stock rose 18% as excitement continued to build. The bill passed the Senate Tuesday and now heads to the House of Representatives.

Circle is on pace to end the week higher by more than 77%. It has rocketed more than 500% since its initial public offering on June 5.

Coinbase shares rose 3%. The crypto exchange operator receives half of the revenue generated from the interest earned on Circle's USDC reserves. It also makes 100% of the interest on the USDC held directly on its own platform.

For more on the move read our full story here.

— Tanaya Macheel

• GXO Logistics — The stock popped more than 11% after the supply chain and warehousing management firm raised its full-year earnings outlook. The company now sees EBITDA between $860 million and $880 million. GXO also appointed Patrick Kelleher as CEO, effective Aug. 19.
• CarMax — Shares jumped 6% after CarMax reported first-quarter results that exceeded analyst expectations. The car retailer earned $1.38 per share on revenue of $7.55 billion. Analysts polled by LSEG expected a profit of $1.16 per share on revenue of $7.52 billion.
• GMS — The specialty building products stock jumped 26% as a bidding war for GMS has reportedly developed between QXO and Home Depot. QXO said late Wednesday that it was offering $95.20 per share for QXO, while the Wall Street Journal reported Friday that Home Depot had also made an offer privately.

Check out the full list here.

— Fred Imbert

Building stocks were moving higher on Friday amid a reported bidding war for GMS.

Late Wednesday, billionaire Brad Jacobs' QXO announced an all-cash offer of $95.20 per share for GMS, a building products company. On Friday, the Wall Street Journal reported that Home Depot has also made an offer of an undisclosed amount.

Shares of GMS surged 28% on Friday, putting its stock price above $100 per share. QXO and Home Depot rose 4.4% and 0.9%, respectively.

Shares of GMS rose sharply on Friday.

A U.S. official has told major semiconductor manufacturers that the U.S. may revoke waivers that allow the companies to access American technology in China, the Wall Street Journal reported citing people familiar with the matter.

Specifically, the official told Samsung Electronics, SK Hynix and Taiwan Semiconductor Manufacturing that he wanted to cancel blanket waivers those companies have, the report said.

U.S.-traded shares of Taiwan Semi moved lower after the report and were down about 2% in late morning trading.

Shares of Taiwan Semiconductor Manufacturing moved lower in late morning trading Friday.

The Swiss National Bank has slashed its key borrowing rate to zero, potentially paving the way toward negative real rates again in Europe.

In a decision announced Thursday, the central bank noted it "is countering the lower inflationary pressure. The SNB will continue to monitor the situation closely and adjust its monetary policy if necessary, to ensure that inflation remains within the range consistent with price stability over the medium term."

Deflation took hold in the Swiss economy during May, with the rate down 0.1% and the full-year forecast falling to 0.2% for average inflation.

"The economic outlook for Switzerland remains uncertain. Developments abroad continue to represent the main risk," the bank said in a statement.

The SNB could go to negative rates if inflation falls further "though it will not take that decision lightly given the costs of negative rates in particular to banks," Krishna Guha, head of global policy and central bank strategy at Evercore ISI, said in a note.

"The return to a zero policy rate follows inflation falling negative with extreme strength in the Swiss Franc on safe haven demand following Trump trade wars and the accompanying decline at the margin in global appetite for holding dollars," Guha added.

President Donald Trump has been badgering the U.S. Federal Reserve to cut its key rate, noting the trend of cutting from its European counterparts.

— Jeff Cox

Bearishness toward the outlook for stocks over the next six months spiked to 41.4% of respondents after a one-week decline to 33.6% last week, according to the latest weekly survey by the American Association of Individual Investors. The historical average over the length of the survey is 31.0%.

Bullish sentiment dropped to 33.2% from 36.7% last week, and remains below the historic average of 37.5% for the 18th week out of the past 19, the AAII said.

Roughly 41% of those surveyed said they'd recently become slightly or much more conservative in their investments, while a little less than 10% said they'd become much more aggressive, according to a special question AAII asked this week. The balance reported no change or only modest changes to their investments.

— Scott Schnipper

The Philadelphia Federal Reserve manufacturing business outlook for June came in at -4, worse than Wall Street's estimate of -2, as forecast by economists surveyed by Dow Jones. The prices paid index fell 18 points to 41.4, the lowest since February, the report said.

Manufacturing activity in the region, which includes eastern and central Pennsylvania, southern New Jersey and Delaware, "remained weak," the survey said. "The survey's indicator for current general activity remained slightly negative, unchanged from May," while the new orders index and the shipments index remained "below their nonrecession averages," according to the survey. "The employment index turned negative and fell to its lowest value since May 2020. Both price indexes moderated but remain elevated. The survey's future indicators suggest less widespread expectations for growth over the next six months," it showed.

Survey responses were collected from June 9 to June 16.

— Scott Schnipper

Stocks traded up on Friday morning.

The Dow Jones Industrial Average climbed 122 points, or about 0.3%, just after the opening bell. The S&P 500 gained 0.4%, while the Nasdaq Composite increased 0.5%.

— Sean Conlon

Check out the companies making headlines before the bell.

CarMax — Shares jumped 10% after CarMax reported first-quarter results that exceeded. Earnings of $1.38 per share on revenue of $7.55 billion exceeded an LSEG consensus of $1.16 in earnings per share and revenue of $7.52 billion.

GMS — The specialty building products stock jumped 26% as a bidding war for GMS has reportedly developed between QXO and Home Depot. QXO said late Wednesday that it was offering $95.20 per share for QXO, while the Wall Street Journal reported Friday that Home Depot had also made an offer privately. Shares of QXO were up 2.4% in premarket trading, while Home Depot dipped less than 1%.

Darden Restaurants — Shares were up nearly 3% after the Olive Garden parent's fourth-quarter earnings beat on both the top and bottom line. Adjusted earnings were $2.98 a share, topping expectations by 1 cent, according to LSEG. Revenue was $3.27 billion, versus the $3.26 billion expected. Darden also authorized a new $1 billion share repurchase program.

Read the full list here.

— Sarah Min

JPMorgan reiterated its overweight rating on Cisco, saying security transformation can drive up valuation 20 times.

"Networking growth in the medium term can track to at least mid-single digit growth helped by the upgrade cycle associated with newly launched switches," the Wall Street firm said in a note.

The firm said Cisco will benefit from opportunities associated with the networking cycle as well as an increase in the organic growth pace in security revenues. JPMogan's 12-month price target of $73 would translate into a 11% gain from the current level.

— Yun Li

TSLA, 1-day

A group of seven Democratic lawmakers in Texas have called on Tesla to delay the launch until September, when a new law requiring operators of self-driving cars to receive prior authorization from the Department of Motor Vehicles is set to take effect.

"As members of the Austin delegation in the Texas Senate and Texas House of Representatives, we are formally requesting that Tesla delay autonomous robotaxi operations until the new law takes effect on September 1, 2025," the lawmakers wrote in a letter shared in a post on X by Texas state Sen. Sarah Eckhardt. "We believe this is in the best interest of both public safety and building public trust in Tesla's operations."

— Sean Conlon

Retail sales in the United Kingdom saw an unexpectedly large decline in May, the Office for National Statistics said Friday.

The government office said sales volumes declined 2.7%, while economists had expected a dip of just 0.5%, according to Reuters.

The decline was the biggest since December 2023 and came on the heels of a 1.3% rise in April.

The FTSE 100 was higher on the day despite the worse-than-expected data.

— Jesse Pound

CarMax shares surged about 10% in the premarket Friday after its first-quarter results topped Wall Street's expectations.

The used car retailer earned $1.38 per share for the quarter, coming in above the $1.16 per share that analysts surveyed by LSEG were looking for. The company's revenue of $7.55 billion also beat the consensus estimate of $7.52 billion.

KMX, 1-day

Asia-Pacific markets traded mixed Friday after China kept benchmark rates steady, while investors monitored escalating tensions between Israel and Iran.

U.S. President Donald Trump is now weighing whether to back the Israeli military and strike Tehran. The White House said that he will make a final decision within the next two weeks.

Hong Kong's Hang Seng Index ended the day 1.26% higher at 23,530, while the CSI 300 index closed flat at 3,846.64, after the People's Bank of China  at 3.0% for the 1-year loan prime rate and 3.5% for the 5-year LPR.

Japan's benchmark Nikkei 225 closed 0.22% lower at 38,403.23 while the broader Topix index fell 0.75% in choppy trade to 2,771.26

The country's core inflation rate climbed to 3.7% in May, its highest level since January 2023. The metric — which strips out costs for fresh food — was higher than the 3.6% expected by economists polled by Reuters and is above April's print of 3.5%.

In South Korea, the Kospi index increased by 1.48% to end the day at 3,021.84, it's highest in over 42 months, after crossing the 3,000 mark for the first time in 42 months, earlier in the session. Meanwhile, the small-cap Kosdaq climbed 1.15% to 791.53

Over in Australia, the S&P/ASX 200 ended the day down 0.21%, paring losses to close at 8,505.50.

India's benchmark Nifty 50 advanced 1.05% while the BSE Sensex gained 1.13% as of 1.40 p.m. Indian Standard Time.

— Amala Balakrishner

President Donald Trump added to his criticism of Federal Reserve Chair Jerome Powell on Thursday, after the central bank kept benchmark interest rates unchanged a day earlier.

Trump labeled Powell as "destructive" in a Truth Social post on Thursday, and also said the central bank chair is costing the United States "hundreds of billions of dollars" by leaving rates steady.

— Brian Evans

Stock futures were lower on Thursday, as investors continue to keep a close eye on tensions in the Middle East.

Futures tied to the Dow Jones Industrial Average slipped 201 points, or 0.04%, while Nasdaq 100 futures fell 0.5%. S&P 500 futures pulled back 0.4%

— Brian Evans