Stock market news for June 27, 2025

The S&P 500 hit fresh records on Friday as traders managed to look past new comments from President Donald Trump tied to U.S.-Canada tariffs. The broad market index’s rise to new highs marks a sharp turnaround from the lows seen in April during the height of trade policy tensions.

The benchmark added 0.52% and closed at a record of 6,173.07. Earlier in the session, the S&P 500 rose as much as 0.76% to a high of 6,187.68, taking out its previous record of 6,147.43. The Nasdaq Composite, which also hit an all-time high and closed at a record, rose 0.52% to 20,273.46. The Dow Jones Industrial Average added 432.43 points, or 1%, settling at 43,819.27.

Stocks pulled back from their session highs after Trump said on Truth Social that trade talks between the U.S. and Canada were being terminated. Initially, investors bid up equities after Commerce Secretary Howard Lutnick told Bloomberg News late Thursday that a framework between China and the U.S. on trade had been finalized. Lutnick added that the Trump administration expects to reach deals with 10 major trading partners imminently.

Friday’s sharp moves mark the latest episode in which Wall Street tries to navigate an ever-changing global trade landscape.

After rising to a new high in February on hopes for business-friendly policies from Trump, stocks tumbled as the president decided to instead implement severe tariffs first. At its low in April, the S&P 500 was down nearly 18% for 2025. The benchmark began a stunning comeback after Trump walked back his stiffest tariff rates and the U.S. began negotiations for trade deals.

The S&P 500 is up more than 20% since reaching a nadir on April 8 and now up nearly 5% for the year. Along the way, investors kept buying despite a spike in oil prices spurred by the Israel-Iran conflict and a yield surge on deficit worries. A recovery in the artificial intelligence trade led by Nvidia and Microsoft helped fuel the comeback.

“I can see where the risks are here – if the trade [progress] is just hype from the White House and no deals are really forthcoming, then this market is going to roll over,” Thierry Wizman, global FX and rates strategist at Macquarie Group. “Ultimately, this all comes back to growth in the U.S. economy and growth of earnings.”