Stock market today: Nasdaq hits record, S&P 500 posts weekly gain, Dow slips as Wall Street shrugs off tariff tensions
US stocks were little changed on Friday as the market largely shrugged off tariff tensions amid fresh data that signaled the economy remains on solid footing.
The tech-focused Nasdaq Composite (^IXIC) rose slightly to notch a new record. Meanwhile, the Dow Jones Industrial Average (^DJI) fell 0.3%, and the S&P 500 (^GSPC) fell below the flatline.
The S&P 500 and Nasdaq trimmed early gains to hover near the flatline after the University of Michigan consumer sentiment survey showed one-year inflation expectations plunging to 4.4% from 5% in June.
Stocks consolidated for much of the session after the S&P 500 and Nasdaq Composite vaulted to fresh closing highs on Thursday. Wall Street welcomed economic data which showed little indication that President Trump's tariffs are affecting consumer spending habits.
Meanwhile President Trump is reportedly pushing for higher blanket tariffs on imports from the European Union, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect. The Financial Times reported that Trump wants a minimum of a 15% to 20% tariff on EU goods as part of any deal.
Read more: The latest on Trump's tariffs
Netflix's second quarter results failed to enthuse the market, dragging on the stock. The streaming giant kicked off Big Tech earnings late Thursday with a wide profit beat and a solid revenue number. But investors likely wanted a bigger boost to full-year guidance to justify a raise on an already lofty valuation, analysts suggested.
Meanwhile, American Express (AXP) strong quarterly results underscored high-end consumers are still spending.
Read more: Full earnings coverage in our live blog
This week's drama involving Trump's fury with Fed Chair Jerome Powell largely moved to the back burner. Powell sent a letter to Trump's top budget official on Thursday, defending the Fed's headquarters renovation project for which he has come under fire in recent days.
But already, the focus is turning to who could replace Powell next year and the additional dual mandate that person will face: keeping Trump happy while attempting to maintain the Fed's independence.
LIVE COVERAGE IS OVER 22 updates
Fri, July 18, 2025 at 8:08 PM UTC Ines Ferré S&P 500 notches weekly win, Nasdaq ekes out record as market shrugs off tariff tensions
US stocks ended the session mixed as investors assessed strong economic data and earnings against a backdrop of the threat of 15% tariffs on imports from the EU.
The Dow Jones Industrial Average (^DJI) fell more than 125 points, or 0.3%, while the S&P 500 (^GSPC) fell just below the flatline, retreating from its prior all-time high close. The tech-focused Nasdaq Composite (^IXIC) rose slightly to notch a fresh record close.
President Trump reportedly wants a minimum of a 15% to 20% tariffs on EU goods as part of any trade deal with the European Union, according to the Financial Times — throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.
- Fri, July 18, 2025 at 7:30 PM UTC Grace O'Donnell
Opendoor stock on track for 170% weekly gain as retail frenzy cements meme status
Yahoo Finance's Jake Conley reports:
Read more here.
- Fri, July 18, 2025 at 7:05 PM UTC Grace O'Donnell
CRISPR Therapeutics shares soar after board director buys $51 million worth of stock
CRISPR Therapeutics (CRSP) stock surged 17% on Friday, putting it on track for a 52-week closing high, after board director Simeon George bought approximately $51.5 million worth of the company’s stock.
According to a Securities and Exchange Commission filing detailing the insider trade, George purchased 989,812 common shares on July 16 for $52.03 per share.
CRISPR Therapeutics uses gene-editing technology to develop medicines for serious diseases. The stock traded above $64 on Friday afternoon.
- Fri, July 18, 2025 at 6:51 PM UTC Ines Ferré
Bitcoin retreats after cryptocurrency market reaches major milestone
Bitcoin (BTC-USD) retreated on Friday as the crypto market, which includes all tokens, topped $4 trillion for the first time ever.
Bitcoin fell below $118,000 by 2:45 p.m. ET following the major milestone and as the overall market took a breather following all-time highs for the S&P 500 and Nasdaq.
The pullback came as investors took a breather following recent records for the S&P 500 and Nasdaq.
The milestone capped a landmark week for the crypto sector, driven by the passage of the Genius Act — legislation that establishes a regulatory framework for stablecoins, or digital tokens backed by assets like the US dollar.
Market participants were closely watching for President Trump’s expected signing of the bill, scheduled for Friday afternoon.
- Fri, July 18, 2025 at 6:05 PM UTC Ines Ferré
Chevron's $53B deal for Hess clinches access to a 'once-in-several-lifetimes' asset for the oil giant
Yahoo Finance's Jake Conley reports:
Read more here.
- Fri, July 18, 2025 at 5:15 PM UTC Ines Ferré
AI mania is worse than 1999's tech bubble, Apollo's top economist warns
Yahoo Finance's Francisco Velasquez reports:
Read more here.
- Fri, July 18, 2025 at 4:40 PM UTC Ines Ferré
Oil steadies on risk of tight supply, flaring Middle East tensions
Oil prices trimmed gains on Friday as worries of tight supplies grew, driven by flaring tensions in the Middle East and new sanctions on Russia, a major energy producer.
West Texas Intermediate (CL=F) jumped as much as 2% before paring gains to hover near $67 per barrel, while Brent (BZ=F), the international benchmark, also came off its session highs to trade north of $69 per barrel.
The temporary spike followed a decision by the EU to lower the price cap it set on Russian crude as part of its sanctions against Moscow for the war in Ukraine.
Meanwhile, drone attacks in oil areas of Iraq prompted worries of supply tightening.
Low US inventories have also put upward pressure on prices, indicating strong demand.
Despite the recent price action, oil was headed for a weekly loss, with WTI down more than 3% over the past five days. Brent was down more than 1% over the same period.
- Fri, July 18, 2025 at 3:47 PM UTC Ines Ferré
Why it's so challenging for Trump to fire Powell
Yahoo Finance's Alexis Keenan reports:
Read more here.
- Fri, July 18, 2025 at 2:59 PM UTC Ines Ferré
Circle stock rises on Genius Act passage, analyst upgrade
Circle (CRCL) shares rose on Friday following the passage of the Genius Act, a landmark piece of legislation providing regulatory clarity for stablecoin issuers.
“We’re raising our price target for CRCL to $280 (from $235) on the passing of the Genius Act,” Jeff Cantwell, senior analyst at Seaport Research, wrote on Friday.
“This is a watershed moment that unlocks substantial new opportunity for stablecoins. CRCL is the purest stablecoin play in public markets, and we expect the company to capitalize on this legislative clarity by accelerating new partnerships and revenue streams.”
Circle shares are up more than 600% since the company went public on June 5 with an IPO price of $31.
- Fri, July 18, 2025 at 2:30 PM UTC Grace O'Donnell
Netflix stock slips on 'elevated expectations' for earnings
Netflix (NFLX) stock dropped over 4% in early trading on Friday as its earnings beat and raise didn't quite meet Wall Street's lofty expectations.
Netflix topped second quarter earnings expectations and raised its full-year revenue outlook, but as Yahoo Finance's Allie Canal reports, the company's lofty valuation left little room for error.
"Despite a good quarter and positive tone that business trends remain strong, shares are up 42% year-to-date and expectations were high," William Blair analyst Ralph Schackart wrote in a note titled "Good Quarter, but Tough to Surpass High Expectations."
"In other words," he added, "An overall 'good' set of results and guide were not good enough for elevated expectations, in our view."
Netflix stock trades at roughly 40 times forward earnings, a steep premium to the broader market and even many of its tech peers.
Read more here.
Fri, July 18, 2025 at 2:17 PM UTC Josh Schafer Inflation expectations tumble in July
The latest University of Michigan consumer sentiment survey, released Friday, showed pessimism over the inflation outlook lessened in July, as one-year inflation expectations plunged to 4.4% from 5% in June. Those expectations had been at a more-than-four-decade high of 6.6% in May. Long-run inflation expectations, which track expectations over the next five to 10 years, also fell, hitting 3.6%% in July, down from 4% in June.
The decrease in inflation expectations has come as consumers' worst fears over tariff-driven inflation have faded. Still, the broader consumer sentiment survey hasn't shown a sharp rebound. July's index reading of 61.8 was just marginally higher than the 60.7 seen in June.
"Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example, if trade policy stabilizes for the foreseeable future," Surveys of consumers director Joanne Hsu wrote in the release.
Read more: What is consumer confidence, and why does it matter?
- Fri, July 18, 2025 at 1:51 PM UTC Grace O'Donnell
American Express CFO on consumer spending: 'What you see is remarkable resilience'
American Express (AXP) stock fell nearly 3% in early trading on Friday after the premium credit card issuer surpassed revenue and profit estimates for the second quarter.
On the earnings call, American Express CFO Christophe Le Caillec said consumer spending remained resilient among its affluent customers.
“What you see is remarkable resilience across our customer base,” he said, though he noted consumers are exercising “a little bit of prudence around the edges.”
Overall consumer and business spending rose 7% to $416.3 billion, remaining consistent with trends in the first quarter, Le Caillec stated. Airline and lodging spending was slightly softer, while restaurant spending grew 8%.
Transaction growth was up 9%, "another indicator of strong customer engagement and ... largely consistent with what we’ve been seeing over the past few quarters," the CFO said.
American Express sees continued growth for the rest of the year and left its revenue and earnings per share guidance unchanged.
Read more here.
- Fri, July 18, 2025 at 1:32 PM UTC Anjali Robins
Stocks tick higher after hitting fresh records
Stocks were in the green at the opening bell after hitting fresh records in the previous session amid investor enthusiasm over stronger-than-expected economic data.
The S&P 500 (^GSPC) rose 0.2% while the Dow Jones Industrial Average (^DJI) added 0.1%, and Nasdaq Composite (^IXIC) was up 0.3% in early trading. The S&P and Nasdaq rose to fresh records on Thursday.
Second quarter earnings continued to roll in with morning reports from 3M (MMM), American Express (AXP), and Charles Schwab (SCHW).
- Fri, July 18, 2025 at 1:12 PM UTC Grace O'Donnell
Waller makes strongest call yet for rate cut in July, underscoring Fed divide
Yahoo Finance's Jennifer Schonberger reports:
Read more here.
- Fri, July 18, 2025 at 12:59 PM UTC Grace O'Donnell
Market volatility provides Charles Schwab a tailwind in Q2
Charles Schwab (SCHW) stock rose 3% ahead of the opening bell as the company's adjusted profits surged more than 50% year over year. Market volatility surrounding President Trump's tariffs fueled higher trading activity for the brokerage.
The company reported adjusted earnings per share of $1.14, beating Wall Street estimates for EPS of $1.10. Revenue came in at $5.9 billion, above expectations for $5.7 billion.
Charles Schwab also brought in new assets of $80.3 billion, representing 31% growth annually.
“Schwab delivered growth on all fronts during the second quarter,” Charles Schwab CEO Rick Wurster said. “The firm’s diversified revenue model, coupled with our best-in-class scale and efficiency, produced quarterly records for both revenue and earnings per share.”
Listen to the earnings call live at 9:30 a.m. ET here.
- Fri, July 18, 2025 at 12:10 PM UTC Grace O'Donnell
3M stock gains on earnings beat, smaller tariff hit forecast
3M (MMM) stock rose over 2% in premarket trading on Friday after posting an earnings beat and raising its full-year profit forecast.
The Scotch tape maker reported second quarter adjusted earnings per share of $2.16 on revenue of $6.16 billion, both above estimates.
It now sees full-year adjusted profits between $7.75 and $8 per share, compared with its previous estimate of $7.60 to $7.90.
3M also projected tariffs would create a smaller hit to earnings this year than previously expected. Its forecast includes a $0.10 per share hit to 2025 earnings, versus the $0.20 to $0.40 impact it guided for previously.
Other companies have also scaled back their projected losses from tariffs. Earlier this week, Johnson & Johnson (JNJ) halved its expected tariff impact to $200 million.
Read more here from Reuters.
- Fri, July 18, 2025 at 11:51 AM UTC Grace O'Donnell
Chevron to proceed with Hess deal after winning legal battle against Exxon
Chevron (CVX) and Hess (HES) have won an arbitration battle against Exxon (XOM) over access to an oil project off the coast of Guyana.
Chevron stock rose 3% premarket, while shares of Hess climbed 7%. Exxon's stock declined less than 1%.
The result clears the way for Chevron to proceed with its $53 billion acquisition of the smaller oil firm, whose value was partially tied up in its 30% stake in the Guyanese oil project shared with Exxon.
Chevron had said it could delay or terminate the acquisition altogether if it didn't win the arbitration. But in the end, it prevailed.
"We disagree with the International Chamber of Commerce (ICC) panel's interpretation but respect the arbitration and dispute resolution process," Exxon said in a statement.
Read more here.
- Fri, July 18, 2025 at 10:15 AM UTC Karen Friar
UK stocks seem to be reversing years of underperformance
Overseas investors are starting to warm up to the UK's unloved stocks as a UK-US trade deal, lighter regulation, and cheap stocks deliver juicy returns versus the rest of Europe.
The FTSE 100 (^FTSE) has gained nearly 10% this year to hit record highs this week, beating the STOXX 600 (^STOXX), which is up 7.5%.
Reuters reports:
Read more here.
- Fri, July 18, 2025 at 10:04 AM UTC Karen Friar
Battery materials stocks jump after US lays out 93.5% graphite duty
Bloomberg reports:
Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China.
Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea’s Posco Future M Co. (003670.KS) climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG)
The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry.
Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year.
Read more here.
- Fri, July 18, 2025 at 9:52 AM UTC Karen Friar
Netflix stock slips after a 'solid' report
Netflix (NFLX) shares are faltering in premarket trading, despite "solid" second quarter earnings.
The streamer delivered beats on both profit and sales, and upped its full-year revenue guidance in its report late Thursday.
Some on Wall Street had flagged Netflix's lofty valuation going into the print, Yahoo Finance's Allie Canal reports.
Bloomberg Intelligence senior media analyst Geetha Ranganathan told Yahoo Finance that the stock was priced to perfection heading into the report.
"It was a really solid print," Ranganathan said in reaction to the earnings. "The big thing that investors were really focused on was commentary for the rest of the year, and they delivered there as well."
Ranganathan also noted that while the operating margin was also solid, it was "maybe not spectacular."
"I think investors were looking for something a little but more here," she said. "So it was originally forecast at 29% for the full year operating margin — they just took that up a smidge to 29.5%. I think investors were looking somewhere in the range of 30%-31%."
Read more on Netflix's earnings here.
