Stock market today: Live updates

The S&P 500’s rally to record highs evaporated Friday after new comments from President Donald Trump tied to U.S.-Canada tariffs hurt improving sentiment around global trade tensions.

The benchmark traded just below the flatline after rising as much as 0.76% to a high of 6,187.68. That move took out the index’s previous record of 6,147.43. The Nasdaq Composite, which also hit an all-time high, gave back earlier gains as well and was last down 0.1%. The Dow Jones Industrial Average was off its highs for the day, but remained more than 200 points higher, or 0.5%.

Stocks cooled off from their session highs after Trump said on Truth Social that trade talks between the U.S. and Canada were being terminated. Investors initially 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 reversal marks 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 stiff tariffs first. At its low in April, the S&P 500 was down nearly 18% for 2025. The benchmark then began a stunning comeback after Trump walked back his stiffest tariff rates and the U.S. began negotiations for trade deals.

“Negative trade headlines haven’t been a feature of the market narrative for a few months, so the sell-off [is] more about the market remembering how unpredictable and capricious the trade talks can be,” said Jamie Cox, managing partner at Harris Financial Group.

The S&P 500 is up more than 20% since reaching a nadir on April 8 and now up more than 4% 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.”