Index Notches Record Close; Nike Jumps, Coinbase Drops

Major U.S. equities indexes gained on the final day of the trading week as investors digested a mixture of trade policy news.

The S&P 500 advanced 0.5%, notching a record closing high. The Nasdaq Composite also reached its highest-ever closing level, lifted by a gain of 0.5% on Friday. The Dow was up 1%.

Commerce Secretary Howard Lutnick said the U.S. and China had agreed on a trade framework, with the countries confirming details agreed upon earlier this month. President Donald Trump, meanwhile, said he was ending trade talks with Canada.

Nike (NKE) shares skyrocketed 15%, posting the S&P 500’s top performance on Friday, after the footwear and apparel company reported smaller-than-anticipated sales and profit declines for its fiscal fourth quarter. The results suggested that Nike is making progress on its turnaround plan under CEO Elliott Hill, who took the helm of the company last October. Nike executives said that the company could take a hit of up to $1 billion if tariffs remain at current levels.

Trade progress between the U.S. and China helped lift shares of aircraft manufacturer Boeing (BA), which climbed 5.9%. Analysts at Rothschild upgraded Boeing stock to “buy” from “neutral,” highlighting an acceleration in production as well as improvements in the aviation giant’s financial picture, culture, and safety processes.

Shares of data center real estate investment trust Equinix (EQIX) gained 5.3%, staging a partial recovery after suffering heavy losses over the past two trading days. Although this week’s downturn related to the firm’s muted growth forecasts and plans for major spending, Equinix remains a beneficiary of the demand for data center services driven by increasing adoption of artificial intelligence technologies.

Signs of easing geopolitical tensions weighed on shares of big data analytics software firm Palantir Technologies (PLTR), which has secured significant contracts with the U.S. military. In addition, a budget request from the Department of Defense for fiscal 2026 represented a downtick from the previous year. Palantir shares were down more than 9%, falling the furthest of any S&P 500 stock.

Coinbase Global (COIN) shares sank 5.8%, retreating from a record high set in the previous session. The move lower came as the ARK Innovation ETF (ARKK), a technology-focused fund managed by influential investor Cathie Wood, unloaded 33,000 Coinbase shares. Coinbase stock has drawn attention in recent weeks amid a number of positive developments in the crypto space, including the Senate’s passage of a bill to promote and regulate stablecoins.

Shares of solar technology firm Enphase Energy (ENPH) dropped 4.9%. Friday’s downturn reversed a portion of the substantial gains posted by the microinverter manufacturer’s stock on Thursday following reports that the Senate version of the budget bill may be less onerous for solar companies than the House bill, which included a rapid phase-out of federal tax credits for residential rooftop solar installations.

Gold prices moved lower as the outlook improved for U.S.-China trade relations. Shares of Newmont (NEM), the world’s largest gold miner, fell 4.1%.