Stock Market Summary – July 02, 2025

The S&P 500 experienced another day of gains on Wednesday, with the index on track for a record close. The technology sector rebounded with chip stocks such as Nvidia and Broadcom seeing solid gains. Bank stocks, including Wells Fargo and Goldman Sachs, also performed well with all-time intraday highs following increased capital return announcements. One standout was Capital One, which despite not increasing its capital return plan, managed to hit an all-time high and is expected to extend its winning streak to 10 sessions.

President Trump announced a trade deal with Vietnam, stating that tariffs on Vietnamese imports to the U.S. will be lowered to 20% from 46%. This announcement particularly affects the retail and apparel industries, as Vietnam is the second largest supplier of footwear, apparel, and accessories to the U.S.

After a disappointing first half of the year, Apple is on the brink of a four-session winning streak, with its stock reaching its highest level since mid-May. There are speculations that Apple may partner with an AI-native platform like OpenAI to boost its lagging AI initiatives, but the lack of concrete information is restraining enthusiasm.

In the crypto space, stocks linked to Ether performed well with BitMine Immersion Technologies, Sharplink Gaming, and Bit Digital experiencing double-digit gains. Federal Reserve Chair Jerome Powell revealed that the central bank would have lowered rates if it weren’t for Trump’s tariffs.

Lastly, Centene shares declined 30% after the company cancelled its 2025 guidance, citing lower enrollment rates in several states. Centene also received a downgrade from “buy” to “hold” at JPMorgan.

Robinhood’s stock has hit a record high of $100. The company saw a significant jump of over 30% since being left out of the S&P 500, indicating a robust investor confidence. Robinhood’s European crypto expansion plans and the potential to merge crypto technology with traditional financial services have provided a boost for the company.

JPMorgan has voiced its confidence in the little-known online lender, Qifu Technology, predicting that shares can rally more than 50%. Qifu Technology’s strong fundamentals, promising returns, and steady new loan growth put it ahead of its peers in terms of profitability and growth rate. The stock has surged by nearly 11% this year.

Health care stocks could be a lucrative option for investors bracing for a volatile second half of the year. With S&P 500 health care stocks currently selling at 17 times forward earnings, they provide an attractive option for investment. Stocks like UnitedHealth Group, Johnson & Johnson, Amgen, and Merck are beginning to outperform other sectors.

Tesla’s shares went up by 5% after second-quarter vehicle deliveries were better than expected, despite a 14% year-over-year decline. On the other hand, Centene’s shares plummeted by 30% after the company withdrew its 2025 guidance due to lower enrollment rates in health insurance marketplaces in multiple states. Other notable pre-market moves included JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, and Citigroup, all seeing hikes of less than 1% after planning to increase dividends following Federal Reserve stress test results.

The top-of-the-day analyst calls covered a range of companies such as Apple, Microsoft, Netflix, Adobe, Amazon, and Starbucks. For example, Compass Point initiated Block as a buy, Jefferies upgraded Apple to hold from underperform, and Goldman Sachs initiated Crocs as a sell. UBS downgraded Centene to neutral from buy, following Centene’s withdrawal of 2025 guidance. Favourable views were also expressed on Netflix, Altria, Starbucks, and Microsoft among others.