Stocks rise as strong first half set to close: Stock market news today | June 30 Yahoo Finance

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Stocks climbed Friday afternoon amid more signs of cooling from the Federal Reserve's preferred inflation gauge, with the need to curb price pressures still the priority for policymakers.

The S&P 500 (^GSPC) rose more than 1%, while the Dow Jones Industrial Average (^DJI) rose about 250 points, or 0.74%, with both set to build on Thursday's gains. The Nasdaq Composite (^IXIC) added 1.38%.

The inflation index showed prices rose 3.8% in May on a year-over-year basis, down from a 4.4% year-over-year jump in April. And from April to May, prices ticked up just 0.1%.

The data comes after a surprise upward revision to first-quarter GDP showed the US economy is a lot stronger than Wall Street thought. Growing faith in that strength has helped drive this year's rally in stocks, even though that resilience likely means rates will stay higher for longer.

Friday is a key trading day — the last in the second quarter and in the first half of 2023. All three major stock benchmarks are on track to log strong performances for both periods.

Several travel stocks hit 52-week highs on Friday heading into the 4th of July holiday weekend, Yahoo Finance's Ines Ferré reports.

Marriott International (MAR), Carnival (CCL) and Norwegian Cruise Line, (NCLH) all touched intraday 52-week peaks during the session.

Carnival shares jumped 8% to a high of $18.68. The cruise line operator recently announced record quarterly bookings. “We’re back,” Carnival CEO Josh Weinstein told Yahoo Finance earlier this year.

Outside of travel, Mastercard (MA) and GE (GE) also hit a 52-week highs.

Overall, the S&P 500 (^GSPC) is up roughly 15% this year.

The Supreme Court rejected President Biden's student loan forgiveness plan that would've canceled more than $400 million in student loans for Americans. The news sent two stocks down.

SoFi Technologies (SOFI) initially popped on the news as a key portion of the financial operator's business centers around providing student loans. But shares quickly slipped down nearly 3%. Some Wall Street analysts have recently said SoFI's more than 80% run upward this year has been overdone.

Nike stock was down just more than 1% in early morning trading as declining margins weighed on profits in the most recent quarter.

But what caught our eye during the company's earnings call Thursday night was the commentary surrounding selling products direct-to-consumer. The company projected mid-single digit sales growth in 2024 "led by Nike Direct."

With recent announcements that Nike would be returning to Macy's and DSW stores, Wall Street had wondered if the athletic apparel giant was pivoting from its DTC strategy.

When asked directly about the new wholesale partners, Nike executives said there isn't a broader shift happening.

"Our digital apps, our mobile apps are unmatched in the industry and that's our fastest-growing channel, that will continue to be our fastest-growing channel because we directly connect to the consumer digitally," Nike CEO and President John Donahoe said. "We augment that with owned retail, where we are building out stores, NIKE stores, in segments that are currently under-served by our Wholesale partners...Our direct business will continue to grow the fastest, but we'll continue to expand our marketplace strategy to enable access to as may consumers as possible and drive growth.

The strategy isn't pleasing everyone on Wall Street, though. BMO Capital Markets' Simeon Siegel wrote in a note after the earnings report that "all regions' margins moved against DTC Penetration, leading us to keep fearing that Direct hurts, not helps, margin."

Apple's (AAPL) market valuation hit $3 trillion, making it the first publicly traded company to touch the milestone twice. The moment came as shares of Apple broke past $190.74 at the start of the trading day. The stock was above $192 early in the session.

As Yahoo Finance's Dan Howley reports, the iPhone maker originally eclipsed the $3 trillion mark in Jan. 2022.

Apple hasn't talked up generative AI like some of its competitors. The company's biggest achievements have instead come from its ability to navigate the supply chain crisis caused by COVID lockdowns in China, the resilience of its iPhone business, and the promise of the AR/VR headset market with its Vision Pro.

Also important are the company's moves into the Indian market. Apple opened its first store in the country in April, signaling its commitment to growing its market base in the world's most populous nation. But Apple's products are still prohibitively expensive for the vast majority of Indians, meaning sales growth will likely be slow.

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