The major averages rallied to end another great week with the S&P 500 making a new all time high, before pulling back in the afternoon after new comments from President Donald Trump indicating renewed tensions with Canada over trade tariffs. The Dow Jones Industrial Average rose 432 points or 1%. The S&P 500 rose 32 points or 0.5% while the Nasdaq rose 105 points or 0.5%.

Stocks cooled off in the afternoon as Trump said on Truth Social that trade talks between the U.S. and Canada were being terminated. Investors were initially excited about progress with China regarding trade tariffs. The Trump administration hopes to reach deals with 10 major trading partners imminently.

The rally was broad based today with a number of sectors performing well as tech was more subdued. Amazon rose nearly 2% on an upgrade. Google was higher as well even though it was downgraded. Uber fell nearly 2% on a downgrade, but the stock is still up nearly 50% for the year.

Bonds were modestly higher with hotter than expected inflation data. The 10 year Treasury rose 2 basis points to 4.27%. The 2-year yield rose 2 basis points to 3.74% while the 30-year yield moved 2 basis points to 4.83%.

In the commodity space, oil was modestly lower. Gold was down 2% while the bitcoin fell half a percent.

June has been a good month for the averages following a strong May. 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.

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