The S&P 500 ended a volatile session little changed on Friday as U.S. President Donald Trump slammed China before sounding upbeat about reaching a trade deal, but the benchmark index tallied its biggest monthly increase since November 2023.

The Nasdaq also registered its biggest monthly percentage gain since November 2023.

Market Snapshot

The Dow Jones Industrial Average rose 54.34 points, or 0.13%, to 42,270.07. The S&P 500 lost 0.48 points, or 0.01%, at 5,911.69 and the Nasdaq Composite fell 62.11 points, or 0.32%, to 19,113.77.

Market Movers

Nvidia - Nvidia fell 2.9%. The stock finished the session with a market cap of $3.3 trillion, making it the second most valuable U.S. company behind Microsoft. Shares of the leading maker of artificial-intelligence chips closed Thursday at $139.18, up 3.2%, after the company posted better-than-expected first-quarter earnings.

Tesla - Tesla dropped 3.3% on the final trading day of May, an excellent month for the stock that highlights what investors are focused on these days.

Costco - Costco Wholesale gained 3.1%. The warehouse chain reported fiscal third-quarter adjusted earnings of $4.28 a share, beating analysts’ calls for $4.24, according to FactSet. While same-store sales increased 5.7% from a year prior, this came in slightly below consensus. CEO Ron Vachris noted that the chain had pulled forward summer orders in the U.S. to mitigate the effect of tariffs.

Dell Technologies - Dell Technologies fell 2.1% after the maker of computers and servers for artificial intelligence reported first-quarter adjusted earnings that missed analysts’ expectations. Revenue was higher than anticipated and management’s forecast for the current quarter was better than Wall Street had penciled in.

Marvell Technology - Marvell Technology posted earnings that werein line with analysts’ expectations in its latest quarter. Wall Street wasn’t impressed: Shares of the chip company declined 5.6%.

Zscaler - Shares of Zscaler climbed 9.8% higher after the cybersecurity company recorded a fiscal third-quarter profit that topped Wall Street forecasts. Management’s forecasts for the fourth quarter and fiscal year were also more upbeat than expected.

NetApp - NetApp was flat. For its fiscal fourth quarter, NetApp posted adjusted earnings of $1.93 a share on sales of $1.73 billion, beating the $1.90 a share and $1.72 billion analysts had anticipated. Management’s financial guidance was weighing on the shares.

Ulta Beauty - Ulta Beauty surged 11.8%. The cosmetics and fragrance retailer boosted its fiscal-year outlook after posting better-than-expected results in the first quarter. Net sales rose 4.5% to $2.8 billion in the quarter and same-store sales grew 2.9%. CEO Kecia Steelman said the company isn’t sure what comes next in terms of consumer demand.

Regeneron Pharmaceuticals, Sanofi SA - Shares of Regeneron Pharmaceuticals cratered 19%. The drugmaker said itepekimab, a treatment developed alongside Sanofi, had failed to deliver statistically significant results in one of two late-stage studies. Itepekimab was touted as a treatment for chronic obstructive pulmonary disease, a condition caused by lung damage that usually worsens over time. U.S.-listed shares of Sanofi were down 5.7%.

Gap - Gap sank 20.2% to $22.31. The apparel retailer cautioned investors that tariffs could dent fiscal-year profit by more than $100 million. While the company maintained its guidance for the year, management said that call doesn’t reflect the potential impact of new levies.

UiPath - UiPath finished up 2.9%. The software company raised its full-year sales outlook after posting better-than-anticipated revenue in its latest quarter. Management forecast full-year sales in the range of $1.549 billion to $1.554 billion, up from a previous call for $1.53 billion. Analysts polled by FactSet forecast $1.52 billion.

American Eagle Outfitters - Shares of American Eagle Outfitters fell 2%. The retailer posted an adjusted loss of 29 cents a share in its fiscal first quarter, which was wider than the loss of 25 cents analysts had expected. CEO Jay Schottenstein insisted that the retailer’s brands “remain resilient,” adding, “The team executing with urgency as we look to strengthen both the top line and profit flow-through.”

PagerDuty - PagerDuty slumped 11.4%. While the cloud computing company delivered fiscal fourth-quarter revenue and adjusted earnings that topped expectations, it issued an outlook that failed to impress Wall Street. For the current quarter, management expects revenue between $122.5 million and $124.5 million. Analysts surveyed by FactSet were expecting $123.7 million.

Market News

Trump Says China Has "Totally Violated" Geneva Deal with US on Tariffs, Minerals

U.S. President Donald Trump said on Friday that China had violated an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals and issued a new veiled threat to get tougher with Beijing.

"China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!," Trump said in a post on his Truth Social platform.

Trump said that he made a "fast deal" in mid-May with Chinese officials for both countries to back away from triple-digit tariffs for 90 days. He said he did this to save China from a "devastating" situation, factory closings and civil unrest caused by his tariffs of up to 145% on Chinese imports.

Trump Says He Plans to Double Steel Tariffs to 50%

U.S. President Donald Trump on Friday said he planned to increase tariffs on foreign imports of steel from 25% to 50%, ratcheting up pressure on global steel producers and vowing to deepen his trade war.

"We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania.

The levy increase will take effect next week.

Trump Says Automakers, Tesla Must Build Cars, Parts in US

Automakers in the United States, including Tesla, must build entire vehicles including all their parts in the country instead of manufacturing parts abroad, President Donald Trump said on Friday.

The comments from Trump, at a press conference marking Tesla CEO Elon Musk's last official day at the White House as a senior adviser, were in response to a question on tariffs hurting companies such as Tesla that import auto parts from other countries.