Market Wrap | S&P 500 and Nasdaq Rise as Fed Warns of Tariff Inflation Impact

On June 2, 2025, the S&P 500 Index rose by 0.41%, the Dow Jones Industrial Average increased by 0.08%, and the Nasdaq Composite Index gained 0.67%. Federal Reserve Governor Chris Waller emphasized that tariff policies could become a primary driver of inflation, with noticeable impacts expected in the latter half of 2025. Additionally, concerns regarding government fiscal policies are contributing to rising long-term yields.

In today's market, several sectors outperformed the S&P 500, with the technology, energy, communication services, and materials sectors leading the way. Notably, the energy sector demonstrated exceptional performance. Conversely, the industrial sector moved in the opposite direction of the S&P 500.

Meta Platforms Inc. shares rose 3.62% as the company expanded its virtual reality offerings, enhancing user engagement.

Lyra Therapeutics surged over 310%, driven by positive Phase 3 trial results for LYR-210, which significantly boosted investor confidence. ModivCare's stock price rose nearly 96%, with a notable increase of 50.83% attributed to positive market sentiment. IM Cannabis saw a significant drop of 43.87%, partly due to a decrease in Israeli revenue following the cancellation of the organin bill, resulting in a revenue loss of approximately 3.5 million CAD. Basel Medical experienced a decline of 35.53%, as the company faced a trading halt due to a scheduled volatility pause.

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