05:05 PM EDT, 06/27/2025 (MT Newswires) -- The S&P 500 and the Nasdaq Composite rose to all-time highs on Friday even as President Donald Trump said he was terminating trade talks with Canada.

The S&P 500 and the tech-heavy Nasdaq ended 0.5% higher each, at 6,173.1 and 20,273.5, respectively. The Dow Jones Industrial Average rose 1% to 43,819.3.

For the week, the Nasdaq climbed 4.3%, while the Dow and S&P 500 gained 3.8% and 3.4%, respectively.

Most sectors ended Friday's session in the green, led by consumer discretionary, while energy and health care were the only decliners.

Trump said Friday on social media that the US was immediately terminating all trade discussions with Canada over Ottawa's digital services tax on American tech firms. Trump said the tax "is a direct and blatant attack on our country."

"They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us," he said. "Based on this egregious tax, we are hereby terminating all discussions on trade with Canada, effective immediately."

Earlier in the day, Treasury Secretary Scott Bessent said that the US hoped to wrap up trade discussions with more than 12 countries by the start of September, The Wall Street Journal reported.

The US and China confirmed details of a trade framework that would allow exports of rare earths and ease technology curbs, CNBC reported Friday, citing China's Ministry of Commerce. Beijing will reportedly review and approve export applications for items subject to export control rules, while Washington will cancel various restrictive measures against China.

On Thursday, Trump told reporters that the US and China had formally signed a trade agreement, without giving additional details. Earlier in June, Washington and Beijing agreed on a framework for implementing a pact that the two sides reached in Switzerland.

US Treasury yields were higher, with the 10-year rate rising 3.7 basis point to 4.28% and the two-year rate adding 2.2 basis points to 3.75%.

In company news, Nike ( NKE ) shares jumped 15%, the best performer on the Dow and the S&P 500. The sportswear giant late Thursday laid out a plan to tackle tariff-related costs, such as price increases in the US and reducing Chinese footwear imports. The company recorded better-than-expected fiscal fourth-quarter results.

Plane maker Boeing ( BA ) was the second-top gainer on the Dow and the S&P 500, up 5.9%. Rothschild upgrades Boeing ( BA ) to buy from neutral and raised the price target to $275 from $180.

West Texas Intermediate crude oil was down 0.3% at $65.07 in Friday late-afternoon trade. Crude prices were on track for a sharp weekly decline in what would be the commodity's first drop in four weeks as geopolitical risk premium faded.

In economic news, US consumer spending unexpectedly declined last month as outlays on goods turned negative, while the Federal Reserve's preferred inflation metric accelerated, government data showed.

Personal consumption expenditure inflation remained "benign in May, but we are only just starting to see the impact of tariffs in consumer goods prices, and several favorable one-offs depressing inflation over the past few months will go into reverse from June onwards," Oxford Economics said. "Despite the slowing economy, the upside risks to inflation will keep the Fed on the sidelines until much later in the year."

US consumer sentiment rose for the first time in six months in June, final survey results from the University of Michigan showed Friday, confirming its initial findings. Year-ahead inflation expectations dropped to 5% this month from 6.6% in May, while the long-run outlook decreased to 4% from 4.2%.

"Consumers continue to be concerned about the potential impact of tariffs, but at this time they do not appear to be connecting developments in the Middle East with the economy," Surveys of Consumers director Joanne Hsu said.

Gold was down 1.9% at $3,285.5 per troy ounce, while silver fell 2.1% to $36.14 per ounce.