Ulta Beauty Stock Soars; Regeneron Shares Plummet

Major U.S. equities indexes were mixed in the final session of the holiday-shortened trading week as President Donald Trump reverted to an antagonistic tone on trade with China and the latest Personal Consumption Expenditures data showed that inflation fell more than expected in April.

The S&P 500 staged a Friday-afternoon rally, coming back from deeper in negative territory to end with a loss of less than 0.1%. The Nasdaq was down 0.3%, while the Dow held onto a gain of 0.1%. The Nasdaq and S&P logged their strongest months since 2023. Read Investopedia’s full coverage of today’s trading here.

Shares of Regeneron Pharmaceuticals (REGN) plunged 19%, dropping the most of any stock in the S&P 500. The losses came after an experimental treatment for chronic obstructive pulmonary disease in former smokers, developed by Regeneron in collaboration with Sanofi (SNY), failed to meet primary endpoints in a Phase 3 trial. The companies said they are reviewing the data and will work with regulators to outline potential next steps. U.S.-listed shares of Sanofi slid 5.7%.

Cooper Cos. (COO) shares dropped 15% after the contact lens manufacturer reduced its full-year outlook for organic growth while edging out consensus sales and adjusted profit estimates with its fiscal second-quarter results. Analysts at JPMorgan downgraded Cooper stock to “neutral” from “overweight,” citing the company’s uneven execution and the possibility of a sustained slowdown in market trends.

Shares of Eastman Chemical (EMN), known for its specialty plastics and adhesives, fell 3.8%. The company announced that its molecular recycling project in Longview, Texas, which was previously expected to receive $375 million in public funding, was among 24 awards revoked by the Department of Energy.

Cosmetics retailer Ulta Beauty (ULTA) topped sales and profit estimates for its fiscal first quarter and lifted its outlook for the full year. CEO Kecia Steelman highlighted contributions from new and exclusive brands as well as strong sales of fragrance products, noting that consumers were turning to beauty products “as a comfort and escape from the stress of macro uncertainty.” Ulta shares skyrocketed 12%, scoring the S&P 500’s top daily performance.

Shares of Palantir Technologies (PLTR) jumped 7.7% as a New York Times report indicated that the Trump administration has expanded the data analytics software firm’s role in government data-sharing initiatives. The tech company, which has lucrative contracts with the federal government and Defense Department, is reportedly engaged in efforts to improve access to data across government agencies.

Enphase Energy (ENPH) stock advanced 5.5%. Shares of the solar microinverter manufacturer came under heavy pressure alongside other renewable energy players after the House of Representatives passed a tax and spending bill that would eliminate certain incentives for clean energy projects, including a federal tax credit for the installation of solar rooftop systems. Enphase Energy shares dropped to a 52-week low on May 22, the day the bill was passed, but have staged a partial recovery since.

Costco Wholesale (COST) stock added 3.1% after the bulk retailer’s quarterly revenue and net income edged out consensus forecasts. Same-store sales also grew more than expected. Analysts have suggested that high-margin membership revenue could provide Costco with some flexibility to navigate tariff-related cost pressure without raising prices.