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Three themes tell the story of the year so far, embodied by three stocks that encapsulate the highs and the lows of the first half of 2025.
Boeing (BA) has become the government’s favorite trade talk tool, representing resilience and preferential treatment from D.C.
Walmart (WMT) captures the other side of the tariff challenge, warning of price increases and omitting some guidance as the outlook remains uncertain.
And thirdly, the volatility around Tesla (TSLA), and by extension its CEO and former government employee, Elon Musk, reflects the chaos of the last several months and the shifting policies and alliances that have driven the market.
Boeing has emerged as a clear winner in the first six months of this year’s trading after spending most of its recent memory marred by a series of high-profile blunders.
But the stock is riding the momentum of several trade deals, becoming an instrument of US statecraft. The Trump administration has wielded contracts with the aerospace manufacturer like a bargaining chip, reinforcing the company’s importance as a marquee ticker and a symbol of American might. Shares are up 20% for the year, and have even recouped the losses following the Air India crash of a Boeing 787 on June 12.
While not featured in trade talk deals the way Boeing has been, another name stands out for rising on shifting political winds, expanded government work, and AI excitement: Palantir (PLTR).
The best performer in the S&P 500 last year, it’s a stock that has long been at the top of trending charts. Palantir shares are up more than 80% so far this year as the administration seeks to use the company’s security and defense technology for data analysis.
But for every Palantir and Boeing there are dozens more tickers (and many more private companies) that are being squeezed by tariffs and the prospects of more to come.
Read more: What Trump’s tariffs mean for the economy and your wallet
Walmart, the nation’s largest retailer, reported mixed numbers in its first quarter report, noting that tariffs had already led to price increases in April and May. While executives said they expect net sales for the second quarter to increase as much as 4.5%, they did not provide guidance for adjusted earnings or operating income for the second quarter.
The absence of full guidance underscored a broader challenge for corporations across the country: coping with the consequences of tariff policy without knowing their full scope and their ultimate impact. Still, Walmart has gained about 7% this year, slightly ahead of the benchmark S&P’s 5% increase.
Getting a handle on 2025’s unpredictability wouldn’t be possible without also reflecting on the losses. And that’s where Tesla comes in. The company’s mercurial stock chart highlights the exuberance that defined the start of the year, only to be followed by tariff anxiety, the tug-of-war between bulls and bears, and the falling out between Musk and Trump.
The push in Washington to advance the administration’s signature legislation, with key implications for the clean energy industry, once again brought their disagreements center stage. Musk issued a series of weekend posts calling the bill “utterly insane and destructive [with] handouts to industries of the past while severely damaging industries of the future.”
Earlier this month, their public feuding led to the loss of $150 billion of Tesla’s value. Meanwhile, Tesla’s ambitions to build a nationwide fleet of robotaxis were met with renewed enthusiasm after a launch event last week.
Perhaps investors cheering a fairly mediocre launch of a handful of scofflaw robotaxis is the best encapsulation of the past six months, illustrating the market’s singular ability to play down a regrettable present and look forward.
Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X @hshaban.
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