A logo behind a shoe display in the On Labs flagship store, operated by On Holdings AG, in Zurich, Switzerland, on March 21, 2023.

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Can the Coinbase, Applovin and Palantir rally co-exist with the S&P 500's comeback? The new retail leadership or the old standbys? The broad-based index moved into positive territory for 2025 yesterday, after the U.S. and China on Monday announced a 90-day reduction on tariffs.

Barclays raised its price target on On Holding to $68 from $52, kept its buying rating. The sneaker and apparel maker delivered another impressive quarter and is taking big share from Nike. CEO Martin Hoffman told me last night that On is in a really strong position to handle any tariff pressures. He also said the company had its strongest month ever in April. Stifel, KeyBanc and Baird also raised PTs.

Wayfair cut to sell from hold at Loop Capital on uncertainty related to tariffs, says investors should avoid the online retailer of furniture and home goods. This one has nine lives. I would be careful about shorting it.