Top and Bottom S&P 500 Performers of the Second Quarter

While it was only three months, the second quarter of 2025 felt like it lasted a century. The nadir of the quarter was the unveiling of retaliatory tariffs on April 2, which was followed by an about-face from President Donald Trump. Stock prices have fluctuated throughout the period as trade tensions weighed on markets, not just in the U.S. but across the globe.

Overall, some stocks saw outsize gains while others continued to trail the broader market. The best performer in the quarter by a wide margin was Coinbase Global, which soared more than 106%. Shares of the crypto-trading platform popped after Bitcoin crossed the $100,000 mark in early May and continued to rise, notching a record closing high last week. Coinbase has benefited from a more relaxed regulatory environment under the Trump administration, and negative news items, including a data breach affecting thousands of users last month, haven’t been enough to tamp the stock down.

Stocks in the energy sector also led the list of gainers. NRG Energy surged 72%, including a 41% jump in May that helped the stock finish as the best performer that month. Most of those gains came after the energy supplier said it had acquired 18 natural gas-generation plants , doubling its power-generation capacity. A handy earnings and revenue beat for the first quarter also contributed to its meteoric rise.

Clean-energy providers GE Vernova and Vistra rose 71% and 64% in the quarter, respectively. GE Vernova operates an extensive portfolio of energy solutions including nuclear reactors, while Vistra specializes in nuclear power. The nuclear energy industry as a whole has benefited from bipartisan support and the belief that it could sate AI’s appetite for power. Nuclear-friendly executive orders were signed last month in an attempt to catalyze the domestic production of nuclear energy. However, the fate of GE Vernova, Vistra, and peers hangs in the balance, as the massive spending bill snaking its way through the Senate could end certain tax incentives .

Storage-device manufacturer Seagate Technology was up 67% in the quarter, just behind Vistra. In addition to the boost it received from better-than-expected earnings, the stock surged in the face of tariff turmoil , with analysts asserting that higher import taxes would have little to no impact on customer demand for Seagate’s hardware.

Other companies didn’t fare as well. The worst performer, as expected, was UnitedHealth Group, which cratered nearly 41%. The company’s troubles began in April, when the healthcare company slashed its full-year outlook , sparking a massive selloff. Then, on May 13, the company pulled its guidance entirely, pointing to higher-than-expected medical expenditures. Former CEO Andrew Witty resigned the same month due to “personal reasons.”

Energy stocks weren’t entirely in the green. Enphase Energy slumped 37% in the quarter. Shares of the solar energy company fell double-digits on earnings in April, as Enphase missed expectations for both its top and bottom lines in the first quarter and cautioned investors that tariffs would impact margins in the second quarter. Enphase and peers have wavered as legislators set their sights on restricting residential solar tax credits.

Fortive Corp, Becton Dickinson, and Dow were other notable decliners in the second quarter, falling 30%, 25%, and 24%, respectively.

When it comes to the best-performing stock this year, that title belongs to Palantir Technologies. A loyal following of institutional investors has contributed to its meteoric rise, in additional to the Street’s endless optimism for its AI-powered software . The company, which attributes a sizable chunk of its revenue to dealings with the U.S. government, continues to land new contracts. On Monday, the data-analytics company said it would work with Accenture to provide AI-powered software to the federal government. While Palantir’s lofty valuation remains a concern, it doesn’t seem like it will dissuade bulls any time soon.

Deckers Outdoor has been a notable laggard this year, continuing its losing streak for a second straight quarter . The maker of Hoka sneakers and Ugg boots has trailed the broader market so far into 2025. A slowdown in demand for its once-popular athletic footwear brand and concerns about the effect of tariffs on the business could be to blame. Just last month, Deckers opted to omit its fiscal 2026 guidance, citing “macroeconomic uncertainty related to evolving global trade policies.”

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com