Wall Street Today: Nasdaq, S&P 500 and DJIA Rise for Fourth Day Amid Hopes for Trade War's End
The Nasdaq Composite gained 1%+ Friday, while the S&P 500 and Dow industrials rose slightly as stocks gained ground for a fourth straight session on hopes for an end to the Trump administration's trade wars with numerous countries.
The $Nasdaq Composite Index (.IXIC.US)$ scored the session's largest gains, adding 216.90 points (1.3%) to 17,383.94. Meanwhile, the $S&P 500 Index (.SPX.US)$ added 40.44 ticks (0.7%) to 5,525.21, while the $Dow Jones Industrial Average (.DJI.US)$ tacked on 20.1 points (0.1%) to 40,113.50.
MACRO
The indexes rose on continued claims by the Trump administration of progress in its ongoing trade-and-tariffs battle with multiple countries, particularly China.
U.S. President Donald Trump imposed widespread tariffs on some 180 countries earlier this month, but then suspended many of them for 90 days – except for a 145% levy on Chinese goods. Beijing responded by slapping a 125% import duty on many American goods.
On Friday, Time magazine published an interview with Trump in which the president that he had talked to Chinese President Xi Jinping and that the two sides are negotiating over trade – claims that Beijing has denied.
The president didn't specify when he talked to Xi or what they discussed, and Trump said in later remarks to reporters that while he's spoken to Xi "many times," he declined to provide further details.
Still, media reports Friday indicated that China has quietly rolled back tariffs on some U.S. semiconductors and pharmaceuticals, while also considering doing the same with medical gear and chemicals.
The president also claimed in his comments to Time that he's reached 200 trade deals with unspecified parties, and that he expects to wrap up all trade disputes in "three to four weeks."
U.S. stocks have generally fallen any time Trump has talked about imposing tariffs and risen when the president or other top U.S. officials soften their stance.
Many investors think Trump's tariffs – and any foreign retaliation against American exports – could increase U.S. inflation and joblessness, potentially leading to a U.S. recession.
Signs this week that Washington might be close to trade deals to lower the announced tariffs have helped push stocks higher in recent days.
MOOVERS
Friday's gainers included all of the "Magnificent Seven" tech stocks.
$Tesla (TSLA.US)$ led the way higher among the Mag-7, gaining 9.8% not just on better trade news, but also on a U.S. government move Thursday to promote adoption of self-driving cars. TSLA has made big investments in developing self-driving "robotaxis."
Elsewhere among Mag-7 names, Google parent $Alphabet-A (GOOGL.US)$ added 1.7% after releasing generally well-received quarterly earnings late Thursday.
Other stocks to see noteworthy percentage gains Friday included:
-- $BigBear.ai Holdings (BBAI.US)$, up 21.3%. The volatile artificial-intelligence firm rose in an apparent "risk-on" move on Wall Street amid increased optimism for an end to the trade wars.
-- $Coursera (COUR.US)$, which gained 13.6% after the online-education firm notched Q1 earnings and revenue beats.
-- $Charter Communications (CHTR.US)$, better by 11.4%. Charter, which owns the Spectrum pay-TV and Internet-services brand, beat analyst forecasts for Q1 revenues and added more mobile users than expected.
Conversely, Friday's major percentage decliners included:
-- $Summit Therapeutics (SMMT.US)$, which fell 32.8%. The pharma firm gave back all of a 30%+ two-day rally that it saw earlier this week on positive test results for one of its lung-cancer drugs. Summit had gained more than 137% between its April 7 low and the record intraday high that it hit on Thursday.
-- $Saia (SAIA.US)$, down 30.7%. The stock tanked after the trucking firm missed analyst estimates for its Q1 earnings.
-- $BioNTech (BNTX.US)$, which shed 17.4%. The drug company rose and fell in recent weeks in sympathy with its competitor Summit.
-- $TMC the metals (TMC.US)$, off 17.3%. The company – which aims to extract battery metals from under the Pacific Ocean – erased some of a 44.7% run-up Thursday. TMC has been generally rising in recent weeks after China banned rare-earth-metal sales to America as part of the Sino-U.S. trade war.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.
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affable Blobfish_403 : It is evident that Trump's tariff war is still ongoing, and the main issues are about to arise.
skumaar42 : Great info!
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