Stock market today: Dow falls, S&P 500, Nasdaq gain to extend 3-day surge

Yahoo Finance’s Dan Howley reports:

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Tech (XLK) and Consumer Discretionary (XLY) stocks led the weekly gains on Friday, as all three major averages ended the week with solid gains over investor optimism of easing trade tensions and a possible Fed rate cut by the summer.

The Dow Jones Industrial Average (^DJI) finished the week up more than 2%. The S&P 500 (^GSPC) notched its longest win run since January, up more than 4% for the week. The Nasdaq Composite (^IXIC) also rallied to close the session up more than 1.2%, while the tech-heavy index was 6% higher of the week.

The “Magnificent Seven” stocks all rose, led by shares of EV Tesla (TSLA), up more than 9% for the session, and about 18% over the past five trading sessions.

Google parent Alphabet (GOOGL, GOOG) also led the market gains after posting strong quarterly results on Thursday.

Next week investors will hear from software giant Microsoft (MSFT) and social media platform Meta (META) as they report earnings on Wednesday. Tech giant Apple (AAPL) and e-commerce platform Amazon (AMZN) will also report earnings on Thursday.

Investors will get another round of earnings next week as more Big Tech companies prepare to announce their quarterly results.

Software giant Microsoft (MSFT) will report on Wednesday, along with social media platform Meta (META).

Tech giant Apple (AAPL) and e-commerce platform Amazon (AMZN) will also post earnings next Thursday after the bell.

Shares of EV maker Tesla (TSLA) and Google parent Alphabet (GOOGL, GOOG) were leading Tech and Consumer Discretionary higher on Friday as Wall Street prepared to wrap up a week of solid market gains.

Tech (XLK) and Consumer Discretionary (XLY) stocks led weekly gains on Friday as the “Magnificent Seven” group rose with Tesla (TSLA) seeing the biggest jump.

The EV maker jumped as much as 10% on Friday, on pace to gain 18% for the week amid more relaxed self-driving rules in the US and optimism of a near-term entry into India.

Meanwhile, Nvidia (NVDA) shares were on track to close out the week with a gain of more than 9%.

Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGL, GOOG), and Amazon (AMZN) are also up for the week.

Other notable Nasdaq Composite (^IXIC) winners this week include Netflix (NFLX). Its stock is up 13% over the past five sessions and hovering at all-time highs. The streaming giant is up 23% year to-date.

Stocks pared session gains on Friday afternoon after President Trump told reporters he would not drop tariffs on China unless “they give us something” in return.

The president also indicated that another tariff pause similar to the one announced by the administration earlier this month was unlikely.

The major averages came off their session highs. The Dow Jones Industrial Average (^DJI) fell 0.4% while the S&P 500 (^GSPC) gave back gains to rise 0.3%. The S&P is still headed toward its longest winning run since January.

The Nasdaq Composite (^IXIC), which had risen as much as 1.25%, was last up 0.7%.

Tesla (TSLA) shares surged on Friday after the EV maker sent an email refunding early bookers of its Model 3 vehicle in India.

The email reported by Bloomberg sparked speculation that the company may be nearing an entry into the country, given that the Model 3 is being discontinued.

Tesla has been planning to begin sales in India but has faced challenges from high duties on automobile imports.

Shares of Tesla were also getting a boost on Friday after the Department of Transportation outlined new rules around self-driving cars.

“This Administration understands that we’re in a race with China to out-innovate, and the stakes couldn’t be higher,” Transportation Secretary Sean Duffy said in a statement.

“As part of DOT’s innovation agenda, our new framework will slash red tape and move us closer to a single national standard that spurs innovation and prioritizes safety.”

Mortgage rates slightly increased in April, with the average 30-year fixed rate mortgage over the past four weeks rising to 6.73%, according to Freddie Mac data. This marked an 8 basis point increase from March.

The rise in mortgage rates came after a sell-off in US Treasury securities, fueled by concerns regarding the ongoing trade war. Home loan rates tend to track the 10-year Treasury yield (^TNX), which has risen recently as investors retreated from the traditional safe haven.

When demand for Treasurys weakens, prices drop and yields increase. The 10-year Treasury yield averaged 4.28% in April, with the most recent weekly yield rising to 4.32%. This sell-off may signal waning investor confidence in safe-haven assets as President Trump has pushed Federal Reserve Chair Jerome Powell to reduce interest rates.

However, during his recent speech at the Economic Club of Chicago, Fed Chair Powell pointed out that “tariffs are likely to cause at least a temporary increase in inflation.” He also stressed the Fed’s responsibility to ensure price stability, noting that it must prevent “a temporary rise in prices from turning into a lasting inflation issue.”

Yahoo Finance’s Josh Schafer reports:

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Bitcoin (BTC-USD) gained more than 2% on Friday to rise above $95,000.

Over the past five days, the world’s largest cryptocurrency is up more than 11%, outperforming the major averages, which were all on track to close out the week with gains.

As of Friday morning, bitcoin was up 2% year to date, compared to a 6% drop on the Dow Jones Industrial Average (^DJI).

The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) are 6% and 10% lower, respectively, since the start of the year.

Stocks were mixed on Friday morning as the final reading for Consumer Sentiment from the University of Michigan survey fell to 52.2 for April, compared to expectations of 50.5.

The Dow Jones Industrial Average (^DJI) fell 0.6%. The S&P 500 (^GSPC) was relatively flat while the Nasdaq Composite (^IXIC) gained 0.3%.

US stocks were little changed on Friday as trade tensions eased and investors digested earnings from Alphabet (GOOG) and Intel (INTC).

The Dow Jones Industrial Average (^DJI) fell 0.2%. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) were trading just above the flat line.

Stocks were attempting to extend their three-day rally after a report Friday said that China may pause its 125% tariff on some US goods, boosting market sentiment.

Meanwhile, shares of Google’s parent Alphabet (GOOG) jumped after the company reported solid first quarter results, raised its dividend 5%, and announced $70 billion in stock buybacks.

Intel (INTC) stock dropped 5% after the chipmaker, which also beat on earnings, issued a disappointing outlook. The company’s new CEO, Lip-Bu Tan, announced a major workplace overhaul that aims to boost innovation.

A warning from analysts on corporate earnings in the post-“Liberation Day” world, via Bloomberg:

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Here’s a look at some trending tickers as stock futures slipped after a three-day rally and earnings drove individual stock moves:

Alphabet (GOOG) shares jumped nearly 4% after the Google parent company reported solid first quarter results, raised its dividend 5%, and announced $70 billion in stock buybacks.

Intel (INTC) stock dropped 5% after the chipmaker, which also beat on earnings, issued a disappointing outlook. In its first earnings since new CEO Lip-Bu Tan took over, Intel cited “elevated uncertainty” in the macro environment for the cautious outlook.

Meta (META) shares added more than 2% premarket after reports that the company laid off more than 100 people in its Reality Labs division. The Information reported that the layoffs impacted Oculus Studios, which develops apps and games for the company’s Quest headsets. Meta is scheduled to report first quarter earnings next Wednesday.

AbbVie (ABBV) stock popped 3% after the pharmaceutical company raised its 2025 profit forecast and beat Wall Street’s Q1 earnings expectations. Strong sales of its newer drugs Skyrizi and Rinvoq were a highlight in the quarter.

Phillips 66 (PSX) stock is off by 2% after the US refiner reported a bigger-than-expected loss in the first quarter on Friday. Seasonal maintenance and downtime weighed on margins, Reuters reported.

Alphabet (GOOG, GOOGL) stock rose 4.7% in premarket trading after the Big Tech giant reported better-than-expected earnings on Thursday.

Year to date, the stock is still off by 15%.

Google’s ad revenue didn’t show signs of weakness, which some analysts were watching for in the aftermath of President Trump’s “Liberation Day” tariffs. Cloud revenue grew to $12.2 billion from $9.5 billion during the same period last year.

Google also announced a 5% dividend increase and $70 billion in stock buybacks.

The company’s results come after another antitrust loss last week. On April 17, a US federal judge found that Google holds an illegal monopoly over the online advertising market.

Read more about Google’s earnings results here.

Bloomberg News reports:

Gold (GC=F) fell at the end of a volatile week that saw prices notch a record before retreating, with signs some trade tensions may be easing.

Bullion shed as much as 1.9%, dropping for the third time in four sessions. China is considering the suspension of its 125% tariff on some US imports, people familiar with the matter said. Elsewhere, Treasury Secretary Scott Bessent said the US and South Korea could reach an “agreement of understanding” on trade as soon as next week.

“Headlines over potential, partial exemptions in retaliatory tariffs further boosted sentiment today and allowed gold to dip below $3,300 levels,” said Yuxuan Tang, a strategist at JPMorgan Private Bank. Still, since 2022, gold’s dips have usually been quickly bought back, she added.

Read more here.