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US stocks jumped on Friday, with the S&P 500 on pace for a run of gains not seen in 20 years as a solid jobs report and possible thawing in US-China trade tensions boosted spirits.
The S&P 500 (^GSPC) added 1.3%, headed for a ninth straight win — its first since November 2004. The Dow Jones Industrial Average (^DJI) moved up 1.1%, poised for its own ninth winning day in a row. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) climbed roughly 1.3%.
The monthly US jobs report came in better than expected, indicating labor resiliency despite a stock market shock following President Trump’s “Liberation Day” reciprocal tariff announcements. The US economy added 177,000 nonfarm payrolls in April, more than the 138,000 expected by economists. The unemployment rate held steady at 4.2%.
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Earlier on Friday, China said it is evaluating US officials’ recent overtures on trade talks to assess how serious Trump’s administration is about a shift in policy stance. Its commerce ministry said the “door is open” if the US agrees to pull back on reciprocal tariffs, paving the way to starting formal negotiations.
Read more: The latest on Trump’s tariffs
The comments helped ease worries that tariffs will stoke an economic slowdown, brought into focus by Apple (AAPL) and Amazon (AMZN) earnings reports late Wednesday.
Apple warned of a $900 million tariff headwind this quarter and cut its share buyback program by $10 billion, sending its stock lower in early trading despite its quarterly earnings beat. Meanwhile, Amazon shares were little changed after the e-commerce giant beat earnings estimates but issued disappointing guidance that pointed to tariff and trade policy as factors.
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Block stock plunges over 20% after outlook cut, analyst downgrades
Block (XYZ) shares fell sharply on Friday after the financial services and digital payments company cut its full-year gross profit outlook, which came in below the average analyst estimate.
For the first quarter, the company behind Square and CashApp reported adjusted earnings per share of 56 cents, well above analyst estimates of 47 cents. However, revenue came in at around $5.7 billion, missing the forecast of $6.2 billion.
Looking ahead, Block expects full-year adjusted operating income of $1.9 billion, representing a 19% gross margin, down from its prior guidance of $2.1 billion. It also expects a full-year gross profit of $9.96 billion, below the consensus estimate of $10.18 billion.
The payments processor cited the economic uncertainty for its cautious outlook.
“We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year,” Block said in its shareholder letter.
Several Wall Street analysts, including Wells Fargo analyst Andrew Bauch, downgraded the stock to “Equal Weight” from “Overweight” and lowered its price target to $50 from $95.
Bauch stated that it is too difficult to recommend the shares at their current level, citing “(1) a heavily back half weighted guide, (2) growing credit contributions and (3) numerous Cash App monetization red flags.”
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Reddit stock turns positive despite Google Search traffic, user growth concerns
Yahoo Finance’s Laura Bratton reports:
Read more here.
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Stocks rally over China trade talk optimism, strong jobs report
Stocks rallied on Friday as the labor market proved resilient in the face of the tariff policy revealed by President Trump in early April and as China indicated it is willing to talk with the US about a trade deal.
The Dow Jones Industrial Average (^DJI) moved higher for a 9th straight day, climbing more than 1% soon after the open. The S&P 500 (^GSPC) rose 1.3%, on track to extend its longest win streak of 2025. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) rose more than 1.2%.
The latest monthly jobs report came in better than expected, with hiring holding up in April despite Trump’s “Liberation Day” reciprocal tariff announcements that shook the markets.
China said on Friday it’s evaluating recent approaches from US officials to start negotiations about tariffs.
Among Big Tech, Apple (AAPL) stock declined after the iPhone maker warned of a $900 million tariff headwind this quarter. Amazon (AMZN) shares were little changed after the cloud and e-commerce giant issued disappointing guidance
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April jobs report shows US labor market remained resilient in wake of ‘Liberation Day’ tariff announcement
Yahoo Finance’s Josh Schafer and Myles Udland report:
Read more here.
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April jobs report expected to show hiring slowed amid tariff uncertainty
Eyes are on monthly jobs report, the first since President Trump’s “Liberation Day” tariff launch, for signs of cooling in the labor market.
Economists expect nonfarm payrolls to have risen by 135,000 in April and the unemployment rate to hold steady at 4.2% when the report is released at 8:30 a.m. ET. In March, the economy added 228,000 jobs
Yahoo Finance’s Josh Schafer reports:
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Good morning. Here’s what’s happening today.
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Reddit stock pares post-earnings gains on Google risk
Reddit (RDDT) is betting that growth in digital ad spending will drive strong revenue in the second quarter, putting out a forecast that topped Wall Street estimates on Thursday.
Shares in the social media company surged 20% in extended trading soon after its earnings report. But they pared gains in Friday’s premarket, trading about 7% higher, after Reddit’s CEO warned about a potential Google (GOOG, GOOGL)-related impact.
Reuters reports:
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Asia stocks rise as Beijing signals it’s open to trade talks
Asian markets saw gains overnight Thursday following announcements from the Chinese Commerce Ministry that the country is seriously evaluating overturning tariffs in negotiations with the US. The news comes as the first step toward breaking the economic stalemate that has developed between the two countries and shaken the global economy.
AP Finance reports:
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Gold sinks as tech earnings pull investors out of haven
Gold (GC=F) is heading for consecutive weekly losses for the first time in 2025 after a record-breaking run for the commodity. The haven asset touched $3,500 last week before starting a sharp decline as tech earnings have pulled investors back into the stock market despite recent trade war-induced volatility.
Bloomberg reports:
