Updated 1 min read
In This Article:
US stocks wavered on Friday as trade tensions remained in focus and Federal Reserve officials hinted at possible rate cuts by the summer.
The Dow Jones Industrial Average (^DJI) fell 0.2%. The S&P 500 (^GSPC) dropped 0.3%, while the Nasdaq Composite (^IXIC) rose above the flatline.
Tariff developments are once again in focus: A report Friday said that China may pause its 125% tariff on some US goods, boosting market sentiment. Trump has claimed progress in negotiations with China, but China denied the existence of negotiations and demanded that the US lift its tariffs.
Stocks are coming off an extended rally — the S&P 500 is up over 6% in the past three sessions, while the Nasdaq has gained over 8% — as investors focused on Trump’s generally optimistic tone on trade talks. In an interview with Time magazine that was published on Friday, Trump said he expects many trade deals to fall in place over the next three to four weeks.
In individual movers, Alphabet (GOOG, GOOGL) stock rose after the company beat on earnings and announced a dividend hike and a $70 billion stock buyback. The Google parent is the first Big Tech company to report earnings since Trump’s tariffs went into effect this month.
Other notable movers included Intel (INTC), whose stock fell despite beating earnings estimates. T-Mobile (TMUS) and Sketchers (SKX) also fell, with both companies flagging the early effects of the tariffs.
Read more: The latest on Trump’s tariffs
The latest reading of consumer sentiment as measured by University of Michigan survey came in above expectations at 52.2, versus estimates of 50.5. Consumer sentiment has been on a downward trend as inflation expectations tick up amid Trump’s trade war.
LIVE 8 updates
-
Stocks mixed as consumer sentiment climbs
Stocks were mixed on Friday morning as Consumer Sentiment as measured by the University of Michigan survey came in at 52.2, higher than 50.5 expected by economists.
The Dow Jones Industrial Average (^DJI) fell 0.5%. The S&P 500 (^GSPC) was relatively flat while the Nasdaq Composite (^IXIC) gained 0.3%.
-
Stocks little changed after 3-day rally as trade tensions ease
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.
-
The US stock market’s tariff exposure is about to be laid bare
A warning from analysts on corporate earnings in the post-“Liberation Day” world, via Bloomberg:
-
Trending tickers ahead of the opening bell: Alphabet, Intel, Meta, AbbVie, Phillips 66
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.
-
Oil set for weekly fall under supply pressure
-
Google stock jumps nearly 5% premarket after earnings
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.
-
Good morning. Here’s what’s happening today.
-
Gold tumbles in volatile week on signs trade tensions may ease
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.
