U.S. stocks closed with mixed results on Thursday, as the S&P 500 extended its winning streak to four days, climbing 0.4%, while the Dow Jones Industrial Average surged by more than 250 points. In contrast, the Nasdaq Composite edged lower by 0.18%, ending its six-day streak of gains.
Investor sentiment was lifted by signs of easing trade tensions between the U.S. and China, following an agreement to temporarily reduce tariffs. This move helped ease concerns about inflation and global economic growth, providing relief to the market.
The 10-year Treasury yield dropped to 4.44% after a surprising 0.5% month-over-month decrease in April’s Producer Price Index. Additionally, April’s retail sales grew by just 0.1%, in line with expectations but a sharp slowdown from March’s 1.7% increase. Industrial production also posted a small decline.
Despite some positive economic data, Walmart’s stock slipped 0.5% after the retailer announced plans to raise prices in response to tariffs, signaling ongoing pressure on both consumers and retailers. The company also withheld its profit guidance for the upcoming quarter.
Tech stocks, which had been the primary drivers of recent gains, took a breather. Meta Platforms saw a 4% drop following reports of a delayed artificial intelligence rollout, though Nvidia and Tesla maintained their upward momentum, rising around 15% for the week.
Investors also took in remarks from Federal Reserve Chair Jerome Powell, who warned of potential volatility in inflation due to continuing global supply disruptions. Additionally, President Donald Trump hinted at possible trade agreements with India and Iran, fueling optimism about future economic tailwinds.
In standout stock moves, Foot Locker soared nearly 86% following the announcement of a $2.4 billion merger with Dick’s Sporting Goods. On the downside, UnitedHealth saw a nearly 11% drop after reports emerged of a Department of Justice probe, although the company has stated it has not been officially notified of the investigation.
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