The S&P 500 rose for a fifth day, marking its third winning week in four, as investors bet on more trade deals that could ease tensions between the U.S. and other countries.
The Dow Jones Industrial Average added 331 points, or 0.8%, to close at 41,855, while the Nasdaq composite climbed 0.5% to finish at 14,959.
Trade Deal Developments
President Donald Trump has been reaching out to other countries with trade deals after agreeing on terms with China this week. This has lifted hopes that he will lower tariffs against them. Trump’s trade war had previously sent financial markets reeling worldwide due to concerns that tariffs could slow the economy and drive it into a recession or push inflation higher.
Encouraging Economic News
This week featured some encouraging news on both fronts:
- The U.S. and China announced a stand-down in most of their punishing tariffs against each other.
- Several reports indicated that inflation showed price increases weren’t as severe as economists expected.
- A report found that wages aren’t rising fast enough for Americans’ purchasing power to keep pace with inflation.
Inflation data from April showed prices rose at an annual rate slightly slower than forecasters predicted, but still much faster than the average over the past decade. Consumer confidence took another hit according to a new survey from the University of Michigan, which measures optimism about future job and income growth. Overall sentiment has declined significantly since January, especially among younger adults who seem particularly pessimistic.
Joe Brusuelas, chief economist at RSM US LLP in Chicago, noted, "Despite recent setbacks, optimism remains relatively stable across different age groups, except perhaps young adults where concerns surrounding student loan debt remain a top priority issue."
Market Performance
The S&P 500 closed within striking distance of its all-time high set in February before falling back amid concerns over higher interest rates hurting profits. The index has risen every day this week except Wednesday, when it fell by less than one percent. Investors are betting on more stimulus from central banks, including the Federal Reserve, which meets next month after raising interest rates nine times since March last year.
Trade talks between Washington D.C. and Beijing have helped calm nerves, but investors are also watching developments related to Russia’s invasion of Ukraine, which continues despite international sanctions imposed by Western nations.
International Developments
Last month, Russian President Vladimir Putin ordered troops into Ukraine, sparking an international outcry and economic sanctions from Western nations. European Union leaders agreed to impose new sanctions against Russia following the deaths of dozens during clashes between Russian-backed separatists and Ukrainian forces near Kyiv’s main airport.
European Central Bank President Christine Lagarde stated that she expects euro zone economic growth to be stronger than previously forecasted, due in part to strong labor market conditions. Lagarde noted that euro zone consumer prices were likely to grow at an annual rate of around 3% in May, compared to 4% earlier this year.
Market Outlook
Earlier Friday, European stocks edged higher after a mixed session for Asian markets, while oil prices rose above $120 per barrel ahead of an OPEC+ meeting later this weekend. U.S. traders returned from holidays with caution over global events, particularly the conflict between Russia and Ukraine, while also keeping an eye on potential trade deal hopes to boost stocks.
Friday was seen as a significant test for Wall Street traders, who face a busy week ahead, including earnings reports from major companies such as:
- Apple Inc
- Alphabet Inc
- Amazon.com Inc
- Microsoft Corp
- Meta Platforms Inc
- Tesla Inc
- Johnson & Johnson
- Procter & Gamble Co
- Coca-Cola Co
- McDonald’s Corp
- Home Depot
- Walmart Stores
- Target Corp
Conclusion
The current market dynamics reflect a complex interplay of trade negotiations, economic indicators, and geopolitical tensions. Investors remain vigilant as they navigate these challenges while seeking opportunities for growth.
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