U.S. stocks Rise on Tech Gains Amid Trade Uncertainty
U.S. stocks finished higher on Thursday, thanks to a boost from major tech companies. The Nasdaq composite soared by 2.74%, while the S&P 500 climbed 2.03%.The Dow Jones Industrial Average also rose, gaining 1.23%, despite IBM’s 6% drop due to lost government contracts.
Key tech stocks like Nvidia, Meta, Amazon, Tesla, and Microsoft all saw gains. This lifted the broader market and marked the tech sector’s third consecutive day of growth.
However, trade talks between the U.S. and China remain unclear. China’s commerce ministry denied ongoing negotiations and called for the removal of existing tariffs. President Trump, though, seemed to soften his stance, with Treasury Secretary Scott Bessent hinting at a possible deal with South Korea.
Analyst Ross Mayfield from Baird was skeptical about the rally’s sustainability. He noted that China had explicitly stated there were no ongoing negotiations.Despite this,the market may still be reacting positively to signals that the administration wants a deal.
Investors remain cautious.Since Trump’s April 2 tariff declaration, the S&P 500 is down 3.5%, the Dow has declined 5.3%, and the Nasdaq is off 2.8%. Upcoming earnings from Alphabet, Google, and Intel will be closely watched. Alphabet’s results may not show immediate trade effects,but analysts will look for future impacts. Intel’s report will be the first under new CEO Lip-Bu Tan.
Bitcoin (BTC) traded around the $93,000 mark for most of the day.
