Stocks Gain on Tech Results, Tariff Shock Easing
Wall Street traders are piling into US stocks on strong tech earnings, with major indexes close to erasing losses sparked by the tariff shock that rattled markets just weeks ago.
The S&P 500 and the Nasdaq 100 gained as Microsoft Corp. and Meta Platforms Inc. jumped on strong results. Treasuries rallied after weekly data showed jobless claims jumped to the highest level since February. A dollar index rose.
Tech earnings are largely driving optimism in the markets along with expectations that trade deals will offer many countries a reprieve from the highest tariffs first unveiled April 2. Traders also sought reassurance in bets on Federal Reserve easing after the US economy contracted for the first time since 2022. National Economic Council Director Kevin Hassett saying the Trump administration is making progress in tariff talks — and that he expects news by the end of the day — boosted sentiment as well.
“So far we’re seeing big tech companies deliver on earnings, which is reassuring, and it’s this reassurance which is supporting equity market futures,” said Georgios Leontaris, chief investment officer for EMEA at HSBC Global Private Banking. “The other element of the story beyond earnings is obviously the ongoing debate as to whether we’ve seen peak tariff noise or not.”
The S&P 500 rose 1% as of 9:30 a.m. New York time
The Nasdaq 100 rose 1.5%
The Dow Jones Industrial Average rose 0.5%
Source : Bloomberg
