US Stocks Rise on US-UK Trade Deal
US stocks rose on Thursday, with the S&P 500 rising 0.6%, the Nasdaq adding 0.9% and the Dow Jones jumping 230 points, as investors welcomed President Trump's announcement of a US-UK trade deal.
Sentiment was further boosted by reports that the administration is preparing to roll back some Biden-era restrictions on chipmakers. Consumer discretionary, energy and communication services were by far the top performers while health and utilities underperformed.
Megacaps Apple (0.6%), Microsoft (1.6%), Nvidia (0.5%), Amazon (1.2%), Meta (2.2%), Alphabet (1.2%) and Tesla (3.2%) were all higher. Meanwhile, Trump said he would not lower tariffs on China as a condition to begin trade negotiations ahead of US-China talks in Switzerland this weekend.
Yesterday, the Fed kept the fed funds rate steady as expected but noted that uncertainty about the economic outlook has increased further and that the risks of higher unemployment and higher inflation have risen.
Source: Trading Economics
