US Stocks Eye Weekly Gains
In the afternoon session, all three major indices exhibited gains and were poised for substantial weekly advances, buoyed by a relaxation in US-China trade tensions. The S&P 500 climbed by 0.5%, marking its fifth consecutive day of gains, while the Nasdaq increased by 0.3%, and the Dow Jones Industrial Average surged by over 200 points. A 90-day ceasefire on tariffs bolstered market sentiment, allowing the S&P 500 to regain positive ground for the year. However, sentiment was slightly dampened by weak consumer confidence data released on Friday; the University of Michigan's Consumer Sentiment Index fell to 50.8, its second lowest reading on record, coupled with a rise in one-year inflation expectations to 7.3%. Investors maintained a cautious stance, closely monitoring developments regarding President Trump's tax legislation and forthcoming tariff announcements. The performance of major technology stocks was mixed, with Alphabet climbing by 1.5% while Meta saw a decline of over 1%, yet the sector remained one of the week's strongest performers. For the week, the S&P 500 is projected to rise by 5%, the Dow by 3%, and the Nasdaq by more than 6%.
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