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United States stocks pared earlier losses with big technology stocks driving gains and hopes for tariff deals overshadowing concerns over deteriorating consumer sentiment and mixed corporate earnings.
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The S&P 500 Index rose 0.6 per cent and the Nasdaq 100 Index gained 0.9 per cent as of 1:12 p.m. in New York. Dow Jones Industrial Average declined 0.1 per cent and Russell 2000 Index fell 0.3 per cent. The Cboe VIX Index hovered around 25.
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Among single stock movers, Tesla Inc. jumped 9.8 per cent, leading gains in Magnificent Seven stocks. Alphabet Inc. gained 2.2 per cent after the Google parent reported first-quarter results that beat. Meanwhile, Intel Corp. slumped 6.7 per cent after the chipmaker gave an outlook that was weaker than expected.
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“Today’s market moves are mainly driven by investors’ excitement around Tesla as they cheered Elon Musk’s plan to scale back his work with President Donald Trump and Tesla’s plan to launch 10-to-20 Model Y robotaxis in Austin this June,” said Daniel Kirsch, head of options at Piper Sandler, adding that Alphabet earnings and commitment to capex also provided some relief about the outlook for tech.
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As of 12:30 p.m. New York time retail investors net bought US$1 billion of U.S. stocks, above last month’s average of US$488 million, according to JPMorgan Chase & Co.’s global quantitative and derivatives strategist Emma Wu. Notably, there was profit-taking in Tesla. The so-called mom-and-pop investors sold US$459 million worth of Tesla shares, halting a 12-day buying streak. On the other hand, Nvidia Corp. continued to lead the inflows.
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On the tariff front, President Donald Trump said he expected to wrap up trade deals with U.S. partners in three to four weeks. Meanwhile, China’s government is considering suspending its 125 per cent tariff on some U.S. imports, considering suspending its 125 per cent tariff on some U.S. imports, according to people familiar with the matter. Authorities are mulling removing the additional levies for medical equipment, some industrial chemicals like ethane as well as waiving the tariff for plane leases.
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The S&P 500 is on pace to post a 4.2 per cent weekly gain, which would be the second biggest weekly return since April 11. On a sector basis, information technology, consumer discretionary, and communication services are the biggest winners. While consumer staples, typically seen as a defensive sectors, is a laggard.
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Still, to Bank of America Corp. strategists, investors should sell into rallies in U.S. stocks and the dollar, cautioning that the conditions for sustained gains are missing.
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