The Nasdaq Composite advanced 0.2% to 19,147.2, the S&P 500 rose 0.4% to 5,941.3, and the Dow Jones Industrial Average climbed 0.6% to 42,562.7. All sectors except technology and energy posted gains, with healthcare and utilities leading the gainers intraday.
US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will send letters to tell other nations what "they'll be paying to do business in the US," multiple news outlets cited President Donald Trump as saying in a meeting with business executives in the United Arab Emirates. That's because meeting all government representatives wanting to make a deal isn't possible.
"It's a Happy Friday for equities," Derek Holt, head of capital markets economics at Scotiabank, said in his morning note. "A catalyst is an additional sign that Trump is backing down on tariffs but trying to make it sound like he's not."
In economic news, the University of Michigan's preliminary consumer sentiment index fell to 50.8 in May from 52.2 in April, compared with expectations for an increase to 53.5 in a survey compiled by Bloomberg. Respondents pegged one-year inflation expectations at 7.3%, up from 6.5% in April, while five-year inflation expectations rose to 4.6% from 4.4%.
The April 22 to May 13 survey closed two days after a US-China tariff truce was announced, according to Joanne Hsu, surveys of consumers director at Michigan.
"Many survey measures showed some signs of improvement following the temporary reduction of China tariffs, but these initial upticks were too small to alter the overall picture -- consumers continue to express somber views about the economy," Hsu said.
West Texas Intermediate crude oil futures jumped 1.2% to $62.38 a barrel.
Gold futures dropped 1.5% to $3,205.13 per ounce.
Most US Treasury yields fell, with the 10-year down 1.6 basis points to 4.44%.
In company news, Applied Materials (AMAT) slumped 5.9% intraday, the worst performer on the S&P 500 and the Nasdaq, after the semiconductor equipment maker's fiscal Q2 revenue trailed market expectations.
Walmart (WMT) remains among the "best positioned" companies in RBC Capital Markets' coverage to manage the impact of tariffs. The RBC research note said sales trends improved through the quarter and into May, implying fiscal Q2 is tracking ahead of guidance. Walmart's shares jumped 1.7% intraday, among the biggest gainers on the Dow.
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