| The Nasdaq crept up 0.78 points or less than a tenth of a percent to 17,928.92, the S&P 500 edged down 4.03 points (0.1%) to 5,659.91 and the Dow dipped 119.07 points (0.3%) to 41,249.38.
Wall Street rose on hopes of a U.S.-China trade deal as Treasury Secretary Bessent heads to talks, with reports suggesting tariffs may drop below 60% from 145%. However, Trump’s post backing an 80% China tariff and cautious trader sentiment, despite a U.S.-U.K. deal framework, tempered optimism.
Lyft (LYFT) shares skyrocketed after the ride-sharing company reported a first quarter profit compared to a year-ago loss and boosted its share buyback plan to $750 million. Trade Desk (TTD) also spiked after the digital marketing company reported better than expected first quarter results. Affirm Holdings (AFRM) plunged after the buy now, pay later company reported an unexpected fiscal third quarter profit but provided disappointing revenue guidance for the current quarter. Travel booking platform Expedia (EXPE) also moved sharply lower after reporting first quarter revenue that missed estimates and issuing soft guidance.
Gold stocks strongly moved upwards with the NYSE Arca Gold Bugs Index surging by 3.3%. The strength among gold stocks came amid a sharp increase by the price of the precious metal. Networking, telecom and energy stocks also saw some strength on the day while biotechnology and pharmaceutical stocks moved to the downside.
Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index surged by 1.6%, while China's Shanghai Composite Index dipped by 0.3%. The major European stocks all moved upside. The U.K.'s FTSE 100 Index rose by 0.2%, the German DAX Index and the French CAC 40 Index both climbed by 0.6%.
In the bond market, treasuries showed a lack of direction after moving sharply lower in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.37%.
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