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Hot Off the Press!
Stocks Recover after 'Liberation Day' Slump: S&P 500 Records Longest Upsurge Since Year 2004
Stocks are on a tear again, climbing higher on Friday thanks to a booming jobs report and potential progress in trade talks between the U.S. and China. The S&P 500 index is up for nine days in a row, smashing records set back in 2004!
The Lowdown
The S&P surged by 1.5% to 5,686 Friday, following news that April's jobs report revealed better-than-expected job growth and signs that China might address President Trump's concerns about fentanyl production, possibly paving the way for a trade deal with Washington, according to the Wall Street Journal.
On a Winning Streak
This nine-day win streak for the S&P is the longest since way back in November 2004, according to Barron's. The closing price hit its highest since March 28, just a week before President Donald Trump's April 2 announcement of country-by-country tariff rates in his "Liberation Day" event.
Troubles Past
Stocks tumbled more than 12% from April 2 to April 8, but they've been steadily gaining ground since President Trump paused his toughest trade policies on April 9 and his administration eased up on tariffs in the following weeks.
The Dow and Nasdaq are Up, Up, and Away!
The Dow Jones Industrial Average and the tech-heavy Nasdaq are also booming, racking up gains of over 1% on Friday and blowing past their tariff-induced lows from April. The Dow is up an impressive 10%, or over 3,600 points, since April 8, while the Nasdaq has skyrocketed 18% in the same time frame.
Today's Rising Stars
Notable gainers for the day included Spotify, Delta Air Lines, Arm Holdings, and Palantir, with all four companies seeing their shares jump by at least 5%. Facebook parent Meta and Microsoft also enjoyed more than a 2% bump, continuing their rallies following remarkable earnings reports on Tuesday.
But Not Everyone's Partying
Apple wasn't feeling the love, with shares of the iPhone maker losing 4%. The company reported Q2 2022 results (ending March 29) on Thursday and hinted at the negative impact tariffs could have on its bottom line, projecting a $900 million direct profit hit from tariffs. Many companies have scaled back or paused their financial guidance because of tariff uncertainty.
It's a Wild Ride!
Keep an eye on Apple, as tariff-related risks continue to pressure investor sentiment. Recent reports highlight fears over potential tariffs, which could impact Apple's global supply chain and production costs, especially in regions like China and Vietnam. The perceived threat to Apple's historically low-margin hardware business led to a significant selloff. These geopolitical concerns may continue to overshadow near-term financial results, causing further stock volatility.
Take a Peek!
Want more on the jobs report and the latest trade talk developments? Check out:
- Forbes: U.S. Added 177,000 Jobs In April As Trump Celebrates 'Strong Employment'
- Forbes: Stock Futures Up After China Says It's 'Evaluating' U.S. Trade Talk Overtures
- The S&P 500 index, fueled by a booming jobs report and potential progress in trade talks, rallied for nine consecutive days, surpassing records set back in 2004.
- The Dow Jones Industrial Average and the tech-heavy Nasdaq, similarly, have been on a tear, racking up gains of over 1% on Friday and blowing past their tariff-induced lows from April.
- Despite the overall positive trend, Apple, the iPhone maker, experienced a 4% loss in shares on Friday, hinting at the negative impact tariffs could have on its bottom line.
- As concerns over potential tariffs, especially in regions like China and Vietnam, continue to linger, there's potential for Apple's stock to remain volatile in the near-term.
