The Dow marked its best weekly performance since November 2023
Stocks closed out a historic week in volatile fashion. The Dow and Nasdaq reversed earlier losses to settle with triple-digit gains, while the S&P 500 also climbed out of the red to notch a win. Despite outsized losses to start the week in response to President Trump's tariffs, the Nasdaq nabbed its best week since November 2022 thanks to a 90-day pause on reciprocal levies excluding China, while the Dow and S&P 500 marked their best weekly performances since November 2023.
Today's gains came after the White House expressed optimism regarding a potential deal with China and the European Union (EU), despite the former retaliating with a 125% levy on U.S. goods. Inflation data and April's worse-than-expected consumer sentiment reading were also in focus. In response, the Cboe Volatility Index (VIX) settled lower on the day and week.
Continue reading for more on today's market, including:
- Wells Fargo stock brushes off profit win.
- Amazon.com stock pullback creates opportunity.
- Plus, more bank earnings to unpack: gold stock upgraded; and trade war's impact on Wall Street.
5 Things to Know Today
- Economists are still concerned about a slower economy and warned of elevated recession risks despite Trump administration's tariff delay. (Bloomberg)
- The average rate on the 30-year fixed mortgage surged 13 basis points today to 7.1%, with rates now standing at their highest level since February. (CNBC)
- 2 bank stocks jumpstarting earnings season.
- Analyst: Gold stock is a "buy" amid uncertainty.
- Revisiting Wall Street's historic week of tariff turmoil.
Gold Prices Surge as Greenback Falters
Oil prices edged higher on Friday as investors weighed geopolitical risks in response to President Trump's tariffs. May-dated West Texas Intermediate (WTI) crude rose 19 cents, or 0.3%, to close at $60.26 per barrel. Despite today's gains, black gold still saw a 1.5% weekly loss.
Gold prices settled firmly higher amid recession fears, U.S.-China trade tensions, and a weaker U.S. dollar. June-dated gold was last seen 2.4% higher at $3,253.20 an ounce, and added more than 6% this week as traders sought a safe haven in the yellow metal.