In brief
Markets closed higher with tech stocks leading the way as trade talks loom.
Wall Street is on the upswing after a challenging month impacted by President Donald Trump's global tariffs, marking the longest winning streak for US stocks in two decades. The market closed up for the ninth consecutive day—something that hasn't happened since 2004—buoyed by a surprisingly positive jobs report and renewed hope for US-China trade discussions.All major US indexes showed gains on Friday, with the S&P 500 and Nasdaq both rising by 1.5%, while the Dow Jones Industrial Average increased by 1.4%. The technology sector saw impressive growth, led by companies like Microsoft and Nvidia, which each rose by over 2%.The optimism was fueled by the Department of Labor's report indicating that US employers had added 177,000 jobs in April, surpassing analysts' expectations, even though hiring did slow compared to March. The unemployment rate stayed steady at 4.2%. Additionally, Beijing's consideration of US trade talks provided further encouragement for investors. With China currently facing the highest import tariffs globally at 145%, potential negotiations could ease tensions and provide clarity to the market.Experts expressed mixed views about the economic outlook. While some, like Carl Weinberg from High Frequency Economics, found nothing alarming in the report, others cautioned about the long-term effects of tariffs. "The outlook remains very uncertain," noted Olu Sonola from Fitch Ratings, signaling that the impacts of tariffs may take time to fully materialize.
