Wall Street extends winning streak for ninth day, led by tech stocks, rebounding from tariff losses

From Yahoo Finance: 2025-05-02 00:48:00

Wall Street’s winning streak continues for the ninth day, with the S&P 500 climbing 1.5%, the Dow Jones Industrial Average adding 1.4%, and the Nasdaq composite rising 1.5% on Friday. Tech stocks like Microsoft and Nvidia led the gains, while Apple fell due to estimated tariff costs.

Employers added 177,000 jobs in April, surpassing economists’ expectations. However, the job figures do not yet reflect the impact of Trump’s tariffs. The S&P 500 rebounded from losses in April, fueled by earnings reports, trade tension de-escalation hopes, and expectations of Federal Reserve rate cuts.

The U.S. economy shrank at a 0.3% annual pace in the first quarter due to a surge in imports ahead of Trump’s tariffs. Businesses and households face uncertainty due to the current tariffs and unpredictable policy changes. Hopes remain for tariff rollbacks after trade deals are negotiated.

Investors had a quiet day with earnings reports, including Exxon Mobil and Chevron reporting lowest first-quarter profits in years. Falling crude oil prices, down 17% for the year, weighed on the sector. Block reported a sharp drop in profit, citing reduced consumer spending on discretionary items.

Treasury yields rose in the bond market, with the 10-year Treasury yield increasing to 4.31%. The job market remains a focus amid trade tensions, as strong employment has supported consumer spending and economic growth. Concerns linger about the impact of tariffs on hiring and spending.

Read more: Wall Street extends its gains to a 9th straight day, reclaiming losses since tariff escalation