Stan Choe, AP Business Writer
NEW YORK (AP) – US stocks are drifting down Friday, with Wall Street heading towards the end of an unusually quiet week.
The S&P 500 was on track to eliminate small losses that week, up 0.4% in morning trading. This could be the first week of seven sevens where the index at the heart of many 401(k) accounts moves at less than 1.5% in the hope that he will first swing sharply in fears about the trade war, then he will become more tolerant of some of the tariffs.
Dow Jones’ industrial average rose 86 points (0.2%) as of 10am Eastern time, with NASDAQ composites 0.6% higher.
This week’s big event could come on Saturday when trading closes in financial markets. That’s when high-level US and Chinese officials will meet in Switzerland for their first consultations since Trump launched an escalating trade war between the two biggest economies in the world. The fear between investors and economists is that if the US does not reach trade transactions that lower tariffs quickly and quickly, the recession could be hit.
Trump on Friday raised the idea of reducing tariffs on Chinese imports to 80% from the current 145% rate, but said he would become Treasury Secretary Scott Bescent in Switzerland. It will certainly be cut, but it is still high, and Trump’s social media posts have caused a brief shock in the financial markets. Futures stocks for us quickly sank.
However, the market later settled as we and the Chinese officials were waiting for what they said after the meeting.
Trump also spoke about the possibility of more trade deals that could be on the way, following his announcement of an agreement with the UK the day before.
“Many trade deals at Hopper, all good (great!)!” he said on his true social network.
In the meantime, the flow of revenue reporting from companies at the beginning of the year has slowed, but is still moving through the market.
Lyft won 20.3% after delivering stronger profits in the latest quarter than analysts expected, but revenue was short. The company said it reached the highest weekly ridership level in history in the last week of March.
Taiwan Semiconductor Manufacturing, a chip giant known as TSMC, provided an encouraging report after saying its revenue in April had jumped 48.1% from the previous year. This has resulted in an increase of 1.8% in stocks trading in the US.
Insulet rose 15.8% for the S&P 500’s biggest profit after medical device companies reported the latest quarter results than analysts expected. The company, which sells Tubeless Insulin Pump Technology, has also raised its forecasts for its fundamental revenue trends for the full year.
They helped offset the 7.5% drop on Expedia. The Travel website, which owns VRBO and hotels.com, reported stronger profits than analysts had expected, but said demand was weaker than expected during the quarter. It highlights softer than expected demand in the US and a nearly 30% decline in bookings from Canada to its south neighbours.
Other travel-related companies, including Hilton and Airbnb, have reported similar softening of travel demand for the US in their recent earnings reports.
In overseas stock markets, the index was high in Europe after mixing in Asia.
Hong Kong rose 0.4%, but 0.3% in Shanghai after China reported an annual export increase of 8.1% in April. However, exports to the US fell by more than 20%, but Trump’s sudden increase in tariffs came into effect. China is the world’s largest exporter.
In the bond market, the 10-year Treasury yield fell from 4.37% to 4.36% in the second half of Thursday.
AP writers Jiang Junzhe and Matt Ott contributed.
Original issue: May 9, 2025, 8:46am EDT
