Dow drops more than 100 points Friday as investors await U.S.-China trade talks: Live updates

The slipped on Friday as investors awaited much-anticipated trade talks between U.S. and Chinese officials this weekend.

The 30-stock Dow lost 119.07 points, or 0.29%, and settled at 41,249.38. The inched down 0.07%, closing at 5,659.91. The ended the session little changed, ending at 17,928.92.

The talks with Chinese officials follow the U.S. and United Kingdom reaching a preliminary trade deal. Investors hope this will lead to more agreements being reached quickly. That said, a 10% tariff rate on the U.K. appears to be the baseline for the globe.

"Many Trade Deals in the hopper, all good (GREAT!) ones!," Trump on Truth Social, a day after announcing a preliminary trade agreement with the U.K., which marked the first deal between the U.S. and a global trading partner since Trump's "reciprocal" tariff announcement in early April.

The president also wrote on Truth Social that an "80% Tariff on China seems right" ahead of talks led by Treasury Secretary Scott Bessent with China counterparts in Switzerland this weekend.

While this is a de-escalation somewhat from the current 145% tariff on China, it's still higher than many expected where the administration would go to jumpstart talks. Bloomberg News earlier that the rate could be lowered below 60% as soon as this week. It was also unclear if the president is talking about a long-term tariff rate on China or a temporary one during negotiations.

"Progress this week was encouraging, but we remain in the ebbs and flows of the news cycle, which is causing market reactions. We are likely in a sideways period of volatility until we begin to get tangible (calculable) outcomes," said Mark Hackett, chief market strategist at Nationwide.

On the week, the S&P 500 slid about 0.5%, while the Nasdaq dropped roughly 0.3%. The Dow fell almost 0.2% in the period.

S&P 500 closed little changed

The broad market index ended Friday little changed as investors awaited talks between U.S. and China representatives this weekend on trade and economic issues.

The  edged lower by 0.07% to finish the session at 5,659.91, while the tech-heavy  was flat to end the day at 17,928.92. The  lost 119.07 points, or 0.29%, to close at 41,249.38.

— Pia Singh

Susquehanna International Group upgrades ‘buy now, pay later’ stock Affirm to positive rating

Susquehanna International Group sees a rosy outlook for .

The investment firm upgraded the "buy now, pay later" stock to a positive rating from neutral. Analyst James Friedman left his price target of $65 unchanged.

This price target represents upside of approximately 20% from Affirm's Thursday close. The stock has shed 24% this year.

For its last quarter, Affirm reported earnings of 1 cent per share, beating expectations of a 3-cent loss, according to LSEG. The company's revenue of $783 million was in line with consensus estimates.

Friedman cited Affirm's strong results as a catalyst for the upgrade. Specifically, the analyst pointed out that Affirm Card volume grew 115%, which should help commercialize in-store shopping since the majority of consumers are mostly online for now.

"Q3 results came in well ahead due to a variety of factors, including unique partnerships, broad and growing adoption of the Affirm Card, and increased popularity of its 0% APR product (up 44%). Management also shared a recession scenario analysis where even if credit stress increased by 50%, GMV growth would still be in the mid-20s percentage range," he said. "Our investment thesis considers various lanes of growth, including rapidly broadening merchant acceptance and a high-velocity funnel of new consumer accounts coming on file."

— Lisa Kailai Han

Wells Fargo: Small number of companies pulling guidance is a 'positive' earnings season surprise

Wells Fargo found only 13 companies in the have withdrawn their earnings outlooks thus far in the current earnings season, which can be beneficial for investor sentiment.

" This relatively short list of firms/industries has been a positive earnings season surprise, in our view," equity analyst Christopher Harvey wrote in a Friday note.

To be sure, that list included some well-known stocks including , , and . Still, that small number can shock some market participants who expects tariffs to hamper companies when forecasting future performance.

— Alex Harring

Morgan Stanley upgrades Coach, Kate Spade owner Tapestry to overweight

Morgan Stanley upgraded shares of — which owns fashion brands Coach, Kate Spade and Stuart Weitzman — to an overweight rating from equal-weight on Thursday.

Analyst Alex Straton's price target of $90, up from $75, represents 16% upside from the stock's Thursday closing price. Shares of Tapestry have already soared 19% this year.

Morgan Stanley's upgrade comes after Tapestry reported third-quarter adjusted earnings of $1.03 per share on revenue of $1.58 billion. This beat FactSet's estimates of 88 cents per share in earnings and $1.53 billion in revenue.

As one catalyst, Straton said that against the current macroeconomic backdrop, Tapestry's tariff resilience and brand momentum look especially advantageous for investors.

"Today, mgmt. further confirmed tariff resilience, citing an immaterial impact on their '25e outlook, as well as a number of key offsets — including a proactive inventory pull-forward ahead of Liberation Day, ongoing supplier partner negotiations, & pricing power, among others," she wrote. "Considering tariff fears are creating a scarcity of Overweight options in our space, this is particularly notable for TPR, & we think a reason to be more constructive over the NTM [next 12 months]."

The analyst added that a positive revision cycle over the next 12 months looks increasingly likely for Tapestry.

— Lisa Kailai Han

Monster Beverage rises to fresh all-time high

is up 2% Friday, marking a new all-time high for the stock.

The energy drink company is the top-performing stock among current S&P 500 constituents, with history back to 19995. Since then, shares have soared 392,000%.

— Hakyung Kim, AJ Vielma

Weak spending trends in April, credit card data shows

Total household credit and debit card spending only rose 1% year-over-year in April, according to Bank of America. 

On a monthly basis, card spending per household was flat, according to economist Aditya Bhave. 

"Spending was soft in a few categories in April, including airlines, clothing and home improvement.. Some of that weakness should be offset by front loading in certain categories ahead of the tariffs: online electronics stand out on this front," Bhave said. 

— Hakyung Kim

GE Healthcare can be helped most in sector by a U.S.-China trade deal, BofA says

should benefit the most among large-cap medical technology stocks if the U.S. and China can agree on a trade deal, according to Bank of America.

Shares of the health tech stock have tumbled more than 12% this quarter as investors worried about how President Donald Trump's plans for broad and steep tariffs would hurt the company. Trump slapped a 145% tariff on many Chinese goods, though the president has cutting it down to 80% ahead of key trade talks.

"Bilateral tariffs between US and China have hurt GEHC more than any other large cap medtech," Bank of America analyst Craig Bijou wrote to clients on Friday. "Conversely, the company stands to benefit the most from de-escalation of the US/China trade war."

— Alex Harring

Energy stocks outperform as oil, natural gas push higher

Energy stocks have been a bright spot on Friday, as that group is the top performing sector in midday trading, according to FactSet.

The sector was last up about 0.8%. and were both up more than 2%, while . and rose 1.8% and 1.6%, respectively.

The strength in energy stocks comes as both oil and natural gas prices have . Futures for were last up 1.5% on the day, retaking the $60 per barrel level.

— Jesse Pound

Stocks making the biggest moves midday

Check out some of the companies making headlines in midday trading.

• — The medical device stock surged more than 19% after first-quarter results beat estimates on the top and bottom lines. Insulet reported adjusted earnings of $1.02 per share on $569.0 million of revenue. Analysts surveyed by FactSet were looking for 79 cents per share and $543.3 million of revenue. The company also hiked its full-year guidance for revenue growth.

• — The travel booking platform decline 7% on lower-than-expected top-line results. 
  First-quarter revenue came in at $2.99 billion, below the consensus forecast of $3.02 billion, per LSEG. Expedia also issued soft forward guidance. To be sure, the Seattle-based company posted 40 cents in earnings per share, excluding items, for the quarter, surpassing Wall Street's estimate of 32 cents.

• — The buy now, pay later stock tumbled 13%. Affirm said to expect between $815 million and $845 million in revenue for the . That midpoint of $830 million is below the consensus estimate of $841 million from analysts polled by LSEG.

Read the full list .

— Brian Evans

Lyft shares jump more than 20% after company lifts buyback plan, CEO remains positive

Shares of ride-sharing giant popped about 21% during midday trading after the company upped itsplan and reported better-than-expected gross bookings.

Lyft CEO David Risher said in an interview with C온라인카지노사이트's "" that the company isn't seeing "anything to worry about" despite widespread concerns of a slowing consumer.

Lyft's gross bookings grew 13% from a year ago to $4.16 billion for the quarterly period, slightly beating a $4.15 billion estimate from StreetAccount and marking the company's 16th straight period of gross bookings growth. Rides increased 16% to 218.4 million, topping a FactSet estimate of 215.1 million.

For more, read .

— Pia Singh, Samantha Subin

Trade tensions may not ease for every country, Goldman cautions

The U.S. has struck a trade agreement with the U.K. and relations seem to be thawing toward China, but the outlook may be more pessimistic for other countries, according to Goldman Sachs.

The firm's economic research team, led by Jan Hatzius and Alec Phillips, said in a note to clients that the deal and Thursday's comments on China pointed toward "de-escalation" but that may not be the case for every country.

"While we do not expect the 'Liberation Day' tariff rates to take effect at the end of the 90-day pause, it appears increasingly likely that some if not most trading partners will soon face a renewed threat that country-specific rates will take effect, and points to a higher chance that the US might impose those rates on at least a few trading partners," the note said.

The U.K. agreement did give some clues to how other trade negotiations might develop, Goldman said.

"The details of the US-UK deal suggest that the US 10% baseline tariff is likely to remain in place for other trading partners with virtually no exceptions, but signals more flexibility than expected on sectoral tariffs," the note said.

— Jesse Pound

'Don't fight Trump' mantra is still at work, Barclays says

Investors should follow the cues from President Donald Trump as he seeks to make trade deals with China and other countries, even as stocks have already recouped the losses from the initial tariff shock, according to Barclays.

"A lot is baked in, but the 'don't fight Trump' mantra may still prevail so long as there is a path towards more deals & less tariffs," Emmanuel Cau, Barclays head of European equity strategy, said in a note to clients.

Cau noted that expectations for a de-escalation in Trump's trade fight is already baked in as the S&P 500 came back to levels before Trump's Liberation Day in early April.

"Rhetoric alone won't push up stocks for ever, and as the final steady state tariffs are unclear, uncertainty  hasn't fully dissipated, likely capping further meaningful valuation upside, in our view," he said.

— Yun Li

Stocks making the biggest moves premarket

Check out the companies making headlines before the bell.

 — The cryptocurrency exchange slipped 2% following disappointing top-line results for the . Coinbase reported revenue of $2.03 billion, while analysts polled by LSEG were expecting $2.12 billion. Earnings fell to 24 cents per share from $4.40 per share a year ago.

 — The travel booking platform dropped 10% after first-quarter revenue came in at $2.99 billion, below the consensus forecast of $3.02 billion, per LSEG. Expedia also issued soft guidance. However, the Seattle-based company earned 40 cents per share, excluding items, for the quarter, surpassing Wall Street's estimate of 32 cents.

 — Shares of the energy drink maker fell 4% after first-quarter revenue came in below analyst estimates. Monster posted revenue of $1.85 billion, while analysts polled by FactSet were looking for $1.98 billion.

The full list can be found

— Hakyung Kim

India offered to slash its tariff gap with the U.S. in effort to make trade deal with Trump, Reuters reports

India has offered to cut its tariff gap with the U.S. to less than 4% from nearly 13% now, in exchange for an exemption from President Donald Trump's tariffs, Reuters , citing two sources.

According to the early Friday Reuters report, the average tariff differential for all products between India and the U.S., without weighting for trade volume, would be reduced by 9 percentage points. The U.S. is India's largest trading partner.

— Pia Singh, Reuters

Trump says 80% tariff on China "seems right"

President Donald Trump wrote in a Truth Social post early Friday morning that "80% Tariff on China seems right! Up to Scott B." Trump's post comes ahead of an scheduled to take place between Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer with their Chinese counterparts in Switzerland this weekend to talk trade and economic matters.

Trump has ratcheted up tariffs on China to 145%, despite lowering levies on most other countries since his early April tariff announcements. China has also retaliated by implementing steep tariffs on the U.S.

"CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON'T WORK ANYMORE!!!" Trump wrote in a separate Friday morning Truth Social post.

— Pia Singh

Fed's Barr warns tariffs will push inflation higher

Fed Governor Michael Barr warned that Trump's tariffs on imports will likely lead to higher prices and lower growth later in the year.

"The size and scope of the recent tariff increases are without modern precedent, we don't know their final form, and it is too soon to know how they will affect the economy," .

"In my view, higher tariffs could lead to disruption to global supply chains and create persistent upward pressure on inflation," he said. "I am equally concerned that tariffs will lead to higher unemployment as the economy slows."

— Fred Imbert

China’s April exports jump 8.1% to beat estimates despite U.S. tariffs; import decline slows

China's exports surged in April even as businesses bore the brunt of U.S. tariffs that kicked into higher gear last month, while imports narrowed declines as Beijing stepped up stimulus.

Exports jumped 8.1% last month in U.S. dollar terms from a year earlier, according to data released by customs authority Friday, sharply beating with Reuters' poll estimates of a 1.9% rise.

Imports slumped by 0.2% in April from a year earlier, compared with the economists' expectations of a 5.9% drop.

Read the full story .

—Anniek Bao

Retail investor bullishness took a big leg up in latest week, hitting a 3-month high, AAII says

Main Street investors were the most bullish since early February in the latest weekly survey by the American Association of Individual Investors, rising to 29.4% of those responding, up from 20.9% last week. That was the highest reading since 33.3% described themselves as bullish toward the six-month outlook for stocks back on Feb. 5, shortly before stocks topped out on Feb. 19.

Still, it was the 17th week in 19 that bullishness was below the historic average of 37.5%.

The percentage of investors who said they were bearish dropped to 51.5% — the fewest since the week of Feb. 19 — from 59.3% last week. The historic average for bearishness is just 31.0% of investors.

The balance of investors said they were neutral on the short-term outlook for stocks.

— Scott Schnipper

Stocks making the biggest moves after hours

Check out some of the companies making headlines in extended trading.

• — Stock in the buy now, pay later company pulled back nearly 8%. Affirm issued ranging between $815 million and $845 million, with a midpoint of $830 million. That's short of the consensus estimate of $841 million, per LSEG.

• — The image sharing platform added more than 16%. Pinterest issued better-than-expected for revenue at the midpoint. Revenue in the first quarter also topped analysts' estimates, landing at $855 million compared to LSEG consensus estimates for $847 million.

• — The cryptocurrency exchange pulled back 3% on the heels of weaker-than-expected first-quarter revenue. Coinbase reported revenue of $2.03 billion, while analysts polled by LSEG were expecting $2.12 billion.

Read the full list .

— Brian Evans

Stock futures are little changed

Stock futures were little changed on Thursday, as investors hope that the U.S. will make more progress on trade following an initial framework for a deal with the United Kingdom.

Futures tied to the Dow Jones Industrial Average ticked up 14 points, or 0.03%. S&P 500 futures climbed 0.07%, while Nasdaq 100 futures added 0.12%.

— Brian Evans