Stocks rose Thursday after President Donald Trump announced a trade deal framework between the U.S. and United Kingdom, the first major agreement hatched since the U.S. launched pre-emptive tariffs on most of the globe earlier this year.

The gained 254.48 points, or 0.62%, to settle at 41,368.45. The rose 0.58% and closed at 5,663.94. The advanced 1.07% to end at 17,928.14.

Trump announced the deal outline from the Oval Office with U.K. Prime Minister Keir Starmer on speakerphone. A 10% baseline tariff will remain on the U.K., according to a graphic posted on Truth Social post by Trump. However, the president noted that the 10% U.K. tariff could be on the low end of deals with future countries and said that "some will be much higher because they have massive trade surpluses."

Otherwise, the trade announcement was short on details and nothing was signed during the event.

"The final details are being written up," Trump said. "In the coming weeks we'll have it all very conclusive."

Major averages hit their highs of the session as Trump said he expects U.S. negotiators to have a "good weekend" with China during opening trade discussions.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are set to in Switzerland this weekend to discuss trade and economic issues. Trump scaled up tariffs on Chinese imports to 145%, even as he lowered his "reciprocal" tariffs on most other U.S. trading partners. Chinese officials said Wednesday that the upcoming meeting was by the Trump administration.

"There is increased optimism that deals can be made before the July 9 expiration of the reciprocal pause," CFRA chief investment strategist Sam Stovall said. "However, the initiation of talks could ease pressure on the administration to finalize agreements with other trade partners in the short term."

Tech shares saw a broad uptick after the Trump administration said Wednesday it will remove Biden-era chip restrictions. Shares of rose nearly 2% on Thursday after the company released a statement saying Google is continuing to see search query growth,  on press reports Wednesday that cited an Apple executive saying there has been a decline in search on the Safari browser as more people use AI.

shares rose 3% after Commerce Secretary Howard Lutnick suggested the U.S.-U.K. trade deal will lead to a multi-billion dollar order of Boeing planes.

Thursday's moves come after a winning session on Wall Street that saw volatile moves, as investors digested the latest Federal Reserve and monitored for signs of progress on trade deals. Market participants share increasing worries that a global trade war could send prices higher and worsen inflationary pressures.

Major U.S. indexes close in the green on Thursday

The broad market index added 0.58% to close at 5,663.94, while the  gained 1.07% to end at 17,928.14. The  climbed 254.48 points, or 0.62%, and settled at 41,368.45. 

— Pia Singh

Wedbush steps to the sidelines on Uber

Wedbush says "beats are in [the] rear-view mirror" for after the ride-hailing company posted earlier this week. 

Analyst Scott Devitt downgraded shares to neutral from outperform in a research note on Thursday. 

"In recent periods, the magnitude of beats versus estimates has contracted materially as performance has caught up to investor expectations," Devitt said. 

Uber is currently trading at a premium relative to its peers — creating a difficult setup for the stock in an uncertain macro backdrop creating demand pressures, according to Devitt. 

He continued, "We recognize that Uber's management team has demonstrated a

successful track record of execution across key initiatives to drive growth during this

period. However, the business is now well understood and the lack of clear catalysts

in the near-term will limit upside to expectations."

— Hakyung Kim

BofA downgrades Archer-Daniels-Midland to underperform

Bank of America thinks investors should stay away from Archer-Daniels-Midland.

Analyst Salvator Tiano downgraded the food processing stock to underperform from neutral. His price target of $45, down from $47, implies downside of 6%.

"ADM's 1Q results offered investors some relief, with management maintaining its '25 EPS guide of $4.00-4.75, albeit expecting earnings at the low-end of the range. However, we view this optimism as misplaced," he said.

"ADM's results raised more questions than answers, and we struggle to reconcile management's commentary with EPS that remains over $4. Our concerns are exacerbated by persistently weak crush margins despite progress on the 45Z guidance and the benefit of US tariffs on competing feedstocks," he added.

The company reported earnings that beat analyst expectations earlier this week.

— Fred Imbert

Expect continued volatility despite progress on trade, UBS says

Recent developments that appear to show easing trade tensions won't be enough to keep the stock market calm, according to UBS' global wealth management team.

"We expect near-term volatility to persist as more information emerges, and as investors continue to navigate the twists and turns of Trump's policies," Solita Marcelli, chief investment officer for the Americas, said in a note to clients.

Marcelli also speculated that the trade agreement between the U.S. and United Kingdom set to be announced later today could be "relatively modest in scope."

— Jesse Pound

Biopharma stocks off lows, but still under pressure from trade concerns

The three major indexes were higher after President Donald Trump outlined key points of a trade deal being . However, biopharma stocks are continuing to lose ground. While off the lows, shares were down about 2%, and shares fell about 1%, while slid about 3%. Alnylam Pharmaceuticals was down 5%.

"Alongside several other areas of regulatory/policy uncertainty, we expect drug pricing to also remain an overhang on the biopharma sector, with potential for continued volality in the group pending greater clarity," Goldman analyst Asad Haider wrote in a note to clients.

The analyst was commenting on reports that Trump could revive an effort to lower drug costs via a , where the U.S. governments pays the same lower prices for medicines that other countries pay. Trump had considered a similiar effort in his first term, but the effort was shot down by the courts.

—Christina Cheddar Berk

Small caps jump Thursday

The benchmark Russell 2000 advanced around 2.3%, outperforming the S&P 500's 1.4% gain. 

Month to date, the small cap index has jumped 3.6%. However, it is still down 8.7% in 2025, versus the S&P 500's 2.9% fall. 

— Hakyung Kim

Applovin, Carvana, Arm among the names making moves midday

Some stocks are making big moves in midday trading:

•  — The mobile ad tech company jumped 12% after first-quarter results that beat analyst expectations. AppLovin also announced it would sell its mobile gaming business in a $400 million deal.
•  — Shares jumped more than 11% after the online used car marketplace posted .
•  — U.S.-listed shares of the British chip designer fell 5% after the company provided . That overshadowed fiscal fourth-quarter earnings and revenue that beat expectations.

Read for the full list.

— Sean Conlon

Boeing stock rises after Lutnick says a $10 billion order for planes is coming from U.K.

Shares of were up nearly 3% in late morning trading after Commerce Secretary Howard Lutnick indicated that the U.S.-U.K. trade deal will result in a large order for the company's planes.

"There's going to be an announcement in the UK that they're buying $10 billion worth of Boeing planes later today," Lutnick said in the Oval Office. He did not say which airline would be placing the order or what model of plane is involved.  

— Jesse Pound

Small cap stocks outperform

Small-cap stocks saw outsized gains amid Thursday's broad market rally.

The small cap-focused popped around 1.5% in late morning trading. The , by comparison, rose just under 1%.

That marks a turn for this cohort. The Russell 2000 has tumbled more than 9% in 2025, while the S&P 500 has slid more than 3%.

— Alex Harring

WBD stock spikes on report the company is moving toward split

shares spiked roughly 6% in early trading after C온라인카지노사이트's David Faber reported that the company could soon announce it would split its streaming and linear TV assets into two entities.

The report followed WBD's first-quarter earnings release, in which the media company missed on both revenue and earnings per share expectations. While the company's streaming division, mainly driven by flagship service Max, reported more subscribers, higher revenue and higher EBITDA, the company was dragged down by its linear TV networks and a soft quarter for its studios division.

On Thursday Faber reported it's still unclear what a split of WBD's assets could entail – whether it would mirror a spinout like Comcast's separation of its cable TV networks or another form – but said an announcement could come in the "not-too-distant" future.

In April, C온라인카지노사이트 Sport  WBD CEO David Zaslav was contemplating a split that would see a low debt entity comprised of Max, the film studio, a gaming division and its content library separated and a separate company made up of the cable TV networks and free over-the-air European assets that would house news and sports.

Another significant weight on the company has been its hefty debt load stemming from its 2022 merger. While Warner Bros. Discovery has been actively paying down the debt it has been cutting back on expenses. Last year the company ended its media rights deal with the NBA.

— Lillian Rizzo

Liberty Formula One a defensive growth play, says Morgan Stanley

Morgan Stanley reiterated its overweight rating on , citing a strong growth outlook even with a volatile macro backdrop. 

Analyst Benjamin Swinburne wrote there's "defensive growth for this lifestyle brand," with near term catalysts including a U.S. media rights deal and the Las Vegas Grand Prix later in 2025. 

"We also are bullish that the F1 film and the move from a tracking stock to an asset backed equity will expand the popularity of the sport – increasingly a lifestyle brand – and expand the investor base opportunity, respectively," Swinburne said in a research note on Thursday. 

Morgan Stanley's $110 price target indicates nearly 18% upside potential from Wednesday's close.

— Hakyung Kim

Stocks open higher on Thursday

Here's where major U.S. indexes stood shortly after the opening bell:

• The  added 233 points, or 0.6%
• The  gained 0.7%
• The  jumped by about 1.1%

— Pia Singh

Productivity slumped, labor costs surged in first quarter

Productivity declined in the first quarter while the cost of labor rose, the Bureau of Labor Statistics reported Thursday.

Nonfarm business contracted at a seasonally adjusted annualized rate of 0.8% for the three-month period, the result of a 0.3% drop in output and a 0.6% increase in hours worked. The headline number was in line with the Dow Jones estimate.

At the same time, unit labor costs jumped 5.7%, as hourly compensation increased 4.8% and productivity fell. The consensus forecast was for a 5.1% increase.

—Jeff Cox

Trump's trade deal with U.K. will have 'limited' scope, CNN reports

CNN reported on Thursday morning that President Donald Trump's with the U.K. has some key caveats.

A U.S. and a U.K. official the outlet that Trump's deal announcement will be "limited in scope" and "heavy on future commitment," according to CNN's Alayna Treene. The 10% universal tariff would remain in place, she added.

The White House is expected to hold a news conference at 10:00 a.m. ET in the Oval Office.

— Alex Harring

Jobless claims fall back to trend after spiking last week

Initial filings for unemployment insurance moved lower last week after a spike raised questions about labor market stability.

totaled a seasonally adjusted 228,000 for the week ending May 3, down 13,000 from the prior period and below the Dow Jones consensus estimate for 230,000.

The total rose a week ago due to a spike in New York, where schools closed for spring break. The number for New York fell by more than 15,000, according to unadjusted data.

Continuing claims, which run a week behind, also eased, dropping 29,000 to 1.88 million.

—Jeff Cox

See the stocks moving before the bell

These are some of the stocks moving before the bell on Thursday:

• — The glasses maker slid 4.4% after posting lower-than-anticipated revenue for the first quarter and slashing its annual outlook for the measure. Warby Parker recorded $224 million in revenue during the quarter, just missing the consensus forecast of $225 million, per LSEG.
• – The media conglomerate's shares pulled back more than 2%. Warner Bros. Discovery reported a quarterly loss of 18 cents per share, which is 5 cents wider than the loss analysts anticipated, according to LSEG. Revenue came in at $8.98 billion, under the $9.6 billion expected.
• — The digital workout company's shares retreated 3.3% following a bigger first-quarter loss per share than Wall Street anticipated. Peloton lost 12 cents per share, while analysts polled by LSEG penciled in a decline of just 6 cents. However, revenue came in at $624 million, ahead of LSEG's $621 million forecast.

for the full list.

— Alex Harring

Alphabet stock rises after Google says search from Apple products is still growing

Shares of rose 2% in premarket trading after the Google-parent company released a statement on a report about the impact of artificial intelligence on search.

"We continue to see overall query growth in Search. That includes an increase in total queries coming from Apple's devices and platforms. More generally, as we enhance Search with new features, people are seeing that Google Search is more useful for more of their queries — and they're accessing it for new things and in new ways," the statement said.

On Wednesday, reported that Apple executive Eddy Cue said in court testimony there has been a decline in search on the Safari browser as more people use AI, and that the iPhone maker could in the future. Google is the default search engine on iPhones.

Shares of Alphabet fell more than 7% on Wednesday.

— Jesse Pound

Bank of America updates Bradesco

Bank of America is becoming bullish on Brazilian-based financial services company Bradesco.

Analyst Mario Pierry upgrades shares to buy from neutral after the company posted better-than-expected first-quarter results.

Bradesco's restructuring plan, "introduced one year ago, is having a positive (and structural) impact on operations (ROE is up 390bp YoY). The share price has underperformed other large-cap banks YTD (+13% vs +22%), while valuation symmetry looks favorable (at 0.8x current P/B), and the stock is under-owned," Pierry said in a Thursday note.

U.S.-traded shares were last up more than 9%.

— Hakyung Kim

Trump criticizes Powell again, calls him a 'fool' for not cutting rates

Trump went after Fed Chair Jerome Powell again, in a Truth Social post after the central bank kept rates steady. The post said:

″'Too Late' Jerome Powell is a FOOL, who doesn't have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and "eggs") down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF "TOO LATE!" ENJOY!"

— Fred Imbert

Trump announces U.S.-U.K. trade deal to come

Trump on Truth Social of a trade deal between the U.S. and the United Kingdom set to be announced Thursday at 10 a.m. ET. 

"The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come," the post stated.

In a separate statement on Truth Social also regarding the trade deal announcement, Trump added that the agreement with the U.K. is "the first of many."

— Hakyung Kim

Positioning momentum in U.S. stocks has stalled even with positive catalysts, Citi says

U.S. equity positioning may not be all that upbeat despite recent trade developments and quarterly results, according to Citi.

"De-escalating trade tensions and a better-than-expected earnings season have led to a period of stability for investor positioning. However, the uplift from bullish flows has been considerably restrained," Chris Montagu, the firm's global head of quantitative research, wrote in a note on Wednesday.

Montagu found that positioning momentum levels are actually close to neutral for both the and the .

"Limited bullish flows were overshadowed by increasing short positioning, leading to a decline in positioning levels for the S&P," he continued. "Nasdaq positioning edged higher, but neither index reflected a strong shift towards bullish positioning over the past week."

— Sean Conlon

AppLovin, Arm among the stocks making moves after hours

Check out the stocks making big moves in extended trading on Wednesday:

•  – The AI-powered marketing platform saw shares rallying 13% in extended trading after the company reported  quarterly results. AppLovin's posted an EPS of $1.67, higher than an LSEG consensus estimate of $1.45 per share. Revenue of $1.48 billion also came in above expectations. The company also announced it's selling its mobile gaming business to Tripledot Studios for consideration of $400 million in cash and an approximately 20% ownership stake in Tripledot common equity.
•  – U.S. traded shares of the chip designer slid 9% after the company's guidance . Arm sees fiscal first-quarter adjusted earnings ranging from 30 cents to 38 cents a share, while FactSet consensus estimates sought 42 cents per share. Guidance on revenue for the period ranged from $1.00 billion to $1.10 billion, while estimates called for $1.10 billion. The outlook overshadowed beats on the top and bottom lines in the fiscal fourth quarter.
•  – The semiconductor stock dropped 4% even after the company reported stronger-than-expected earnings for the fiscal second quarter. Skyworks posted adjusted earnings of $1.24 per share on $953 million in revenue, above the $1.20 per share and $952 million in revenue that analysts surveyed by LSEG were expecting. The company also forecast upbeat earnings for the third quarter.

Read for the full list.

— Sean Conlon

Stock futures open lower

U.S. stock futures traded down Wednesday night after the three major averages saw gains during the day's regular session.

Just after 6 p.m. ET, S&P 500 futures moved 0.2% lower, as well as Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average dropped 85 points, or 0.2%.

— Sean Conlon