US stocks climb on trade optimism
Trade optimism fueled another day of gains for US stocks as President Donald Trump trumpeted a trade deal with the UK and raised the prospect of lower tariffs on China.
The S&P 500 rose 0.6%, the Nasdaq 100 rose 1%, and the Russell 2000 led the way with a 1.9% advance.
It was a clear risk-on day: industrials, materials, and energy were the best-performing S&P 500 sector ETFs, while defensive sectors real estate, utilities, consumer staples, and healthcare all fell.
The day’s gains were led by Axon Enterprise, Palantir, and Delta Air Lines. Match Group led the declines, falling 9% after the Tinder parent reported a drop in paid users and announced plans to cut 13% of its workforce.
Boeing climbed 3% following comments made by Commerce Secretary Howard Lutnick that the UK would soon announce a $10 billion order.
Coinbase rose 5% after the crypto trading platform signed a $2.9 billion deal to acquire Deribit, the largest bitcoin options platform, just hours before dropping earnings.
Speaking of earnings...
Quantum computing company D-Wave soared more than 50% after announcing record revenues, with CEO Dr. Alan Baratz optimistic on the outlook for future system sales.
Krispy Kreme shares plunged over 24% after the popular donut chain posted mixed Q1 results, scrapped its quarterly dividend, and hit pause on its McDonald’s partnership.
Nintendo shares sank after the Switch maker wrapped up a rough year on Thursday, reporting a 43% plunge in net profit and a 30% drop in revenue.
Peloton shares felt the burn, dipping nearly 7% after the fitness tech company reported its third straight year-over-year decline in sales in its Q3 results.
Crocs shares jumped nearly double digits after the quirky shoe brand posted a strong first-quarter beat but withdrew its full-year guidance as global trade pressures loom.
Tapestry shares popped almost 4% after the fashion conglomerate posted knockout Q3 results, seeing strong demand for its legacy leather handbag line, Coach.
Warner Bros. Discovery shares jumped nearly 5% after a report from CNBC said the company may split its traditional cable business from its popular streaming platforms.
