Wall Street opened May on a strong note, with the S&P 500 rising 0.8%, the Dow Jones gaining 100 points, and the Nasdaq advancing 1.4%, supported by upbeat earnings from tech giants and optimism over global trade negotiations.
Microsoft shares jumped 10% after the company projected stronger-than-expected growth for its Azure cloud business, while Meta gained over 6% on better-than-expected revenue. Meanwhile, General Motors climbed 1.5% after issuing a new 2025 profit forecast, while Eli Lilly lost 6% after its quarterly results and McDonald's slipped 2% following a decline in Q1 sales.
On the trade front, President Trump highlighted potential agreements with India, Japan, and South Korea, and expressed confidence in reaching a deal with China. Meanwhile, labor market data showed initial jobless claims rose to a nine-week high, with continuing claims reaching their highest level since 2021.
Source : Trading Economics
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