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 Dow Jones Industrial Averag gained 254.48 points, or 0.62%, to settle at 41,368.45. The S&P 500 rose 0.58% and closed at 5,663.94. The Nasdaq Composite 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 meet with their Chinese counterparts 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 requested 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 Alphabet
rose nearly 2% on Thursday after the company released a statement saying Google is continuing to see search query growth, pushing back 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.
Boeing 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 policy announcement 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.
Source: CNBC
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