Wall Street rises again as the S&P 500 erases its loss for 2025
NEW YORK — Most U.S. stocks rose Tuesday following an encouraging report that showed inflation unexpectedly slowed across the country last month.
The Standard and Poor's 500 climbed 0.7%, coming off an even bigger gain to start the week after the United States and China announced a 90-day pause in their trade war to allow for negotiations.
The Dow Jones Industrial Average fell 269 points, or 0.6%, and the Nasdaq composite jumped 1.6% as AI and other tech stocks led the way.
Stocks have been roaring back since the S&P 500 fell nearly 20% below its record last month on hopes that President Trump will ease his stiff tariffs on trading partners worldwide before they create a recession and send inflation spiking higher. The S&P 500, which sits at the center of many 401(k) accounts, is back within 4.2% of its all-time high set in February and positive again for the year so far.
Tuesday's report said that even with all the uncertainty around trade, and even with many businesses rushing to import products from other countries before tariffs raise their prices, inflation slowed to 2.3% last month from 2.4% in March.
It's encouraging because such data pulls the economy further from a worst-case scenario called 'stagflation,' one where the economy stagnates but inflation remains high. The Federal Reserve has no good way to fix that toxic combination. It could try to lower rates to help the economy, for example, but that would likely worsen inflation in the short term.
Even with Tuesday's encouraging report, though, economists and analysts say inflation may still run higher in coming months because of Trump's tariffs. That will likely leave the Fed waiting for more data to guide their decision on whether and when to cut interest rates in order to help the economy.
It's similar to the wait that investors in general are enduring. With the Fed set to make no moves on interest rates for the time being, markets will likely trade 'with negotiation and reconciliation headlines,' according to Alexandra Wilson-Elizondo, global co-head and co-chief investment officer of multi-asset solutions within Goldman Sachs Asset Management.
'I think investors are aware that the trade deal is not done yet,' said Louis Wong, director for Phillip Securities Group in Hong Kong.
'I would advise investors to remain cautious in the near term and to be prepared for unexpected news from the trade front,' he added.
On Wall Street, Coinbase Global jumped 24% after the cryptocurrency exchange learned its stock will join the widely followed S&P 500 index next week. That means many investment funds will likewise add it before trading begins on Monday. Coinbase will replace Discover Financial Services, which is getting bought by Capital One Financial.
Stocks in the artificial-intelligence industry were also strong. Nvidia rose 5.6% and was the biggest single force pushing upward on the S&P 500. It's partnering with Saudi Arabia's sovereign wealth fund-owned AI startup Humain to ship 18,000 chips to the Middle Eastern nation to help power a new data center project.
Super Micro Computer, which builds servers used in AI, jumped 16%. GE Vernova, which is hoping to power vast AI data centers, rose 4%. Palantir Technologies gained 8.1%.
They helped offset UnitedHealth Group, whose shares tumbled 17.8% after it suspended its full-year financial forecast due to higher-than-expected medical costs. The nation's largest health insurer also announced that CEO Andrew Witty was stepping down for personal reasons and that Chairman Stephen Hemsley will become CEO, effective immediately.
UnitedHealth was the main reason the Dow lagged behind other U.S. stock indexes.
All told, the S&P 500 rose 42.36 points to 5,886.55. The Dow Jones Industrial Average fell 269.67 to 42,140.43, and the Nasdaq composite climbed 301.74 to 19,010.08.
In the bond market, Treasury yields ticked higher with hopes for the U.S. economy. The yield on the 10-year Treasury rose to 4.48% from 4.45% late Monday.
The two-year Treasury yield, which moves more closely with expectations for Fed action, ticked up to 4.01% from 3.98%.
In stock markets abroad, indexes rose across much of Europe and Asia. Stocks fell 1.9% in Hong Kong but rose 1.4% in Tokyo.
Automakers were among the big gainers in Japan. Nissan Motor Co. added 3% ahead of an announcement that it plans to lay off 20,000 of its workers as part of its restructuring efforts. The automaker said Tuesday that it racked up a loss of 670.9 billion yen ($4.5 billion) in the last fiscal year.
Choe writes for the Associated Press.
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This is a significant win for Trump, who introduced tariffs back in March and declared "Liberation Day," as he saw them as a way to free the US from what he called unfair trade practices. Bloomberg News reports: Read more here. Early summer sales for Inditex, the owner of fashion retailer Zara, came in weaker, as the company missed expectations for first quarter sales on Wednesday. President Trump's tariffs have impacted consumer demand in the US and other major markets. Reuters reports: Read more here. After weeks of back and forth, the US and China have agreed on a framework to implement the Geneva consensus that helped ease tariffs. The breakthrough came after two days of talks in London, including a marathon session on Tuesday. US Commerce Secretary Howard Lutnick said both sides had to "get the negativity out" before making progress. 'Now we can go forward to try to do positive trade, growing trade,' he said. 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LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!" A variety of market observers quickly weighed in hours after Tuesday evening's unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction. The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer." Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled. Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them." Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices. Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons. Read more here. May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services. Read more here. Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now 'show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.' Bloomberg News reports: Read more here. Reuters reports: Read more here. Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters. Reuters reports: Read more here. Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report. Reuters reports: Read more here. Reuters reports: Read more here. Reuters reports: Read more here. 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'Now we can go forward to try to do positive trade, growing trade,' he said. As part of the deal, Beijing has promised to speed up shipments of rare earth metals, a crucial component for global auto and defense industries. Washington will ease export controls. This marks the first sign of movement on key issues. The proposal will now be presented to President Trump and China's Xi. Still, the discussions also did little to resolve a long-standing issue: China's trade surplus with the US. 'Markets will likely welcome the shift from confrontation to coordination,' said Charu Chanana, chief investment strategist at Saxo Markets. 'We're not out of the woods yet — it's up to Trump and Xi to approve and enforce the deal.' The meeting was set up after a phone call between the two leaders, following weeks of each side accusing the other of breaking the Geneva commitments. Both countries had used chips, rare earths, student visas and ethane as bargaining tools. Josef Gregory Mahoney, a professor at East China Normal University, said trust, not money, has been the biggest casualty of the trade war. 'We've heard a lot about frameworks,' he said. 'But the fundamental issue remains: Chips versus rare earths. Everything else is a peacock dance.' Bloomberg reports: Read more here. Sign in to access your portfolio