U.S. stocks traded lower on Friday as Wall Street remained upbeat on a potential easing of the China- U.S. trade war.
The Dow Jones Industrial Average was down 0.4% or 166 points, while the S&P 500 fell 0.26%, and the Nasdaq Composite shed 0.4%. The stock market had closed higher for a third consecutive day on Thursday, April 24,despite ongoing trade tensions.
However, reports have emerged to the effect that the U.S. and China are active in trade talks.
Stocks making big moves on the day included Meta Platforms, Alphabet and T-Mobile. Meanwhile, Bitcoin (BTC) traded at $94,460, up 1.7% in the past 24 hours.
Part of the positive sentiment is attributed to news that Beijing is looking to roll back some levies on semiconductors. Federal Reserve officials signaling the potential for interest rate cuts in the coming months are also contributing to a sense of relief across the markets.
As Wall Street weighs the market outlook and eyes a possible de-escalation, Asian and European markets are rising. President Donald Trump added to the positive tone with comments at the White House, with reaction in Asia and Europe seeing major indices close higher.
Japan’s benchmark Nikkei 225 climbed nearly 2%, the Topix rose 1.4%, and South Korea’s Kospi added 0.95%. Hong Kong’s Hang Seng Index was up 0.24%. Elsewhere, the pan-European Stoxx 600 index edged +0.38%, Germany’s DAX notched +0.5%, and the FTSE 100 survived a choppy session to close higher.
As well as China, another major U.S. trading partner coming to the table is India. Trump’s administration is reportedly eyeing a trade deal with India in sectors including e-commerce, crops, and data storage.
Meanwhile, Treasury Secretary Scott Bessent has hinted at a possible trade deal between the U.S. and South Korea. According to Bessent, this could be finalized by next week.
