Wall Street opened higher on Friday, with the major gauges eyeing fresh record highs as President Donald Trump and Xi Jinping held talks over the U.S.-China trade standoff.
Summary
- Stocks edged up on Friday to pick up from the record highs levels at close on Thursday.
- Dow Jones was up 100 points as Wall Street paid attention to trade talks between President Trump and Xi Jinping.
The Dow Jones Industrial Average jumped 100 points, while the S&P 500 climbed 0.3% and the Nasdaq Composite inched up 0.5%.
As stocks rose, including Nvidia, the major U.S. gauges hovered at levels that suggested further upside could see bulls hit new all-time highs in a month that has historically been bearish. Cryptocurrencies showed signs of continued cooling.
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Stocks gain amid Trump-Xi talks
Wall Street has been on a winning streak for much of the year, having weathered the initial havoc of Trump’s sweeping reciprocal tariffs in April.
In the months that also included inflation scares and interest rate uncertainty, stocks still rose to claim a series of record highs, with Thursday’s uptick sending the indexes to new records amid market reaction to the Federal Reserve’s interest rate cut decision.
After closing at all-time highs, the S&P 500, Dow, and Nasdaq all moved toward new records as Trump and Xi held talks around trade and the much-watched TikTok deal. Notably, gains across the stock market also saw the small-cap index, the Russell 2000, rise to fresh highs.
“Lower rates are probably going to be the best thing for the Russell 2000, so I think people should think about diversifying their Mag 7 to that,” Michael Landsberg, chief investment officer of Landsberg Bennett Private Wealth Management, told CNBC in an interview.
Gains across the indexes mean the U.S. stock market is poised for a winning week amid notable events such as the Federal Reserve’s rate cut move, Nvidia’s $5 billion investment in Intel, and Trump’s talks with Xi over the U.S.-China trade standoff.
The TikTok deal is also all but agreed upon, as Trump recently noted ahead of their highly anticipated meeting.
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