Wall Street closed mostly flat on Thursday as investors weighed renewed trade dialogue between U.S. President Donald Trump and Chinese President Xi Jinping against a batch of disappointing economic data, just ahead of a closely watched U.S. jobs report due Friday.
Wall Street edged higher on Thursday as investors weighed renewed trade discussions between U.S. President Donald Trump and Chinese President Xi Jinping against a slate of disappointing U.S. economic data ahead of Friday’s pivotal jobs report.
In a volatile session, the S&P 500 and Nasdaq closed slightly lower, while the Dow Jones Industrial Average ended marginally in positive territory. U.S. Treasury yields fluctuated throughout the day, and gold prices softened.
President Trump and President Xi held a phone call on Thursday aimed at easing ongoing trade tensions between the world’s two largest economies. Both sides confirmed that they agreed to continue discussions—a development that helped calm markets.
“The market seems to be accepting that if they’re talking, they’re not going to do anything drastic,” said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. “People are just sort of guessing which way the wind is blowing—and it keeps shifting. Investors want to own stocks and fear missing out, but they’re also wary of a potential disaster.”
Economic Data Raises Questions Ahead of Jobs Report
Fresh U.S. economic data painted a mixed picture. Initial jobless claims rose to their highest level since October, and the trade deficit narrowed sharply in April due to a 16.3% drop in imports—largely attributed to the impact of U.S. tariffs.
Meanwhile, labor market indicators showed signs of weakness. Challenger layoffs surged 47% year-over-year, and private payrolls from ADP came in well below expectations. These figures have tempered optimism ahead of the Labor Department’s May employment report, due Friday.
Some analysts, however, see a silver lining in the softer data.
“The recent benign inflation figures and rising jobless claims could give the Federal Reserve room to implement more than one rate cut this year,” said Matthew Keator, Managing Partner at the Keator Group in Lenox, Massachusetts. “That could be encouraging for certain sectors.”
Market Recap
Dow Jones Industrial Average rose 62.89 points, or 0.15%, to 42,491.60
S&P 500 fell 3.56 points, or 0.06%, to 5,967.38
Nasdaq Composite declined 40.84 points, or 0.22%, to 19,419.88
ECB Cuts Rates, Hints at Possible Pause
In Europe, the European Central Bank (ECB) lowered its three key interest rates by 25 basis points, citing a more stable inflation outlook. While the decision was widely expected, ECB President Christine Lagarde suggested the bank may pause its rate-cutting cycle during the summer.
European stocks initially gained following the announcement but pared back those gains by the close.
Pan-European STOXX 600 rose 0.16%
FTSEurofirst 300 added 0.19%
MSCI’s global stock index ticked up 0.02% to 889.10
Global Markets Mixed
Emerging markets and Asia-Pacific shares saw modest gains, while Japan’s Nikkei declined.
MSCI Emerging Markets Index rose 0.84% to 1,182.31
Asia-Pacific Index (excluding Japan) climbed 0.82% to 622.95
Japan’s Nikkei fell 0.51% to 37,554.49
Currency and Bond Markets
The dollar reversed earlier gains after weaker U.S. data and the ECB’s dovish tone.
Dollar Index inched up 0.02% to 98.81
Euro gained 0.14% to $1.1433
Dollar/Yen rose 0.67% to 143.73
U.S. Treasury yields fluctuated, reflecting market uncertainty ahead of Friday’s labor market data:
10-year yield rose to 4.395%
30-year yield edged down to 4.8856%
2-year yield climbed to 3.928%, indicating shifting expectations for Fed policy
Oil and Gold
Crude prices rose despite bearish inventory data and Saudi Arabia’s price cuts for Asia, as the Trump-Xi call raised hopes for improved trade ties.
U.S. crude settled up 0.83% at $63.37 per barrel
Brent crude rose 0.74% to $65.34 per barrel
Gold reversed earlier gains as easing trade tensions reduced demand for safe-haven assets:
Spot gold fell 0.65% to $3,353.64 an ounce
U.S. gold futures declined 0.72% to $3,349.20 an ounce
US President Donald Trump signed an executive order Friday to ease restrictions on American drones and help the industry compete with China.
A shooting at a minibus taxi rank in Cape Town, South Africa, left four people dead and three others injured early Friday, according to police.
China has issued temporary export licenses to rare earth suppliers working with General Motors, Ford, and Stellantis, easing some pressure from recent export curbs, Reuters reported, citing two unnamed sources.
The first-ever high-level international conference on glacier melt has wrapped up in Dushanbe, bringing together more than 2,500 delegates from 80 countries.
The U.S. Treasury Department has imposed sanctions on more than 30 individuals and entities tied to a massive Iranian shadow banking network accused of laundering billions of dollars to benefit the regime in Tehran.
US President Donald Trump signed an executive order Friday to ease restrictions on American drones and help the industry compete with China.
A shooting at a minibus taxi rank in Cape Town, South Africa, left four people dead and three others injured early Friday, according to police.
China has issued temporary export licenses to rare earth suppliers working with General Motors, Ford, and Stellantis, easing some pressure from recent export curbs, Reuters reported, citing two unnamed sources.
The first-ever high-level international conference on glacier melt has wrapped up in Dushanbe, bringing together more than 2,500 delegates from 80 countries.
The U.S. Treasury Department has imposed sanctions on more than 30 individuals and entities tied to a massive Iranian shadow banking network accused of laundering billions of dollars to benefit the regime in Tehran.
As peace talks progress, voices from Yerevan, Tbilisi, and Baku reveal hopes, concerns, and expectations for a future shaped by trade, trust, and generational change in the South Caucasus.
A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
Ukraine’s Security Service (SBU) has confirmed it carried out a third targeted attack against the Crimean Bridge, also known as the Kerch Bridge, early Tuesday morning, marking a new escalation in the ongoing conflict with Russia.
A strong 6.3 magnitude earthquake shook Japan’s Hokkaido prefecture early Monday, causing no reported injuries or damage, and no tsunami warning was issued, officials confirmed.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
The European Central Bank has reduced its three key interest rates by 25 basis points, aligning with expectations and reflecting progress toward its inflation target.
Centrica, owner of British Gas, has agreed to a £20 billion deal with Norway’s Equinor to supply nearly 10% of the UK’s gas needs annually for the next decade, supporting energy security while paving the way for future hydrogen integration.
Tesla’s shares declined by about 14.2% on Thursday, reducing the company’s market value by roughly $152 billion, as Elon Musk and Donald Trump publicly exchanged criticisms on social media.
A U.S. appeals panel has rejected Apple’s request to pause a ruling that restricts the tech giant from charging commissions on in-app purchases made outside its payment system—delivering a major blow to the company in its long-running legal fight with Epic Games.
The European Commission has unveiled a draft budget for 2026, building on the mid-term revision of the 2021–2027 long-term financial framework. The revised plan responds to recent global challenges—including energy crisis, and rising geopolitical tensions—and aligns spending with the EU priorities.
US President Donald Trump signed an executive order Friday to ease restrictions on American drones and help the industry compete with China.
A shooting at a minibus taxi rank in Cape Town, South Africa, left four people dead and three others injured early Friday, according to police.
China has issued temporary export licenses to rare earth suppliers working with General Motors, Ford, and Stellantis, easing some pressure from recent export curbs, Reuters reported, citing two unnamed sources.
The first-ever high-level international conference on glacier melt has wrapped up in Dushanbe, bringing together more than 2,500 delegates from 80 countries.
The U.S. Treasury Department has imposed sanctions on more than 30 individuals and entities tied to a massive Iranian shadow banking network accused of laundering billions of dollars to benefit the regime in Tehran.
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