U.S. stocks rose on Thursday as investors cheered a new trade agreement hammered out between the United States and Britain, while U.S. President Donald Trump signaled upcoming talks with China would be more substantial than initially thought.

Market Snapshot

The Dow Jones Industrial Average rose 254.48 points, or 0.62%, to 41,368.45, the S&P 500 gained 32.66 points, or 0.58%, to 5,663.94 and the Nasdaq Composite gained 189.98 points, or 1.07%, to 17,928.14.

Market Movers

Tesla - Tesla stock rose 3.1% on Thursday as President Donald Trump’s trade deal with the U.K. showed where policy might be headed.

Alphabet - Alphabet, the parent of Google, was up 1.9% after closing Wednesday with a loss of 7.26%, the stock’s largest percentage daily decrease since February when it tumbled 7.3%. A Bloomberg report said Eddy Cue, Apple’s senior vice president of services, expected artificial-intelligence search providers would one day take market share away from traditional search engines like Google.Alphabet denied AI was eating into its market.

Palantir - Shares of Palantir jumped 7.9% on Thursday. The government-focused software provider is rallying after President Trump announced a trade agreement with the United Kingdom.

AppLovin - AppLovin jumped 11.9% after the digital advertising company posted first-quarter earnings of $1.67 a share, beating Wall Street estimates of $1.44, as revenue rose 40% from a year earlier to $1.48 billion. That also exceeded expectations. The company also said it reached an agreement to sell its mobile gaming business.

D-Wave Quantum - D-Wave Quantum posted record first-quarter record revenue and a narrower quarterly loss. The stock soared 51.2%.

Arm Holdings - Arm Holdings, the U.K. semiconductor and software design company, reported better-than-expected fiscal fourth-quarter adjusted earnings and revenue butissued a disappointing outlookfor the current quarter. Arm said it anticipated revenue of $1.05 billion at the midpoint of its forecast range, below Wall Street estimates of $1.1 billion. The company also said it expects adjusted earnings of 30 cents to 38 cents a share in the first quarter, below expectations of 42 cents. U.S.-listed shares of Arm declined 6.2%.

Nvidia - Nvidia rose 0.3% after the Commerce Department said it doesn’t intend to implement artificial-intelligence processor restrictions drawn up under the Biden administration that were set to go into effect on May 15. The department plans to replace the rule, which imposed caps on how many chips could go to countries such as India, Switzerland, Mexico, and Israel, a spokeswoman told The Wall Street Journal.

Fortinet - Fortinet declined 8.4% after the cybersecurity company reported first-quarter earnings and revenue that beat Wall Street estimates. Managementissued a mixed forecastfor the rest of the year.

Carvana - First-quarter earnings and revenue at used-car dealer Carvana rose from a year earlier, helping the stock to rise 10.2%. Revenue rose 38% to $4.23 billion, compared with expectations for $4 billion. Carvana sold 133,898 vehicles at retail in the quarter, up 46%, and said it expects the number to increase sequentially.

IonQ - IonQ, the quantum-computing hardware and software company, reported a first-quarter loss that narrowed from a year earlier. Revenue of $7.6 million was flat with the previous year but beat expectations of $7.5 million. Shares rose 9.3%.

Tapestry - Tapestry was up 3.7%. The parent of Coach postedstrong fiscal third-quarter earningsand raised its financial guidance, indicating tariffs will have an “immaterial impact” on its results for the year.

Peloton Interactive - Peloton Interactive fell 6.7% as the connected-fitness company posted a wider-than-expected loss in its fiscal third quarter. Revenue of $624 million slightly beat estimates but was down 13% from a year earlier. The company also narrowed its range of forecasts for fiscal-year revenue to $2.455 billion to $2.47 billion, from a previous range of $2.43 billion to $2.48 billion.

Cleveland-Cliffs - Cleveland-Cliffs fell 15.8% after the steel maker posted a wider-than-expected first-quarter loss and lower revenue, and said it wasfully or partially idling six facilitiesto “optimize its footprint, reposition away from loss-making operations, and release excess working capital.”

Axon Enterprise - Axon Enterprise rose 14.1%. The maker of Tasers boosted its forecast of revenue for the full year revenue. It posted first-quarter revenue of $603.6 million, which was more than expected.

Shopify - Shopify was down 0.5% after the e-commerce company posted a wider quarterly loss and operating income that was well below analysts’ estimates.

Strategy, Coinbase - Strategy, the world’s largest corporate holder of Bitcoin, rose 5.6% and Coinbase Global was up 5.1% as thecryptocurrency gained momentum, crossing $100,000 for the first time since February, on hopes of easing global trade tensions. Coinbase also announced it agreed to acquire Deribit, a trading platform for Bitcoin and ether options, for about $2.9 billion.

Market News

Trump, Starmer Hail Limited US-UK Trade Deal, but 10% Duties Remain

U.S. President Donald Trump and British Prime Minister Keir Starmer on Thursday announced a limited bilateral trade agreement that leaves in place Trump's 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports.

The "general terms" agreement, opens new tab is the first of dozens of tariff-lowering deals that Trump expects to land in coming weeks after upending the global trading system with steep new import taxes aimed at shrinking a $1.2 trillion U.S. goods trade deficit.

Trump hailed the deal in the Oval Office with Starmer patched in on a speaker phone, as U.S. Treasury Secretary Scott Bessent and top trade negotiator Jamieson Greer head to Switzerland to launch negotiations with Chinese negotiators.

Bitcoin Retakes $100,000 on Global Trade Deal Optimism

Bitcoin topped $100,000 on Thursday for the first time since early February, bolstered by a wide-ranging deal between the United States and the United Kingdom in a sign that perhaps U.S. President Donald Trump's trade war with the rest of the world is easing.

By midday, bitcoin was trading at $101,329.97, a 4.7% gain on the day. The world's biggest cryptocurrency has clawed its way back into positive territory for the year, although it remains below the record high of more than $109,000 reached in January.

Ether, the cryptocurrency for the Ethereum blockchain, surged more than 14% to $2,050.46 after earlier hitting its highest since late March.