By Jack Pitcher and Chelsey Dulaney

After a brief wobble early Thursday, the relief rally is back in full force.

Tech stocks are climbing, helping boost the Nasdaq Composite in particular. That puts the market on course to extend a two-day runup, fueled by hope the Trump administration is softening its stance on China and the Federal Reserve.

President Trump said Wednesday his team was "actively" talking to Beijing about trade, after The Wall Street Journal reported the U.S. was considering slashing its China tariffs. Beijing played down hopes Thursday for an imminent rapprochement, saying it hasn't held negotiations with the U.S., "let alone reached an agreement."

Still, investors expect volatility is here to stay, as the White House continues to flipflop on trade and economic policies.

Meanwhile, investors are watching earnings for clues on how the economic and market turmoil is affecting companies and consumers. Companies including Chipotle, PepsiCo and Merck have warned that tariffs are likely to drive up costs.

New data showed sales of existing homes fell 5.9% in March, the biggest monthly drop since 2022, after economic uncertainty and high home prices deterred buyers.

In recent trading:

Stock indexes rose. The tech-heavy Nasdaq led gains, followed by the S&P 500. The Dow industrials were modestly higher.

IBM shares weighed on the Dow, dropping 7% after earnings.

Information technology was the S&P 500's best performing sector, adding 3%.

The benchmark 10-year Treasury yield fell to about 4.32%, having settled Wednesday above 4.38%.

The WSJ Dollar Index weakened, as the greenback fell against the euro and Japanese yen.

Gold futures rose back above $3,320 a troy ounce. They had hit a record high Tuesday, before sliding Wednesday.

Coming up today:

Alphabet and Intel are due to post earnings late Thursday.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 24, 2025 13:53 ET (17:53 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.