The S&P 500 climbed about 0.3% on Tuesday, extending its five-day winning streak as investors awaited updates on U.S. trade talks. The Dow Jones Industrial Average rose 261 points, or about 1%, while the Nasdaq Composite advanced 0.2%.
Treasury Secretary Scott Bessent offered few new details on trade deals with China but said talks with Japan are “substantial” and a framework with India could be near, press secretary Karoline Leavitt told reporters.
Amazon (AMZN, Financial) shares slipped after Leavitt warned that listing tariff surcharges on its site would be viewed as a “hostile and political act.” The company later said the plan “is not going to happen.”
General Motors (GM, Financial) stock slid about 2% after the automaker beat Q1 profit forecasts but suspended further buybacks and said it was reassessing guidance amid tariff uncertainty.
Analyst Ross Mayfield of Baird said the market is likely to trade in a “volatile, choppy” range until more clarity on trade emerges. He sees the S&P 500 fluctuating between 5,100 and 5,700.
About one-third of S&P 500 companies, including Meta Platforms (META, Financial) and Microsoft (MSFT, Financial), are set to report earnings this week, with Apple (AAPL, Financial) and Amazon up next.
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