Wall Street stocks advanced on Friday, notching the second straight week of gains, helped by strong economic data and potential easing of trade tensions between the U.S. and China.

The S&P 500 has erased the slump set off by Trump's "Liberation Day" tariff announcement on April 2, with the index now up 0.3% since the close of April 2. The tech-heavy Nasdaq was trading at levels last seen before April 2.

The S&P 500 also reached its ninth consecutive session of gains, matching a winning streak from 2004, while the Dow hit a nine-day winning streak for the first since December 2023. For the week, the S&P 500 gained 2.9%, the Dow climbed 3%, and the Nasdaq added 3.43%.

Market Snapshot

The Dow Jones Industrial Average rose 564.47 points, or 1.39%, to 41,317.43, the S&P 500 gained 82.53 points, or 1.47%, to 5,686.67 and the Nasdaq Composite gained 266.99 points, or 1.51%, to 17,977.73.

Market Movers

Apple - Apple reported fiscal second-quarter adjusted earnings of $1.65 a share, beating Wall Street estimates of $1.62, while revenue of $95.36 billion, up 5% from last year, topped expectations of $94.54 billion. The company’s iPhone revenue of $46.84 billion also was better than forecasts. The stock ended 3.7% lower, however, after revenue in Greater China of $16 billion was below consensus of $17 billion and services revenue came up shy of estimates.

Apple CEO Tim Cook, meanwhile, said a majority of iPhones shipped into the U.S. during the company’s fiscal third quarter will come from India as Apple looks to mitigate China tariffs. But the company expects tariffs to add $900 million to costs in the quarter.

Nviida - Nviida shares rose 2.6% as the tech sector continued its recovery, bolstered by capital expenditure announcements from Meta and Microsoft, and fresh reports indicating Nvidia’s ongoing efforts to adapt its chip designs for the Chinese market in the wake of U.S. export restrictions.

Amazon - Amazon.com dipped 0.1% after the tech and online retailing giant reported first-quarter earnings and revenue that beat analysts’ estimates. Revenue of $29.3 billion for Amazon Web Services, up 17% from a year earlier, slightly missed estimates of $29.4 billion. The company said it expects revenue in the current second quarter of $159 billion to $164 billion—the midpoint of the range was roughly in line with consensus of $161.2 billion. Amazon also forecast second-quarter operating income of between $13 billion and $17.5 billion versus estimates of $17.62 billion.

CEO Andy Jassy said Amazon has yet to see any significant impact from tariffs in the areas of demand and sellers setting product pricing, though ha added that could change.

Exxon Mobil - Exxon Mobil reported first-quarter adjusted profit of $1.76 a share, beating Wall Street estimates of $1.75. The giant oil-and gas-company said net production in the period increased 20% to 4.6 million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer Natural Resources. Shares rose 0.4%.

Chevron - Chevron gained 1.6%. The energy giant’s first-quarter earnings fell from a year earlier but beat analysts’ expectations. Revenue of $47.61 billion, however, declined 2.3% from a year earlier and missed consensus of $48.25 billion on lower oil prices.

Shell - Shell, the London-based oil-and-gas company, reported better-than-expected first-quarter earnings even as crude prices declined. The company also said it would buy back $3.5 billion of stock. U.S.-listed shares of Shell rose 2.8%.

Strategy - Strategy, which does business as Strategy, reported a first-quarter loss of $16.49 a share, much wider than a year-earlier loss of 31 cents. Strategy recorded an unrealized fair value loss on digital assets of $5.9 billion in the quarter, in line with its guidance. The largest corporate holder of Bitcoin said that its “capital-markets strategy continues to grow our Bitcoin holdings while delivering superior shareholder value.” The stock ended up 3.4%.

Take-Two - Take-Two Interactive Software fell 6.7% after the videogame maker said its publishing label Rockstar Games would delay the release of Grand Theft Auto VI to May 26, 2026, from fall 2025. “Until an actual release date is put on the table, the change of further delays was non-negligible,” TD Cowen analysts wrote following the announcement. “Had today’s announcement said simply ‘some time in FY27’ that would have been significantly more negative.”

DexCom - Dexcom surged 16.2% after the maker of glucose monitoring technology posted first-quarter revenue of $1.04 billion, up 12% from a year earlier and better than analysts’ estimates of $1.02 billion. The company said it secured broader coverage in the U.S. during the quarter, with two of the three largest pharmacy-benefit managers now covering Dexcom continuous glucose monitors for patients with diabetes.

Block - Block sank 20.4% after the Square and Cash App parent Block reported first-quarter earnings and revenue that missed analysts’ estimates and cut its fiscal 2025 guidance, saying it “saw changes to consumer spending as the quarter progressed that we believe drove the majority of our forecast miss.” Block added it understood “the drivers behind our recent deceleration in growth and have incorporated updated views on the macro environment into our revised guidance for the
year.”

Reddit - Reddit fell 4.2%. The social media company posted first-quarter earnings of 13 cents a share, topping analysts’ estimates of 2 cents, on revenue of $392.4 million that beat expectations of $369.5 million. Daily active users rose to 108.1 million, up 31% from a year earlier and above analysts’ estimates of 107.3 million. The stock initially rose but erased those gains after management said daily active unique users had slowed during the second quarter.

Duolingo - Duolingo jumped 21.6%. The language learning app reported first-quarter earnings that were better than expected and issued a second-quarter forecast on bookings and revenue that topped forecasts. Duolingo has continuously invested in artificial intelligence in a bid to boost efficiency, and CEO Luis von Ahn noted that AI has helped the company “accelerate content creation.”

Atlassian - Software maker Atlassian’s fiscal third-quarter earnings and revenue beat analysts’ forecasts but the company’s guidance for the current fourth quarter missed expectations. The stock fell 9%.

Roku - Roku said first-quarter revenue rose 16% to $1.02 billion and beat analysts’ expectations of $1.01 billion. The video-streaming company also reached an agreement to acquire streaming service provider Frndly TV for $185 million in cash. Roku stock fell 8.5% after the company said it expects second-quarter revenue of $1.07 billion, below analysts’ forecasts of $1.09 billion.

Market News

US Labor Market Resilient Ahead of Tariff Turbulence

Nonfarm payrolls increased by 177,000 jobs last month after rising by a downwardly revised 185,000 in March, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast 130,000 jobs added after a previously reported 228,000 advance in March.

The survey of establishments also showed February's payrolls count was revised down by 15,000 jobs to 102,000. The cumulative 58,000 downgrade for the prior two months left April's payrolls gain close to expectations.

The Labor Department's closely watched employment report published on Friday, which also showed the unemployment rate held steady at 4.2% last month, helped to assuage fears that the economy was nearing recession after gross domestic product contracted in the first quarter amid a tariff-induced flood of imports. Nonetheless, it is too early for the labor market to show the impact of Trump's on-and-off again tariff policy.

China "Evaluating" US Offer to Talk Tariffs; Warns Against "Extortion"

Beijing is "evaluating" an offer from Washington to hold talks over U.S. President Donald Trump's 145% tariffs, China's Commerce Ministry said on Friday, although it warned the United States not to engage in "extortion and coercion."

Washington and Beijing have been locked in a cat-and-mouse game over tariffs, with both sides unwilling to be seen to back down in a trade war that has roiled global markets and upended supply chains.

The Commerce Ministry said the United States has approached China to seek talks over Trump's tariffs and Beijing's door was open for discussions, signalling a potential de-escalation in the trade war.