Wall Street closed out a shortened trading week with a split finish, as investors continued to digest the impact of US tariff policy and corporate earnings surprises. The S&P 500 inched up 0.13% to close at 5,282.70, managing a modest gain despite a choppy session. Meanwhile, the Nasdaq Composite dipped 0.13%, ending at 16,286.45.
The Dow Jones Industrial Average was the outlier, falling 527 points, or 1.33%, to settle at 39,142.23. That marks its third straight day of losses, dragged lower by a sharp 22% plunge in UnitedHealth after the insurer missed earnings expectations.
All major indexes ended the week in the red. The S&P 500 fell 1.5%, while the Dow and Nasdaq lost more than 2% each. Since Trump’s tariff announcement on April 2, the major indexes have slid more than 7%, as investors wait for clarity on trade.
Tech and healthcare drag, but pharma lifts
Nvidia also added to the market’s drag, falling nearly 3%, after revealing a $5.5 billion charge related to export restrictions on its GPUs to China. That follows a 7% slide in the previous session, as investors reassess the AI leader’s near-term outlook.
But not all was gloom. Eli Lilly surged 14% on upbeat trial results for a new weight-loss pill, and Netflix rose 1% ahead of its upcoming earnings.
Trade talks and inflation concerns
Markets briefly rallied mid-afternoon after President Trump signaled optimism about reaching trade agreements with both China and the EU. But sentiment remained cautious following Fed Chair Jerome Powell’s warning that the president’s tariff policies could spark inflation, complicating the Fed’s next steps.
Commodities and the dollar
WTI crude is trading 3.04% higher at US$64.37 a barrel.
Spot gold is trading 0.46% lower at US$3,327.64 an ounce.
One Australian dollar is buying 63.91 US cents.