US stocks ticked up Thursday to continue their modest winning streak as investors remained hopeful for progress on trade deals.
The Dow Jones Industrial Average gained 240 points, or 0.6%, by about 10:45 a.m. ET, while the S&P 500 rose 1.1% and the Nasdaq jumped 1.6%.
The optimism in the markets came despite China saying there were no discussions with the White House over tariffs, despite President Trump earlier this week hinting that lower rates are in the works.
Trump’s comments helped to soothe investor fears that the 145% tax on Beijing could send prices soaring on goods like electronics, toys and clothing, and hit complex global supply chains hard.
The Dow on Wednesday rallied more than 1,100 points – later paring gains to close up 419 – after Trump signaled lower rates on China are in the works, and backtracked on his threats to fire Fed Chair Jerome Powell.
Treasury Secretary Scott Bessent also hinted at de-escalating tensions between the two nations, while press secretary Karoline Leavitt claimed that the there were 18 trade proposals “on paper.”
On Thursday, shares in the “Magnificent 7” tech stocks — Nvidia, Alphabet, Meta, Tesla, Apple, Microsoft and Amazon — rose as traders continued to look for signs of easing global trade tensions.
Adding to the uncertainty, corporate earnings this week revealed mixed results, with several major firms slashing their forecasts and warning of price hikes as the trade war heats up.
Procter & Gamble, which owns brands like Tide, Pampers, Puffs and Crest, slashed its earnings outlook and warned that price hikes are “likely.”
Soda and snack maker PepsiCo also cut its profit forecast, and cautioned that the tariffs would likely drive up costs along its supply chain and worsen volatility.
LG said it might raise prices on its electronics and home appliances, and is considering a shift in some production to the US.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
