Third Consecutive Day of Gains on Wall Street Driven by Tech Stocks Rally

Investors on Wall Street shrugged off global uncertainty for the third consecutive session, fueled by a rally in strong tech stocks. Wall Street continues to assess international developments, while signs of easing in global trade tensions once again pushed American shares higher. The Dow Jones gained 1.23%, the S&P 500 added 1.96%, and the tech-heavy Nasdaq surged by 2.74%. Significant gains were recorded by shares of Nvidia, Meta, Amazon, Tesla, and Microsoft. The technology sector had been shaken recently as the increasingly confrontational trade stance of the White House, particularly against China, weighed heavily on the industry. China stated overnight that no trade talks are being held with the U.S., adding that all claims about progress in bilateral negotiations should be dismissed. They also demanded the cancellation of ‘unilateral’ tariffs. These comments came after President Donald Trump said he is willing to adopt a less confrontational approach regarding trade talks with Beijing. Additionally, Treasury Secretary Scott Bessent announced that the U.S. has an ‘opportunity for a great deal’ in trade. Chinese imports are subject to a 145% American tariff. Since April 2 when Trump announced his new tariff policy for U.S. imports, the S&P 500 has fallen by 4%, the Dow has dropped 5.7%, and the Nasdaq has lost 3.6%. Meanwhile, investors bet that Federal Reserve Chairman Jerome Powell will face pressure to ease policy if the labor market collapses, sending yields on government bonds and the dollar slipping. Fed governor Christopher Waller stated that he would support rate cuts if aggressive tariff levels hit the labor market. Cleveland Fed President Beth Hammack told CNBC that the central bank could move on interest rates as early as June if there are clear signs about the direction of the economy.