Stock market today: Dow, S&P 500, Nasdaq edge higher as Trump touts 'major' US-UK trade deal

Alphabet (GOOG, GOOGL) banal roseate astir 1.4% aboriginal Thursday arsenic respective Wall Street banks defended the institution pursuing shares' 7% driblet Wednesday, which was spurred by a study that Apple (AAPL) whitethorn beryllium looking to adhd AI hunt options to its web browser Safari.

Analysts astatine Jefferies, TD Cowen, Citi, and JPMorgan were among those connected Wall Street maintaining a Buy oregon Overweight standing connected the stock. Jefferies expert Brent Thill and JPMorgan expert Harlan Sur some called the absorption to Cue’s commentary “overdone.”

Alphabet-owned Google is presently the default hunt enactment for Apple's browser, for which it pays the iPhone shaper $20 cardinal annually.

During grounds successful the US Justice Department’s suit against Alphabet, Apple’s elder vice president of services Eddy Cue said that Google searches connected Safari declined for the archetypal clip past month, Bloomberg reported Wednesday.

Cue indicated the diminution successful Safari searches occurred arsenic customers crook to AI hunt providers and said Apple is “actively looking at” adding AI hunt engines specified arsenic Perplexity to its default Safari web browser.

Read much astir Wall Street's absorption to Alphabet banal sell-off here.

Bitcoin (BTC-USD) traded supra $99,300 connected Thursday morning, conscionable a stone's propulsion from the $100,000 threshold.

Bitcoin's 2% leap comes arsenic President Trump is expected to item a commercialized woody with the UK this morning.

The world's largest cryptocurrency has rallied 30% implicit the past month, outperforming the wide marketplace arsenic capitalist optimism implicit commercialized deals grows.

Year to date, bitcoin is up much than 6%.

Stocks roseate connected Thursday arsenic optimism roseate implicit commercialized deals betwixt the Trump medication and its trading partners aft President Trump announced a "major" woody with the UK. Trump is expected to unveil the statement aboriginal this morning.

The tech-heavy Nasdaq Composite (IXIC) jumped astir 0.1% portion the S&P 500 (^GSPC) accrued 0.6%. The Dow Jones Industrial Average (^DJI) roseate 0.5%.

The large averages extended gains from the anterior league arsenic the Federal Reserve decided to support involvement rates steady. Chair Jerome Powell suggested the cardinal slope volition instrumentality a "wait and see" attack to policy,

Bitcoin (BTC-USD) gained to hover conscionable supra $99,000 connected Thursday.

The Wall Street Journal reports that Coinbase (COIN) has agreed to bargain crypto options level Deribit for astir $2.9 cardinal arsenic portion of a propulsion to participate the highly profitable crypto derivatives market.

The terms includes $700 cardinal successful currency and 11 cardinal shares of Coinbase Class A communal stock, according to the Journal.

Coinbase shares jumped implicit 5% successful premarket trading.

The acquisition comes amid buoyed hopes that the IPO and M&A dealmaking marketplace whitethorn beryllium resuming aft respective deals were temporarily halted owed to commercialized uncertainty successful April.

However, Yahoo Finance's David Hollerith reports that an M&A revival inactive has a ways to go, arsenic the fig of deals by US companies truthful acold this twelvemonth was tracking the lowest gait since 2009. Many pushed backmost deals until aboriginal this year, portion others "playing it by ear."

Read much here.

Peloton (PTON) continues to effort to excavation itself retired of a post-pandemic slump, but a much cautious user didn't assistance its turnaround plans.

In its fiscal 3rd quarter, the institution reported its 3rd consecutive year-over-year income diminution driven by a slowdown successful instrumentality income and subscriptions. Its nonaccomplishment per stock of $0.12 was besides wider than analysts' estimation of $0.06.

Peloton banal fell implicit 5% successful premarket trading.

From Reuters:

Read much here.

Here are immoderate stocks making moves connected Thursday morning, an hr and a fractional earlier the opening bell. You tin find much movers connected our trending tickers page.

Nvidia (NVDA): Shares roseate 1.6% higher connected a Bloomberg report that the Trump medication plans to repeal AI spot export restrictions. According to the report, the medication volition repeal a Biden-era rule, known arsenic the AI diffusion rule, which caps the magnitude of AI chips that could beryllium exported successful bid to forestall smuggling to China. Advanced Micro Devices (AMD) banal besides gained 1.5%.

Arm (ARM): Shares tumbled 8% aft the spot exertion supplier issued a anemic gross forecast and warned astir higher costs from the US-China commercialized war. Arm collects royalties for its spot designs. If the smartphone and tech marketplace dilatory down owed to tariffs, investors interest it could dent Arm's revenue.

AppLovin (APP): The bundle institution that helps monetize gaming apps announced it sold its mobile gaming business to Tripledot for $400 million, sending the banal rocketing 13% higher successful premarket trading. AppLovin besides reported 40% yearly gross maturation and net that surpassed Wall Street's expectations.

Shopify (SHOP): Shares dropped implicit 8% aft the e-commerce company's existent 4th outlook disappointed Wall Street. The Canadian institution forecast gross to turn by a mid-twenties percent for the June quarter, compared with a twelvemonth earlier. Analysts were looking for 22.4% growth.

Warner Bros. Discovery (WBD): The institution missed archetypal 4th gross estimates connected Thursday, arsenic it wasn't capable to offset weakness successful its accepted TV concern with container bureau hits from its studios division. Revenue fell 10% to commencement the year, though Warner Bros. has made a stronger commencement to the existent 4th with titles specified arsenic "Sinners" and "A Minecraft Movie." WBD banal dropped astir 2% successful premarket trading.

President Trump took purpose astatine Fed Chair Jerome Powell aft the cardinal slope held rates dependable for the 3rd consecutive gathering — a "wait and see" approach arsenic the Fed gathers information connected the emerging effects of Trump's tariffs connected the US economy.

In a Truth Social station Thursday, Trump repeated a moniker helium has been utilizing to picture Powell — "Too Late."

"Jerome Powell is simply a FOOL, who doesn’t person a clue," Trump wrote.

In a imaginable motion to marketplace jitters aft helium relentlessly attacked the Fed Chair past month, Trump added: "Other than that, I similar him precise much!"

Yahoo Finance's Ines Ferré reports:

Utility stocks person outperformed the S&P 500 (^GSPC) twelvemonth to day arsenic powerfulness request surges, adjacent arsenic tariff uncertainty raises questions astir a recession.

The S&P 500 Utilities Select ETF (XLU) is up much than 6% compared to a 4% driblet for the broad-based index, an 8% driblet for Tech (XLK), and an 11% diminution successful Consumer Discretionary (XLC) stocks. ...

The sector's outperformance comes connected the heels of a 23% summation successful 2024 arsenic information halfway maturation from an artificial quality roar and efforts to onshore manufacturing spurred accrued request for electricity.

That request is going beardown contempt fears of a recession stemming from the planetary commercialized war.

“No signs of recession successful powerfulness demand,” noted Goldman Sachs analysts connected Tuesday night. “Year to date, US powerfulness request has accrued by 5.5% twelvemonth implicit twelvemonth vs. the mean yearly maturation complaint of 0.6% successful the past decade.”

Read much here.

Nvidia (NVDA) shares moved up astir 2% successful premarket trading, acceptable for further gains aft reports the Trump adminstration plans to rescind and regenerate the AI spot export curbs introduced successful the Biden era.

Shares successful the chipmaker's rival Advanced Micro Devices (AMD) besides gained 2%.

Yahoo Finance's Laura Bratton reports:

The Commerce Department confirmed the regulatory displacement successful a connection to Reuters and Axios, saying Biden's AI regularisation was "overly complex" and "overly bureaucratic."

"We volition beryllium replacing it with a overmuch simpler regularisation that unleashes American innovation and ensures American AI dominance," a spokesperson said. ...

The Biden-era rule, known arsenic the AI diffusion rule, uses a tiered strategy to headdress the magnitude of AI chips that could beryllium exported to cardinal US trading partners in an effort to thwart spot smuggling to China done different countries. It besides importantly limits the quality of US companies to grow their AI information halfway capableness abroad.

Read much here.

President Donald Trump has posted an announcement of an upcoming property league astatine 10:00 a.m. Thursday to merchandise details of a commercialized woody with a important economical partner.

With nary facts confirmed successful the post, the content is that the "BIG, HIGHLY RESPECTED, COUNTRY" referenced successful the societal station is the United Kingdom, according to an anonymous root reporting to Bloomberg.

Axon Enterprise (AXON)

The Taser and assemblage camera shaper saw its banal ascent implicit 5% aft delivering a beardown bushed connected some the apical and bottommost lines. Axon posted adjusted net of $1.41 per stock connected $604 cardinal successful revenue, exceeding expert expectations of $1.27 per stock and $584 million.

Bumble (BMBL)

Bumble shares surged much than 7% connected Wednesday, contempt a lackluster update connected idiosyncratic growth. The dating app level reported level idiosyncratic numbers for the archetypal quarter, portion gross declined 8% twelvemonth implicit twelvemonth to $247.1 million. Looking ahead, Bumble guided second-quarter gross successful the scope of $235 cardinal to $243 million, coming successful somewhat beneath the $243.3 cardinal expectation.

Zillow Group (Z) (ZG)

Stock successful some arms of the existent property tech institution fell much than 5% successful extended trading aft issuing a cautious outlook connected the lodging market. Zillow managed to station stronger-than-expected results for Q1, reporting adjusted net of 41 cents per stock connected $598 cardinal successful revenue. Marking Zillow’s archetypal profitable 4th since 2022.