Wall Street Rises on U.S.-U.K. Trade Deal Optimism

By: fxleaders|2025/05/09 07:00:04

Wall Street closed higher on Thursday, lifted by a new trade agreement between the United States and the United Kingdom, which rekindled optimism about improving relations between the U.S. and China. The Dow Jones Industrial Average rose 0.62% to 41,368.45 points, while the broader S&P 500 gained 0.58% to 5,663.94. The tech-heavy Nasdaq Composite advanced 1.07% to 17,928.14. Under the deal, the U.K. agreed to cut tariffs on U.S. goods from 5.1% to 1.8% and provide greater market access for American products. In return, the U.S. will maintain a base tariff of 10% on imports from the U.K. Adding to investor enthusiasm, U.S. Commerce Secretary Howard Lutnick announced that the U.K. will purchase $10 billion worth of Boeing aircraft, sending Boeing shares up 3.31%, leading gains on the Dow. The trade pact also fueled expectations for progress in resolving U.S.-China trade tensions. A U.S. delegation is set to meet with Chinese officials this weekend in Geneva, Switzerland, for tariff negotiations. Investor sentiment remained sensitive to earnings forecasts. Shares of Krispy Kreme plunged 24% after the donut chain withdrew its full-year guidance, joining a growing list of companies tempering outlooks. Media giant Warner Bros. Discovery rose 6%, despite missing first-quarter revenue estimates, as the company faced a lack of blockbuster films and weakness in its traditional TV business. Kenvue gained 4.2% after reporting better-than-expected results, driven by strong demand for over-the-counter products like Tylenol and Benadryl, which offset weaker sales in skincare and beauty. Meanwhile, Peloton dropped 6% after posting a third-quarter loss. Although the company raised its 2025 revenue forecast, it continues to struggle with declining demand for fitness equipment and is now betting on growth in subscription-based instructional videos.

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