Wall Street wrapped up a quiet Friday and one of its calmest weeks in recent memory, with major indexes drifting slightly. The S&P 500 slipped by 0.1%, closing the week down 0.5%. This marks the first time in seven weeks that the index, a key benchmark for many retirement accounts, moved by less than 1.5% — a contrast to recent volatility sparked by concerns over President Donald Trump’s trade war and hopes for potential tariff rollbacks.
The Dow Jones Industrial Average fell 119 points, or 0.3%, while the Nasdaq managed a marginal gain of less than 0.1%. Both indexes ended the week with even smaller losses than the S&P 500.
Attention now turns to a high-stakes meeting on Saturday in Switzerland, where top U.S. and Chinese officials are set to hold their first discussions since the onset of an escalating trade war. Investors and economists worry that failure to reach meaningful trade agreements and lower tariffs could push the economy closer to a recession.
On Friday, Trump suggested he might reduce tariffs on Chinese imports from 145% to 80%, leaving final decisions to Treasury Secretary Scott Bessent, who will attend the talks. Though still high, the proposed cut sparked a brief dip in U.S. stock futures. Markets stabilized soon after, awaiting concrete outcomes from the discussions.
Trump also highlighted the potential for more trade agreements, pointing to a new deal with the United Kingdom and hinting at others in progress. On his Truth Social platform, he said, “Many Trade Deals in the hopper, all good (GREAT!) ones!”
Meanwhile, corporate earnings continue to influence market moves, though the pace has slowed. Shares of travel company Expedia dropped 7.3% despite beating profit expectations. The company cited weaker-than-expected demand in the U.S. and a sharp 30% decline in bookings from Canada.
Other travel companies, including Hilton and Airbnb, have also reported declines in U.S. travel demand. Sweetgreen tumbled 16.2% after posting a slightly larger-than-expected loss and issuing a full-year revenue forecast that missed analyst estimates.
These losses offset a 28.1% surge in Lyft’s stock, as the ride-hailing company reported better-than-expected earnings and its highest-ever weekly ridership at the end of March. Chipmaker TSMC also offered a positive signal, announcing a 48.1% jump in April revenue compared to last year, sending its U.S.-traded shares up 0.7%.
Medical device maker Insulet led gains in the S&P 500, soaring 20.9% after delivering strong quarterly results and raising its full-year revenue outlook. The company produces tubeless insulin pumps used by people with diabetes.
By the end of trading, the S&P 500 edged down 4.03 points to 5,659.91. The Dow lost 119.07 points to close at 41,249.38, while the Nasdaq rose by 0.78 points to 17,928.92.
Global markets were mostly higher. European indexes posted modest gains, while results in Asia were mixed. Hong Kong’s index rose 0.4%, but Shanghai’s dipped 0.3%, even after China reported stronger-than-expected export growth of 8.1% in April. However, exports to the U.S. plunged over 20% as steep new tariffs came into effect.
In the bond market, the 10-year Treasury yield ticked up slightly to 4.38% from 4.37% on Thursday.