Wall Street appeared set for a positive start on Friday after China’s Commerce Ministry said it is reviewing communications from the U.S. regarding President Donald Trump’s tariff policies. This development helped lift investor sentiment and futures trading.
Before markets opened, S&P 500 futures rose 0.3%, setting up for what could be a ninth consecutive day of gains. Futures for the Dow Jones Industrial Average were up 0.4%, while Nasdaq futures saw a smaller increase of 0.2%.
Despite the upbeat market tone, the energy sector remained under pressure. Exxon Mobil reported its weakest first-quarter earnings in years due to lower oil prices and rising costs. Its stock edged up less than 1% in pre-market trading. Chevron, another energy giant, posted similarly weak results, causing its shares to fall more than 2%.
U.S. crude prices have dropped below the critical $60 per barrel mark—down significantly from $78 a year ago—making it difficult for many producers to remain profitable. On Friday, U.S. crude slid another 66 cents to $58.58, while Brent crude, the international benchmark, dropped 64 cents to $61.49 per barrel.
Uncertainty surrounding Trump’s shifting stance on tariffs has created anxiety among businesses and consumers alike. Falling oil prices may signal slowing economic activity, as companies reduce production, business travel shrinks, and families rethink spending plans.
Tech giants Amazon and Apple released their earnings late Thursday. Apple’s stock fell roughly 3% despite exceeding expectations, as it forecast an additional $900 million in costs next quarter if tariffs remain in place. Amazon’s shares declined nearly 1% after issuing a cautious outlook, citing trade tensions.
Meanwhile, the U.S. government’s April jobs report showed stronger-than-expected employment gains, with 177,000 new jobs added. Economists had predicted around 135,000, though the number still fell short of March’s surprisingly strong total of 228,000.
Some analysts worry that the ongoing tariffs could eventually hurt the job market, increasing costs for American consumers and businesses, and slowing economic growth. However, hopes that Trump may scale back tariffs through trade negotiations have lifted investor confidence. On Thursday, the S&P 500 climbed 0.6%, marking its eighth straight day of gains—the longest streak since last August.
Global markets also responded positively. In Europe, Germany’s DAX rose 1.5%, France’s CAC 40 gained 1.3%, and the U.K.’s FTSE 100 increased by 0.7%.
Asian markets saw broad gains. Hong Kong’s Hang Seng surged 1.7% to 22,504.68, although markets in mainland China were closed for a holiday. Taiwan’s benchmark index jumped 2.7%. Japan’s Nikkei 225 added 1% to close at 36,830.69, while South Korea’s Kospi rose 0.1% to 2,558.84 and Australia’s S&P/ASX 200 advanced 1.1% to finish at 8,238.00.
China’s Commerce Ministry noted that it has received multiple communications from U.S. officials expressing interest in negotiating the tariffs. A spokesperson said that Beijing is currently evaluating these developments.
In Japan, Finance Minister Katsunobu Kato made headlines by suggesting that the country’s large holdings of U.S. Treasury bonds—worth over $1.1 trillion—might play a role in talks with Washington over tariffs on autos and other imports.
