U.S. stocks traded modestly higher Thursday morning, with the Dow getting a lift after upbeat earnings from two components, while investors weighed the latest developments on the trade front after U.S. President Donald Trump appeared to target China telecommunications group Huawei Technologies Co. with an emergency declaration against threats to U.S. technology.
On Wednesday, the Dow Jones Industrial Average rose 115.97 points, or 0.5%, to 25,648.02 and the S&P 500 index 0.6% to 2,850.96. The tech-heavy Nasdaq Composite Index outperformed its peers 1.1%, to 7,822.15. Additionally, the Commerce Department said Wednesday evening that it would add Huawei to a list of entities that engage in “activities contrary to U.S. national security and/or foreign policy interests,” a move that could greatly restrict its purchases of American-made chips, which it relies on for many of its products.
The executive order came after markets Wednesday received a lift from reports that Trump would delay a decision on instituting new tariffs on car and auto part imports for up to six months. Hours earlier, Treasury Secretary Steven Mnuchin said the U.S. would “most likely” meet with Chinese delegates again in Beijing after each side fired off trade tariffs at the other.
The Philadelphia Fed’s manufacturing index rose to a four-month high in May, reaching 16.6, after registering 8.5 in April. Which stocks are in focus? Dow Component Walmart Inc. WMT, +3.18% shares rose 1.2% before the bell Wednesday, after the retailer reported better-than-expected earnings for the first quarter, though revenue fell short of analyst forecasts. U.S. same-store sales rose 3.4%, beating an expected 3.2% increase, according to FactSet.
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