FILE - American flags hang from the front the New York Stock Exchange, right, on April 11, 2024 in New York. Global shares are trading higher on Friday, May 10, 2024, after a rally on Wall Street that pulled the S&P 500 back within 1% of its record. Currency traders watch computer monitors near the screen showing the Korean Securities Dealers Automated Quotations and the foreign exchange rate between U.S.
These tariffs, which were said to be announced on Tuesday, sparked selling of some automakers. Chinese EV maker BYD’s stock dropped 0.6% and NIO slumped 2%.Taiwan’s Taiex gained 0.6% after leading computer maker TSMC reported its revenue surged nearly 60% in April from a year earlier. India’s Sensex fel 0.9%.
The S&P 500 is within 0.6% of its record, helped by revived hopes the Federal Reserve may cut interest rates this year. A flood of stronger-than-expected reports on profits from big U.S. companies has also helped support the market. They helped offset a drop of 11% for Akamai Technologies, which topped expectations for profit but fell short for revenue. The cloud-computing, security and content delivery company also gave some financial forecasts for the upcoming year that fell short of analysts’ expectations.
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