US close: Stocks jump as Trump tariffs hit delay

(Sharecast News) - US stocks rose strongly on Thursday as concerns about the immediate launch of reciprocal trade tariffs eased following comments from Donald Trump.

The Dow gained 0.8%, the S&P 500 jumped 1% while the Nasdaq rose 1.5%, with all three indices now trading within a whisker of their record highs.

Trump signed a memo to order federal agencies to look at how to match US tariffs to existing levies by other countries, stopping short of actually imposing any additional duties immediately, contrasting what he had promised earlier in the week.

Instead, the reports by the Commerce Department and the US trade representative are expected to be delivered by April 1, easing concerns - at least temporarily - of an escalation in the ongoing trade war.

"Trump's announcement of more tariffs failed to have much of an impact [...] since they are delayed until the beginning of April. Investors have been strengthened in their belief that the tough talk on this front is more of a negotiating tactic," said Chris Beauchamp, chief market analyst at IG.

Meanwhile, sentiment was also helped by Trump after he said he had spoken with Vladimir Putin about a potential peace deal to end the war with Ukraine.

In economic news, inflation at the wholesale level in the US came in a tad hotter-than-expected at the start of 2024. According to the US Department of Labor, in seasonally adjusted term, so-called final demand prices increased at a month-on-month pace of 0.4% in January, compared with the 0.3% gain estimated. However, the prior month's rate of increase was revised up from an initial estimate of 0.2% to 0.5%.

Elsewhere on the macro front, initial jobless claims fell by 8,000 to 213,000 in the first week of February, slightly ahead of 6,000 decline predicted by analysts, while continuing claims dropped by 36,000 to 1.85m, also under forecasts of 1.88m. The four-week moving average, which aims to strip out week-to-week volatility, decreased by 1,000 to 216,000.

Market movers

Shares in trade bellwether Deere & Co headed south after it warned of declining sales, with first-quarter revenues falling short of estimates.

Crocs surged on the back of solid FY25 profit guidance from the footwear manufacturer, following record 2024 numbers with revenues growing 4% to top $4bn.

Shares in Molson Coors jumped after fourth-quarter numbers at the American-Canadian brewer surpassed expectations. The firm said net sales fell 3% in the final three months of year to $2.74bn, ahead of the consensus forecast of $2.71bn.

Dow Jones - Risers

Intel Corp. (INTC) $24.13 13.14%

Apple Inc. (AAPL) $241.53 4.32%

Cisco Systems Inc. (CSCO) $63.84 3.53%

Walgreens Boots Alliance, Inc. (WBA) $9.75 2.04%

Walmart Inc. (WMT) $105.05 1.39%

International Business Machines Corporation (CDI) (IBM) $259.19 1.32%

Nike Inc. (NKE) $73.21 1.31%

Home Depot Inc. (HD) $412.43 1.30%

Johnson & Johnson (JNJ) $157.25 1.28%

Verizon Communications Inc. (VZ) $41.04 1.26%

Dow Jones - Fallers

Merck & Co. Inc. (MRK) $84.42 -1.46%

Boeing Co. (BA) $185.44 -0.43%

3M Co. (MMM) $148.72 -0.10%

Goldman Sachs Group Inc. (GS) $648.95 -0.01%

Dowdupont Inc. (DWDP) $0.00 0.00%

Dow Chemical Co. (DOW) $38.34 0.21%

JP Morgan Chase & Co. (JPM) $276.32 0.32%

Walt Disney Co. (DIS) $109.59 0.33%

American Express Co. (AXP) $307.50 0.36%

Caterpillar Inc. (CAT) $353.70 0.47%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $0.89 37.19%

MGM Resorts International (MGM) $40.37 17.46%

Intel Corp. (INTC) $24.13 13.14%

Molson Coors Beverage Co. Class B (TAP) $58.54 9.52%

Ventas Inc. (VTR) $64.94 8.34%

Micron Technology Inc. (MU) $95.66 6.03%

Freeport-McMoRan Inc (FCX) $40.22 5.95%

VF Corp. (VFC) $25.54 5.76%

Biogen Inc (BIIB) $138.45 5.74%

CVS Health Corp (CVS) $66.37 4.98%

S&P 500 - Fallers

Hanesbrands Inc. (HBI) $6.25 -18.51%

Iron Mountain Inc (New) (IRM) $95.25 -7.28%

Zoetis Inc (ZTS) $164.93 -5.15%

Global Payments Inc. (GPN) $104.13 -4.32%

American Airlines Group (AAL) $15.74 -4.07%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $360.57 -3.78%

United Airlines Holdings Inc (UAL) $100.89 -3.59%

Delta Airlines Inc. (DAL) $64.06 -3.42%

Northrop Grumman Corp. (NOC) $455.06 -3.36%

Fluor Corp. (FLR) $44.93 -3.08%

Nasdaq 100 - Risers

Intel Corp. (INTC) $24.13 13.14%

Micron Technology Inc. (MU) $95.66 6.03%

Tesla Inc (TSLA) $355.94 5.88%

Biogen Inc (BIIB) $138.45 5.74%

Baidu Inc. (BIDU) $96.59 5.67%

Asml Holdings N.V. (ASML) $776.99 5.37%

Trip.com Group Limited (TCOM) $69.78 5.36%

Incyte Corp. (INCY) $70.01 4.78%

Kraft Heinz Co. (KHC) $29.25 4.48%

Apple Inc. (AAPL) $241.53 4.32%

Nasdaq 100 - Fallers

American Airlines Group (AAL) $15.74 -4.07%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $360.57 -3.78%

Electronic Arts Inc. (EA) $129.82 -2.21%

Vodafone Group Plc ADS (VOD) $8.43 -2.20%

NetEase Inc. Ads (NTES) $104.83 -1.64%

Align Technology Inc. (ALGN) $204.98 -1.39%

Western Digital Corp. (WDC) $67.59 -1.18%

Illumina Inc. (ILMN) $101.78 -0.86%

Liberty Global plc Series A (LBTYA) $10.95 -0.36%

Hologic Inc. (HOLX) $63.62 -0.22%