Earlier in the week, trade deals with Japan and Indonesia contributed to pushing the market to record highs, and the possibility of a deal with the European Union adds to optimism. The Vanguard S&P 500 ETF reached an all-time high of 583.20, with a promising outlook for further gains. Key factors influencing the sustainability of this rally include both successful trade negotiations and the mixed results of earnings reports. Some companies, like Intel, reported losses despite exceeding revenue expectations, while others, like Deckers, had brighter earnings news, indicating a divided performance among major players.
In a shocking development, the U.S. Court of International Trade declared President Trump's April 2 'reciprocal tariffs' illegal, citing that he exceeded his authority to regulate importation.
Despite the sharp downturn due to trade concerns, the US stock market made a strong recovery driven by tech stock performance and easing trade tensions.
