Vincent Napolitano, a trader, is seen at work on the floor of the New York Stock Exchange on Friday, May 9, 2025. (Photo: Richard Drew/AP)
NEW YORK — Stocks on Wall Street closed with minimal movement Friday, wrapping up a relatively calm week as investors turned their attention to a critical meeting between the U.S. and China over trade issues.
The S&P 500 dipped slightly by 0.1%, recording a small 0.5% loss for the week. Notably, it was the first time in nearly two months that the index—closely tied to retirement funds—moved less than 1.5% over a full week. This pause followed weeks of volatility driven by concern over tariffs and speculation about whether President Donald Trump might ease up on trade restrictions.
Meanwhile, the Dow Jones Industrial Average declined 119 points, or 0.3%, and the Nasdaq inched upward by less than 0.1%. Both indexes ended the week with even smaller losses than the S&P.
All eyes are now on Saturday’s meeting in Switzerland, where top officials from the U.S. and China will sit down for their first formal discussion since Trump’s trade war escalated. Many investors fear that without a swift and meaningful reduction in tariffs, the world’s two largest economies could slip into recession.
On Friday, Trump suggested that tariffs on Chinese goods could be lowered from 145% to 80%, pending Treasury Secretary Scott Bessent’s talks with Chinese officials. While still high, the proposed cut gave a brief jolt to the markets. U.S. stock futures briefly dipped after his social media post but steadied shortly afterward.
Trump also hinted at other trade deals in progress, following an agreement with the United Kingdom announced Thursday. He expressed optimism on his Truth Social platform, saying multiple promising deals were in the works.
Back on Wall Street, earnings season continued to influence individual stocks.
Expedia fell by 7.3% despite beating profit expectations for the quarter. The company pointed to weaker-than-anticipated demand in the U.S. and a notable 30% drop in Canadian bookings for U.S. destinations. Other travel companies like Hilton and Airbnb also reported softer U.S. travel demand in recent days.
Sweetgreen, a fast-casual salad chain, slid 16.2% after posting a slightly larger quarterly loss than expected and issuing a revenue forecast that disappointed investors.
In contrast, Lyft shares soared 28.1% after reporting a better-than-expected profit and record-high weekly ridership in the last week of March.
Taiwan Semiconductor Manufacturing Co. (TSMC) offered a bright spot by revealing a 48.1% year-over-year revenue surge for April. Its U.S.-traded shares rose 0.7%.
Medical tech firm Insulet climbed 20.9%, the biggest gain in the S&P 500, after delivering solid quarterly results and raising its full-year revenue forecast. The company specializes in tubeless insulin pumps.
By the close of trading, the S&P 500 slipped 4.03 points to 5,659.91. The Dow fell to 41,249.38, down 119.07 points, and the Nasdaq added just 0.78 to close at 17,928.92.
Elsewhere, European stocks ticked up modestly, while markets in Asia were mixed. Hong Kong’s index rose 0.4%, but Shanghai’s dropped 0.3%. China reported an 8.1% jump in exports overall for April, though shipments to the U.S. fell sharply by over 20%—a sign of how the trade war is reshaping global commerce.
In the bond market, the 10-year Treasury yield nudged up slightly to 4.38%.
