Wall Street today: S&P 500, Dow Jones, Nasdaq surge on US-UK trade deal
Published on 08/05/2025 07:33 PM
Wall Street’s key stock indices edged higher on Thursday on a trade agreement between the United States and the United Kingdom.
The United States and Britain on Thursday announced a deal to lower tariffs on some goods.
The US tariffs on cars and steel will be cut and both the nations would gain better access to agriculture markets.
US Commerce Secretary Howard Lutnick said the 10% basic tariff rate would remain in place.
The UK government said the deal will cut tariffs on some British-made cars from 27.5% to 10%.
As of 10:35 AM Eastern time, the S&P 500 was 0.6% higher, the Dow Jones Industrial Average was up 0.6%, and the Nasdaq Composite rose 0.8%.
At the opening bell, the Dow Jones Industrial Average rose 198.6 points, or 0.48%, to 41,312.57. The S&P 500 rose 32.3 points, or 0.57%, to 5,663.6, while the Nasdaq Composite rose 182.0 points, or 1.03%, to 17,920.154.
On Wednesday, the US Federal Reserve kept interest rates steady, but said risks of higher inflation and unemployment had risen.
In the bond market, the 10-year yield climbed to 4.32% from 4.26% late on Wednesday.
Peloton Interactive Inc. stock tumbled 13% after the fitness company’s quarterly revenue fell 13%.
Tapestry shares gained 4.4% after the handbag maker raised its annual outlook.
Drugmakers slumped following a media report that the Trump administration plans to revive a proposal to cut drug costs by tying the amount the government pays for some medicines to lower prices abroad.
Krispy Kreme shares tumbled 19.5% after the company withdrew its forecasts for the full year.
Shares of Warner Bros. Discovery gained 5.8% after a report said the company was headed for a split.
Gold prices declined on Thursday, ahead of Trump's likely announcement of a trade deal between the US and Britain.
Spot gold fell 0.1% to $3,362.19 an ounce as of 1318 GMT. Earlier in the session, it rose 1%.
US gold futures slipped 0.7% to $3,368.50.
Spot silver rose 0.2% at $32.52 an ounce, platinum gained 1% to $984.15 and palladium rose 0.2% to $973.92.
Oil prices gained on Thursday on optimism over looming trade talks between the US and China.
Brent crude futures rose 89 cents, or 1.5%, at $62.01 a barrel at 1334 GMT. US West Texas Intermediate crude edged up $1.02, or 1.8%, to $59.09.
US Treasury Secretary Scott Bessent will meet with China's top economic official on May 10 in Switzerland for trade negotiations.
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