Wall Street Rides High on U.S.-China Tariff Truce Amid Mixed Sentiment

Wall Street's main indexes rallied for weekly gains Friday due to a U.S.-China tariff pause, though consumer sentiment dampened risk. Market responses wavered between optimism and caution. The S&P 500 and major U.S. indexes are showing gains, with the information technology sector notably strong despite mixed tech stock performances.

Wall Street's primary indexes were poised for weekly gains on Friday, driven by relief over a tariff truce between the U.S. and China. However, this optimism was tempered by weak consumer sentiment data, curbing excessive risk-taking.

Throughout the day, stocks fluctuated. The University of Michigan reported a decline in consumer sentiment for May, while one-year inflation expectations increased significantly. Julia Hermann, a global markets strategist at New York Life Investments, noted that the market was caught between a desire for relief and the pressing reality.

By late morning, the Dow Jones, S&P 500, and Nasdaq Composite all showed modest gains. The S&P 500 is set for five consecutive days of increases, marking a positive trajectory since early this week when the U.S. and China agreed to a temporary halt in their trade conflict. The tech sector, with notable movements from Alphabet and Meta Platforms, led the week's growth.

(With inputs from agencies.)