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U.S. stocks soared on Thursday, with major indexes climbing. Tech was leading the rally, with the Nasdaq gaining 1.7% by midday.
The S&P 500 rose 1.3% and the Dow Jones Industrial Average added 540 points, or almost 1.4%.
U.K. trade deal announced Thursday
The surge was brought on by President Trump’s announcement of a trade deal Thursday with the United Kingdom— his first since April’s sweeping “Liberation Day” tariffs.
In other White House news, Trump is also expected to roll back and replace Biden-era AI chip rules.
Fed says wait and see
Markets are absorbing Federal Reserve Chair Jerome Powell’s latest remarks. The central bank announced Wednesday that it will hold interest rates steady, with Powell taking a wait-and-see stance.
While the job market remains healthy and core inflation is easing, tariffs are introducing new economic uncertainty, Powell said. He made it clear the Fed is in no rush to shift course, emphasizing the need for more data — especially on how tariff-driven price pressures play out.
Elsewhere, central banks abroad are cutting rates, but they’re not contending with the exact same inflationary wildcards.
Google stock falls on Apple AI news
On Wednesday, Alphabet (GOOGL) shares fell 7% on reports that Apple (AAPL) may integrate AI tools such as ChatGPT and Perplexity into Safari, threatening Google’s dominance as the browser’s default search engine.
During federal antitrust testimony, Apple executive Eddy Cue said Safari search volume had declined for the first time — signaling that users are already shifting toward AI alternatives. With Google paying Apple an estimated $20 billion a year for default status, the news rattled investors and sparked fresh concerns about Alphabet’s long-term search moat.
Apple shares fell 2% on the same news, but both Apple and Alphabet are gaining ahead on Thursday, with Alphabet up 2.5% and Apple up 1.5%, too.
Corona sales help lift AB InBev earnings
AB InBev (BUD) kicked off the earnings day with a solid report. The brewer posted nearly 8% EBITDA growth and stronger margins, even as volumes slipped 2.2% due to tough comps and weather.
Mega-brands such as Corona — up 11% outside its home market — led the way, while no-alcohol and direct-to-consumer sales also notched meaningful gains. The company reiterated its 2025 outlook and emphasized ongoing investments in premium products and digital platforms.
Earnings, earnings, more earnings
Shopify (SHOP) reports before the bell today. Energy majors ConocoPhillips (COP) and Cheniere Energy (LNG) also announce earnings today, alongside Canadian Natural Resources (CNQ) and Brookfield (BAM), offering a look at global demand, margins, and infrastructure amid falling oil prices.