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The major averages were sharply higher near noon amid increased optimism around trade, as well as a decrease in U.S. initial jobless claims for the week ended May 3. President Trump announced a new trade deal with Great Britain, has said the U.S. intends to “make a deal with Europe,” and appears open to lowering tariffs on China after talks with the country this weekend.

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In central bank news, the Bank of England lowered its Bank Rate just a day after the U.S. Federal Reserve kept the federal funds rate unchanged. Following the Fed’s move, Trump called Fed Chair Jerome Powell a “fool” for not lowering rates.

Looking to commodities, gold prices are lower once again, while oil prices are sharply higher amid U.S.-China trade optimism.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• President Trump announced a trade agreement with the U.K. that he calls “full and comprehensive”

• Meanwhile, the Bank of England lowered its Bank Rate by 0.25 percentage points to 4.25%

• Arm (ARM) reported better-than-expected Q4 results but provided a conservative outlook for Q1

• Shopify (SHOP) reported upbeat Q1 revenue and provided guidance for Q2

• Carvana (CVNA) reported better-than-expected Q1 results and provided its outlook for Q2

2. WALL STREET CALLS:

• Sarepta (SRPT) downgraded at Evercore ISI

• Wedbush downgraded Uber (UBER) to Neutral on lack of catalysts

• Mosaic (MOS) upgraded at RBC Capital

• Archer Daniels (ADM) downgraded to Underperform at BofA amid “misplaced optimism”

• Centessa (CNTA) initiated with bullish view at Chardan

3. AROUND THE WEB:

• Alibaba (BABA) is partnering with RedNote, also known as Xiaohongshu, to allow users on RedNote to directly click on product links to shop on Alibaba’s Taobao platform, Reuters reports

• Baidu (BIDU) has filed a patent with the China National Intellectual Property Administration, CNIPA, that proposes a system to convert animal vocalizations into the human language, Reuters says

• Tesla’s (TSLA) effort to trademark the term “Robotaxi” in reference to its vehicles has been refused by the U.S. Patent and Trademark Office for being too generic, but its application to trademark the term “Robotaxi” for its upcoming ride-hailing service is still under examination by the office, TC reports

• Nestle (NSRGY) has selected Rothschild to advise on the sale of its water division later this year, Reuters reports

• Nvidia (NVDA) CEO Jensen Huang said in an interview on Tuesday that it would be a “tremendous loss” to be blocked from China’s AI market, CNBC reports