Stock market today: Dow, S&P 500, Nasdaq edge higher as Trump floats cut to China tariffs

Pinterest (PINS) stock soared over 10% after the social media platform issued upbeat guidance and reported it had 570 million monthly active users in the first quarter.

Expedia (EXPE) stock dropped 10% after weaker US travel demand weighed on revenue. The Seattle-based company reported revenue of $2.98 billion for the first quarter, below analysts' expectations of $3.01 billion, Reuters reported.

Boeing (BA) stock rose 1% after the plane maker emerged as a winner in the US-UK trade pact. Commerce Secretary Howard Lutnick said on Thursday that the UK committed to buying $10 billion worth of Boeing planes. My colleague Hamza Shaban wrote more about what that means for investors in today's Morning Brief.

Lyft (LYFT) shares surged more than 16% after Engine Capital said on Friday it would end its activist campaign in the ride-hailing company and withdraw its board nominees after the company increased its stock buyback program to $750 million from $500 million.

Stocks rose at the open on Wall Street on Friday after President Trump suggested cutting US tariffs on Chinese imports. His comment fueled further optimism that the trade war is easing ahead of talks between Treasury Secretary Scott Bessent's team and Chinese officials in Switzerland this weekend.

The Dow Jones Industrial Average (^DJI) edged up 0.2%. The S&P 500 (^GSPC) rose 0.4%, while the Nasdaq Composite (IXIC) gained about 0.5%.

In a social media post on Friday morning, Trump suggested an 80% tariff rate for Chinese imports.

Markets are attempting a third straight day of gains after the US unveiled a trade deal with the UK on Thursday. President Trump said more agreements with US trading partners are coming, along with a tax bill making its way through Congress.

"You better go out and buy stock now," Trump said during Thursday's press conference.

Bitcoin (BTC-USD) extended gains on Friday, rising 3.6% to trade above $103,000. At one point, the world's largest cryptocurrency briefly spiked above $104,000.

Bitcoin rose alongside the overall market on optimism about deescalating tariffs and an announcement Thursday that Coinbase (COIN) would acquire options platform Deribit for $2.9 billion, as Yahoo Finance's Ines Ferré detailed.

Bitcoin fell as low as $75,000 in the days following Trump's "reciprocal" tariff announcement on April 2. It's now trading around its highest level since January.

The crypto is not very far off from its all-time high of 109,114.88 reached on Jan. 20, Trump's Inauguration Day.

Stock futures jumped premarket after President Trump posted on social media that he is considering slashing tariffs on Chinese imports ahead of the highly anticipated meeting between US and Chinese officials this weekend.

"80% Tariff on China seems right! Up to Scott B.," Trump wrote on Truth Social.

S&P 500 futures (ES=F) were up 0.2%, while futures on the Nasdaq (NQ=F) and Dow Jones Industrial Average (YM=F) rose 0.3% and 0.1%, respectively. All three futures were negative or hovering at the flat line earlier in the morning.

Still, the moves higher were somewhat muted, suggesting that investors may still be somewhat wary about the outcome of the talks and see a long way to go for a resolution in the US-China trade tensions.

Read more about the latest tariff and trade deal updates here.

Oil prices are gaining to end the week on trade optimism after the US and UK announced they reached a trade agreement on Thursday and signs point to deescalation in the trade war with China.

Brent futures (BZ=F), the international benchmark, rose 1.8% to trade around $64 per barrel, while West Texas Intermediate futures (CL=F) gained 2% on Friday morning, trading around $61 per barrel.

Bloomberg reports:

Read more here.

Pinterest's (PINS) upbeat forecast for quarterly revenue calmed some worries about the prospects for ad spending as tariff risks weigh on the economic outlook.

The social media platform provider's shares jumped 12% in premarket trading.

Reuters reported:

Read more here.

Nvidia (NVDA) unveiled plans for a less-capable model of the H20 AI chips for use in China in response to the US an export restrictions on the most powerful chips made by American chip producers.

Read more here.

Gold (GC=F) has seen a modest climbed again in a volatile week, after seeing a 6% gain and fall in earlier sessions as a UK-US trade deal has bolstered markets.

Bloomberg reports:

Read more here.