Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed Friday in negative territory following the conclusion of the Trump-Xi summit.
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- Although both the U.S. and China highlighted positive progress, the only major announcement was China’s order for 200 Boeing (BA) jets, which fell short of expectations for roughly 500. President Trump later said the order could increase up to 750 if Boeing does a “good job.”
- AI stocks faced pressure after Trump said China would not purchase Nvidia’s (NVDA) H200 chips, despite receiving approval from the U.S. government earlier this week.
- The 30-year Treasury yield climbed to 5.13%, its highest level since April 2007, on elevated inflation risks and higher odds of rate hikes. Higher yields make bonds more appealing, drawing investors away from stocks.
- During the first quarter, Trump executed 3,642 trades worth at least $220 million in companies including Nvidia, Boeing, Palantir (PLTR), Microsoft (MSFT), Amazon (AMZN), and Broadcom (AVGO).
- Microsoft (MSFT) rallied after Bill Ackman’s Pershing Square (PSUS) disclosed a new position in the tech giant.
- Tesla (TSLA) closed in the red after the electric vehicle company was hit by a class action lawsuit over alleged vehicle defects.
- Oppenheimer analyst Ittai Kidron raised his price target on Palo Alto Networks (PANW) to $275 from $245. The target implies upside of 13% and is the highest on the street.