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Trump-Xi call focuses on trade, PVH reports Q2 beat: Morning Buzz

The major averages were higher near noon as investors await the May U.S. jobs report, which is set for release on Friday. Traders are also weighing news from President Trump, who said a call with China president Xi Jinping “resulted in a very positive conclusion,” though he declined to provide any details.

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Looking to commodities, gold prices are down fractionally, while oil prices are trading more than 1% higher. 

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

1. STOCK NEWS:

2. WALL STREET CALLS:

3. AROUND THE WEB:

  • The Bear Cave issued a cautious report on KinderCare Learning (KLC), saying its previous concerns are entering the mainstream, allegations against the company are growing
  • Citigroup (C) plans to cut the number of employees at two of its technology centers in China by about 3,500 as the bank pushes to simplify and shrink global tech operations to improve risk and data management, Reuters says
  • Apollo Global Management (APO) could invest as much as $100B in Germany over the next decade, in a boost to chancellor Friedrich Merz’s efforts to stimulate growth in the country’s economy, FT reports
  • Advertisers are shifting millions of dollars in ad budgets, particularly in connected TV, from Trade Desk’s (TTD) demand-side platform to Amazon.com’s (AMZN), Adweek says
  • Microsoft’s (MSFT) LinkedIn CEO Ryan Roslansky is taking charge of teams that build email and productivity apps as the company consolidates more of its workplace software to speed up deployment of AI tools, Bloomberg reports

4. MOVERS:

5. EARNINGS/GUIDANCE:

INDEXES:

Near midday, the Dow was up 121.99, or 0.29%, to 42,549.73, the Nasdaq was up 129.22, or 0.66%, to 19,589.71, and the S&P 500 was up 22.00, or 0.37%, to 5,992.81.

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