Wall Street Rides High on U.S.-China Tariff Truce Amid Mixed Sentiment

Wall Street's primary indexes were poised for weekly gains on Friday, driven by relief over a tariff truce between the U.S. and China. However, this optimism was tempered by weak consumer sentiment data, curbing excessive risk-taking.

Throughout the day, stocks fluctuated. The University of Michigan reported a decline in consumer sentiment for May, while one-year inflation expectations increased significantly. Julia Hermann, a global markets strategist at New York Life Investments, noted that the market was caught between a desire for relief and the pressing reality.

By late morning, the Dow Jones, S&P 500, and Nasdaq Composite all showed modest gains. The S&P 500 is set for five consecutive days of increases, marking a positive trajectory since early this week when the U.S. and China agreed to a temporary halt in their trade conflict. The tech sector, with notable movements from Alphabet and Meta Platforms, led the week's growth.

(With inputs from agencies.)