Stock market today: Dow jumps, Nasdaq mixed as Wall Street rallies on easing trade tensions

US stock futures edged lower on Friday as trade tensions eased and Federal Reserve officials hinted at possible rate cuts sooner than expected.

Futures for the Dow Jones Industrial Average (YM=F) fell 0.5%, while futures tied to the S&P 500 (ES=F) slipped 0.2% and Nasdaq Composite (NQ=F) futures dropped 0.3%.

On Friday, Alphabet (GOOG, GOOGL) stock rose after the company beat on earnings and announced a dividend hike and a $70 billion stock buyback. The Google parent is the first Big Tech company to report earnings since Trump’s tariffs went into effect this month.

Other notable movers included Intel (INTC), whose stock fell 7% in premarket trading despite beating earnings estimates.

T-Mobile’s (TMUS) stock also fell before the bell on Friday after adding fewer wireless subscribers than Wall Street anticipated.

The telecom company faced increased competition as rivals ramped up promotions in the saturating US market. CEO Mike Sievert warned that if President Trump’s tariffs are fully implemented, consumers could see higher smartphone prices, impacting producers like Apple (AAPL).

It was reported on Friday that China may pause its 125% tariff on some US goods, boosting market sentiment. Despite these developments, Trump had said talks with China were underway, but China denied the existence of negotiations and demanded the US lift tariffs.

Stocks rallied earlier in the day Thursday as investors focused on Trump’s optimistic tone on trade talks. Treasury Secretary Scott Bessent suggested a deal with South Korea could come sooner than expected, while Trump highlighted progress in negotiations with India.

Read more: The latest on Trump’s tariffs

On Friday, investors will get a pulse on consumer sentiment with the latest release of the University of Michigan consumer survey. Consumer sentiment has been sliding as inflation expectations tick up amid Trump’s trade war.