Tech stocks lift Wall Street as tariff deadline and Fed pause shape investor mood

Fed Chair Jerome Powell acknowledged the economy remains solid but cautioned about forecasting challenges.

“With Fed Chair Powell acknowledging that the effect of tariffs on consumer confidence, economic growth and inflation remain unknown, we might be in this below-water holding pattern until after April 2,” said Sam Stovall, chief investment strategist at CFRA.

Recent economic data offered mixed signals. Reports on home sales, industrial production, and unemployment pointed to resilience, while consumer sentiment and retail sales revealed growing caution.

“We’re in really pessimistic territory,” Hackett said. “When everybody is pessimistic, that’s when a tiny bit of optimism can move markets pretty strongly.”

In the bond market, Treasury yields mostly held steady. The 10-year Treasury yield rose slightly to 4.25 percent from 4.23 percent Thursday.