Stocks climbed Friday as Wall Street wrapped up a historically wild week.

The S&P 500 advanced 1.81% to end at 5,363.36. The Dow Jones Industrial Average rose 619.05 points, or 1.56%, and closed at 40,212.71. The Nasdaq Composite climbed 2.06% to settle at 16,724.46.

Stocks took a leg higher Friday afternoon on comments from the White House that President Donald Trump is "optimistic" China will seek a deal with the U.S.

This week has been one of the most volatile periods on record for Wall Street. The major averages tumbled Thursday as traders went into risk-off mode, with trade policy uncertainty weighing on sentiment. Stocks lost a chunk of the historic gains seen on Wednesday after Trump announced a 90-day reprieve on some of his high "reciprocal" tariffs.

The S&P 500 fell 3.46% on Thursday, while the 30-stock Dow tumbled 1,014.79 points, or 2.5%. The tech-heavy Nasdaq ended the day lower by 4.31%. On Wednesday, the S&P 500 rallied 9.52% for its third-largest gain in a single day since World War II, while the 30-stock Dow skyrocketed more than 2,900 points.

The CBOE Volatility Index, known as the Vix, earlier in the week spiked above 50 before dropping to about 37 as of Friday afternoon.

The Trump Administration has opted for a universal tariff rate of 10% — except for China. Goods from Beijing will see a rate of 145%, a White House official confirmed to CNBC on Thursday.

China on Friday retaliated by raising its levies on U.S. products to 125% from 84%. "Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy," the Chinese finance ministry said in a statement, according to a CNBC translation.

Meanwhile, the European Union said its trade representative was flying to Washington on Sunday to "try and sign deals."

"We remain in the early innings of this global trade regime change, and while the 90-day pause on reciprocal tariffs temporarily reversed the market selloff, it does prolong uncertainty," Wells Fargo Investment Institute president Darrell Cronk wrote in a note on Friday.

Here are the U.S. tariffs currently in place:

• 145% duty on all goods from China
• 25% tariffs targeting aluminum, autos and goods from Canada and Mexico not under the United States-Mexico-Canada Agreement
• 10% levy on all other imports

Despite the tumultuous week, the three major averages notched solid gains in the period. The S&P 500 posted a 5.7% advance for its best week since November 2023. The Nasdaq rose 7.3% during the week for its best performance since November 2022. The Dow gained nearly 5% over the week.

To be sure, the major averages remain sharply lower since April 2, when the White House announced so-called reciprocal tariffs on goods from other countries. Since then, the S&P 500 is down more than 5%.

The latest consumer sentiment numbers for April came in worse than expected. The expected inflation level also surged to its highest level since 1981, according to the University of Michigan survey on consumers.

Boston Fed's Collins says markets are functioning well

Boston Federal Reserve President Susan Collins said Friday that despite the tumult this week on Wall Street, markets are operating properly and the central bank stands ready to step in should that change.

"Markets continue to function well. That's something we're watching very carefully, and we'll continue to do so," Collins told the Wall Street Journal. "There are other tools, of course, to address concerns about market function issues, and we would be prepared to step in to address those if they developed. But again, that's not something we're seeing right now."

Markets were in rally mode Friday, with the Dow Jones Industrial Average rising more than 600 points. However, bond yields also soared, continuing a week of sharp losses in government debt.

—Jeff Cox

Apple shares pop 4% Friday

Apple jumped 4.1% Friday, putting the stock on pace for a weekly gain of 5.4% after a steep selloff earlier in the week as tariffs against China were ratcheted higher.

— Hakyung Kim

Frontier, Stellantis, bank stocks among stocks moving Friday

Check out the companies making headlines in midday trading.

• Frontier Group — Shares plunged 11% after the airline cut its first-quarter outlook and pulled its full-year outlook, citing weaker-than-expected demand and economic uncertainty.
• Stellantis — Stellantis shares dipped about 1% after the company said its global shipments fell to 1.2 million vehicles in the first quarter, representing a year-over-year decline of 9%. The drop was primarily due to lower North American production, extended holiday downtime in January, product transitions and lower van sales in Europe, Stellantis said in a press release.
• JPMorgan — The stock advanced more than 3% following the bank's revenue beat for the first quarter. JPMorgan reported revenue of $46.01 billion for the quarter, while analysts surveyed by LSEG had penciled in $44.11 billion. CEO Jamie Dimon also cautioned that the U.S. economy is facing "considerable turbulence."

For the full list, read here.

— Pia Singh

Most retailers facing higher tariff pressure, says JPMorgan

President Donald Trump's 90-day pause on reciprocal tariffs isn't going to help most retailers, particularly those in electronics, sporting goods and home furnishings, according to JPMorgan.

That's because the United States still has a tariff rate on China of 145%. On Friday, China retaliated and slapped a 125% levy on U.S. goods.

"Our estimated tariff rates have actually stepped higher for most companies, driven by the steep hikes on China, with BBY and LOW seeing significant weighted tariff rate increases while BJ and
TSCO see some relief," analyst Christopher Horvers wrote in a note Friday.

Those that have a higher mix of groceries/consumables should see the least margin pressure since they have a high source of domestic exposure, although they may see headwinds to operating profit dollars because of their low operating income rates, he said.

If companies pass on the increases to consumers, it will result in notable margin headwinds but no impact to earnings, Horvers said. If retailers absorb the entire tariffs, they could face significant earnings headwinds, he noted.

— Michelle Fox

Steel prices have reached a peak and will likely decrease from here, according to Morgan Stanley

Steel prices may recede in the near term following a recent surge, said Morgan Stanley, citing a steel executive.

The firm wrote in a Friday note that steel buyers took advantage of "cheap" product in late 2024 and early 2025 amid expectations of higher tariffs, leading to a rapid rise in prices. President Donald Trump's 25% tariffs on steel and aluminum imports went into effect shortly thereafter in March.

"Steel prices have peaked and should decrease as customers work through excess inventory accumulated ahead of the tariff announcements," analyst Carlos De Alba stated about the executive's view. "End-demand remains soft and buyers are looking for clarity on the policy front before making large-scale commitments."

De Alba added that the executive anticipates that prices will fall to levels around $800 per short ton at some point later this year, but remain above the low of about $700 per short ton, which was seen in the fourth quarter of 2024.

— Sean Conlon

5 stocks in the S&P 500 trade at new 52-week lows

Five stocks in the S&P 500 traded at new 52-week lows during Friday's session.

Tickers that hit this milestone included:

• Aptiv trading at lows not seen since April 2020
• Chevron trading at lows not seen since February 2022
• Charles River Laboratories trading at lows not seen since June 2017
• Hologic trading at lows not seen since July 2020
• Texas Instruments trading at lows not seen since October 2023

— Christopher Hayes, Lisa Kailai Han

Small caps underperform

Small-cap stocks lagged the broader market on Friday and on the week.

The small cap-focused Russell 2000 slid 1.3% in late morning training. By comparison, the broad S&P 500 shed just 0.5%.

With that decline, the Russell 2000 is now on track to end the volatile trading week more than 1% lower. On the other hand, the S&P 500 is poised to finish more than 3% higher.

— Alex Harring

Equities may have reached a floor, but high tariff uncertainty may also cap equities from here, Barclays says

The ramifications from President Donald Trump's global trade war rattled markets this week, with investors getting whiplash as stocks seesawed back and forth in either direction.

Barclays believes there's some good news for now: equities may not slide any further from here. But on the other hand, "erratic policy/governance" has likely capped their upward run as well, the bank said.

"The triggering of the Trump put likely provides a floor to equities for now, which arguably saw some capitulation and touched oversold levels earlier this week. However, we think pre-Liberation day market levels are also a cap, given that questionable Trump governance and erratic policies should warrant higher risk premia, in our view, and much uncertainty remains about the trade war endgame," wrote strategist Emmanuel Cau in a Friday note.

He continued: "While a 90-day pause on higher reciprocal tariffs is a welcome reprieve, by no mean it marks the end of the story, in our view. This week['s] events likely eroded further Trump's credibility with the financial community, and the extent of the damage to growth, while unknown yet, is likely to be significant."

— Lisa Kailai Han

Dollar reaches lowest level against yen in 2025

The dollar weakened 1.5% against the yen Friday, last trading at 142.30 yen, its lowest level since Sep. 30, 2024.

This puts the greenback down 3.1% versus the yen, it worst week since Nov. 29, 2024.

— Hakyung Kim, Gina Francolla

Shipping ETF rises to best week in 2025

The SonicShares Global Shipping ETF (BOAT) jumped 2.3% Friday, putting it up over 5% week to date. The fund is tracking for its largest weekly gains since May 10, 2024 when it jumped 7.7%

The top outperformers in the shipping fund include Frontline, Hafnia, Navigator Holdings and International Seaways, which are all up more than 10% for the week.

— Hakyung Kim, Gina Francolla

Stocks open lower Friday

U.S. stocks kicked off Friday's session in the red.

The S&P 500 declined 0.5%. The Dow Jones Industrial Average dropped 0.2%, while the Nasdaq Composite fell 0.3%.

— Hakyung Kim

Fed's Kashkari says he doesn't see 'big dislocations yet' in financial markets

Minneapolis Fed president Neel Kashkari said on CNBC's "Squawk Box" that he thinks we are "quite aways away" from the level of stress on the financial system that was seen during the Covid crisis in March 2020.

"I'm not seeing big dislocations yet. I'm seeing some stresses, but markets seem to be adjusting okay so far," Kashkari said.

The central banker added that, if things worsen, the Fed could help smooth out the financial markets but would not try to keep Treasury yields at a certain level.

— Jesse Pound

JPMorgan, Morgan Stanley, BlackRock among the names making moves before the bell

Some stocks are making moves in premarket trading Friday:

• JPMorgan Chase – Shares rose more than 2% after the bank's revenue for the first quarter topped Wall Street's estimates. JPMorgan posted revenue for the period of $46.01 billion, above the $44.11 billion that analysts surveyed by LSEG were expecting. CEO Jamie Dimon also warned that the economy is facing "considerable turbulence."
• Morgan Stanley – The bank advanced more than 3% following its better-than-expected first-quarter earnings results. Morgan Stanley reported earnings of $2.60 per share on revenue of $17.74 billion, while analysts were expecting $2.20 per share and $16.58 billion in revenue. 
• BlackRock – The asset manager popped nearly 2% after posting first-quarter earnings of $11.30 per share, exceeding the $10.14 per share analysts polled by LSEG had expected. On the other hand, BlackRock's $5.28 billion revenue came in below the estimated $5.34 billion.

Read here for the full list.

— Sean Conlon

China retaliates with 125% tariffs on U.S. goods

The trade war escalated on Friday as China raised tariffs on goods from the United States to 125% from 84%.

The move came after the Trump administration confirmed its levy on Chinese imports now stands at a total of 145%.

"Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy," the Chinese ministry said in a statement, according to a CNBC translation.

"With tariff rates at the current level, there is no longer a market for U.S. goods imported into China," the statement said.

—Anniek Bao, Michelle Fox

Wells Fargo shares rise slightly on higher earnings

Wells Fargo shares rose about 1% in premarket trading after the bank reported a 16% year-over-year increase in first-quarter earnings on the back of stable income from investment banking and wealth management.

Net interest income, a key measure of what a bank makes on loans, fell 6% year over year to $11.50 billion. Non-interest income, which includes investment banking fees, brokerage commissions and advisory fees, rose 1% to $8.65 billion from last year's $8.54 billion

CEO Charlie Scharf highlighted the uncertainty in the economy brought on by the Trump administration's actions to reorient global trade, calling for a timely resolution.

"We support the administration's willingness to look at barriers to fair trade for the United States, though there are certainly risks associated with such significant actions," Scharf said in a statement. "Timely resolution which benefits the U.S. would be good for businesses, consumers, and the markets.

— Yun Li

JPMorgan shares add more than 1% after earnings

JPMorgan Chase climbed 1.3% Friday morning after posting better-than-expected revenue in the first quarter.

The bank reported earnings of $46.01 billion in revenue, topping consensus estimates for $44.11 billion, according to LSEG.

To be sure, CEO Jamie Dimon offered caution on the broader economy amid tariff uncertainty.

"The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and 'trade wars,' ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility," Dimon said.

"As always, we hope for the best but prepare the Firm for a wide range of scenarios," he added.

— Hakyung Kim, Hugh Son

Morgan Stanley rises on earnings beat

Morgan Stanley reported first-quarter results that beat analyst expectations, sending the stock up more than 1% in the premarket. The bank earned $2.60 per share on revenue of $17.74 billion. Analysts polled by LSEG expected a profit of $2.20 per share on revenue of $16.58 billion.

— Fred Imbert

Dollar index slips further

The dollar index weakened 1% Friday, putting it on track to end the week down by 3%.

The greenback fell around 1.2% against the yen, which is viewed as a safe-haven currency, to trade at 142.83 yen.

The euro strengthened 1.2% versus the dollar at 1.13.

The swiss franc, also viewed as a safe-haven, rose to its highest point against the dollar since 2015 at 1.22.

— Hakyung Kim

European currencies rally

The euro was 1.2% higher against the U.S. dollar on Friday morning, trading at around $1.133.

The British pound also rallied against the greenback, jumping 0.6% to $1.304 by 8:12 a.m. in London.

Earlier this week, U.S. President Donald Trump paused the rollout of country-specific tariffs that would have hit the European Union goods with levies of 20%, and British goods with 10% duties.

The EU said on Thursday that it would suspend its planned countermeasures to Trump's tariffs for 90 days.

Sterling also jumped on Friday after better-than-expected figures on economic growth out of the country.

— Chloe Taylor

U.S. 10-year Treasury yields rise as Trump tariffs-led sell-off continues

The 10-year Treasury yield climbed 6 basis points to 4.456% Friday Asia hours, as the sell-off in U.S. debt resumed.

Treasurys have seen a sharp sell-off this week, triggered by U.S. President Donald Trump's tariff policies, forcing the administration to rethink its strategy and pause new tariffs on most countries.

The tariff reprieve helped drive a rally in stocks and halted the rise in yields, but the impact has since waned with both the slide in stocks and Treasurys resuming.

— Lee Ying Shan

Thursday sell-off was 'rare, ugly and worrying,' Evercore's Guha says

Thursday's washout in the stock market showed that investors care clamoring for still more clarity from President Donald Trump regarding tariffs, according to Evercore ISI strategist Krishna Guha.

"Today's trading has seen a rare, ugly and worrying combination of market moves with the dollar, bonds and equities lower amid renewed volatility and stress cross-asset markets – in spite of a decent enough 30 year Treasury auction," Guha, the firm's head of global policy and central bank strategy, said in a note to clients.

The Dow Jones Industrial Average lost more than 1,000 points while bond yields at the long end of the curve rose and the U.S. dollar lost nearly 2% against a basket of global currencies.

The moves could have been "a spasm," Guha wrote, "But the market is pressing for a bigger U-turn with either a complete cessation of tariffs ex-China, or negotiations with China, or both."

— Jeff Cox

Stock futures edge higher Thursday evening

Shortly after 6 p.m. ET, S&P 500 futures traded 0.2% higher, while Nasdaq 100 futures gained 0.2%. Futures tied to the Dow Jones Industrial Average added 50 points, or about 0.1%.

— Pia Singh