4:07pm: All time highs
US stocks were at all-time highs on Friday, with the three major indexes all notching new record closing levels.
The Nasdaq added 0.7% at 22,631 points, the S&P 500 added 0.5% at 6,664 points and the Dow Jones was up 0.4% at 46,315 points.
Meanwhile, Trump’s call with Xi resulted in progress on several key issues, including trade, fentanyl control, the war between Russia and Ukraine, and the approval of a TikTok deal.
The TikTok deal involves an arrangement for the app to remain operational in the US with compliance to regulations, although details and final clarity on the ownership transfer remain somewhat unclear.
2:49pm: Proactive news headlines
- Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) has increased the size of its previously announced public offering from C$10 million to C$18 million, citing strong investor demand.
- T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, announced an amendment to its existing software and licensing agreement with a Fortune 500 financial services customer, extending the contract through May 31, 2031.
- Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced that it has entered into a replacement debenture agreement totaling $2.05 million, amending the terms of its previously issued secured convertible debentures.
12:42pm: iPhone price hike not driven by tariffs
Apple Inc (NASDAQ:AAPL, ETR:APC) CEO Tim Cook has clarified that recent price increases on the company’s latest iPhone models are not related to tariffs imposed by the Trump administration.
Speaking to CNBC from Apple’s Fifth Avenue store in New York City, Cook said, “There’s no increase for tariffs in the prices to be totally clear,” as the iPhone 17 launched in stores worldwide.
Earlier this month, Apple raised the price of its iPhone 17 Pro by $100, while keeping entry-level models at previous price points. The company also introduced an iPhone Air model, replacing the Plus at a higher price.
The recent price adjustments appear to reflect product enhancements rather than external levies. The iPhone 17 models feature higher base storage, upgraded features, and overall design improvements.
11:46am: Dollar rises
The US dollar has risen for the third straight day following the Fed's quarter-point interest rate cut earlier this week.
"Following the Fed's widely anticipated 25-basis point rate cut on Wednesday the US dollar has regained some of its recent losses and is on track for a third straight day of gains," IG senior technical analyst Axel Rudolph said.
"Crude oil prices hardly changed while gold and silver rose. Meanwhile the price of Arabica coffee fell by around 3.75% to a one-month low as US law makers are said to prepare a bill to exempt the commodity from import tariffs."
10:15am: More records in sight
Wall Street eyed more records on Friday with the three major indexes all opening higher.
The Nasdaq added 0.4% at 22,569 points, the Dow Jones was up 0.2% at 46,235 points and the S&P 500 added 0.2% at 6,647 points.
Meanwhile, a call between US President Donald Trump and Chinese President Xi Jinping is underway, with a potential TikTok deal in focus.
8:15am: Muted start expected for Wall Street
The Nasdaq is expected to build on its new record when trading gets underway on Friday, while the Dow Jones is likely to be unchanged.
Nasdaq Futures traded 0.1% firmer ahead of the open, with those for the S&P 500 up just 4 points while Dow futures were flat.
All three indexes finished Thursday’s session at record highs, lifted by the Fed’s quarter-point cut. The Nasdaq led the gains, up 0.9%. The S&P 500 added 0.5% and the Dow Jones was up 0.3%.
Adding some fuel to the Nasdaq fire, Intel Corp (NASDAQ:INTC, ETR:INL) shares surged close to 23% after Nvidia Corp (NASDAQ:NVDA, ETR:NVD) announced it would be investing $5 billion in the chipmaker in a joint venture to develop new chips and data centres.
"The shares of Nvidia also rose by 3.5%, boosting its price gain to 27% in this year alone," commented interactive investor's Richard Hunter. "The recent reinvigoration of all things AI has lit a fire under tech shares, with the 'Magnificent Seven' in the vanguard once more."
European markets are trading mixed this morning. London's FTSE 100 is up 0.1% and the Paris CAC 40 is 0.2% higher, while Frankfurt's DAX is down 0.2%.
In Asia, Tokyo's Nikkei 225 closed 0.6% lower after the Bank of Japan kept interest rates at 0.5%. Hong Kong's Hang Seng ended virtually unchanged, while Shangai's SSE Composite fell 0.3%. In Mumbai, the BSE Sensex closed 0.5% lower, while Australia's ASX 200 gained 0.3%.