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US stocks retreated on Friday, stalling a recent rally as investors digested the latest batch of earnings and weighed President Donald Trump’s hints at a softer stance on China tariffs.
The Dow Jones Industrial Average (^DJI) fell 0.3%, while the S&P 500 (^GSPC) also slipped 0.3% after the index hit its first record high of 2025 on Thursday. The tech-heavy Nasdaq Composite (^IXIC) gave up 0.5%.
Trump’s call at Davos for cuts to US interest rates, oil prices, and taxes spurred investor optimism for his policies, buoying stocks this week. The major gauges ended the holiday-shortened week with gains, demonstrating the power of Trump’s comments even as Wall Street questions his ability to execute the changes.
The Dow rose 3%, the S&P put on 2.8% and the Nasdaq gained 3.2% for the week.
On Thursday, Trump said he’d "rather not" impose tariffs on China — a softening in stance that eased some fears over the potential for a trade war. Chinese stocks (000300.SS) rose after the remarks in a Fox interview.
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