Wall Street opened May on a strong note, with the S&P 500 rising 0.9%, the Dow Jones gaining 200 points, and the Nasdaq advancing 1.5%, supported by upbeat earnings from tech giants and optimism over global trade negotiations. Microsoft shares jumped 9% after the company projected stronger-than-expected growth for its Azure cloud business, while Meta gained over 6% on better-than-expected revenue. Meanwhile, General Motors climbed 3% after issuing a new 2025 profit forecast, while Eli Lilly lost 4% after its quarterly results and McDonald’s slipped 2% following a decline in Q1 sales.

On the trade front, President Trump highlighted potential agreements with India, Japan, and South Korea, and expressed confidence in reaching a deal with China. Meanwhile, labor market data showed initial jobless claims rose to a nine-week high, with continuing claims reaching their highest level since 2021.