Stocks jumped on Friday with the S&P 500 (^GSPC) recovering all of its losses following President Trump’s sweeping tariff announcement on April 2, also dubbed “Liberation Day.”

The broad-based index rose 1.5% to notch its longest winning streak since November 2004.

The Dow Jones Industrial Average (^DJI) moved up 1.4%, also gaining for nine sessions in a row. The tech-heavy Nasdaq Composite (^IXIC) climbed roughly 1.5%.

Earnings from Big Tech, along with a strong monthly US jobs report and the prospects of potential tariff talks with China, helped send stocks higher for the week.

For the week, the Dow gained 3%, the S&P 500 rose almost 3%, and the Nasdaq increased more than 3.4%.

Airbnb (ABNB) says that international travelers are increasingly skipping visits to the US, an indication that President Trump’s trade war may be impacting consumer preferences.

“We absolutely have seen a decline in popularity of foreign travelers coming to the US,” Airbnb CFO Ellie Mertz told analysts during the company’s first quarter earnings call on Thursday. She added, “It’s less popular to come to the US from a year ago also relative to the beginning of the year.”

Mertz noted the trend has had little impact on the company’s quarterly results since US visits by foreign travelers account for 2% to 3% of the platform’s overall business. Airbnb topped Wall Street estimates for earnings and revenue, though its second quarter outlook came in weaker than expected.

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Software maker Microsoft (MSFT) and social media giant Meta (META) were on pace for weekly double digit percentage gains, outperforming the rest of the ‘Magnificent 7’ group.

Microsoft gained more than 11% over the past five days, its best return since March 2023. Meanwhile Meta saw its best weekly performance since February 2024.

Earnings from the Big Tech players helped stocks rally for the week. The biggest laggard among the ‘Mag 7’ included Apple (AAPL), down more than 2% over the past five days following its quarterly results.

Gold (GC=F) was headed for its first back-to-back weekly loss of the year on Friday over optimism of easing trade tensions and after a solid jobs report indicated the economy was holding up to macro uncertainty.

Futures pared earlier gains to rise 0.6% for the session, hovering near $3,243 per ounce. The precious metal touched an all-time intraday high of about $3,500 last month, only to slip as the trade war started to show signs of deescalation.

The S&P 500 (^GSPC) headed for its longest daily win since 2004 on Friday, on pace to fully recover its post “Liberation Day” losses.

The broad-based index was up around 1.5% by mid-session, hovering just above the level it closed at on April 2, the day President Trump unveiled a sweeping tariff plan.

The market went into shock after the unveiling, but since then Trump has paused tariffs on goods imported from many countries, except China.

However, Beijing has hinted it is willing to talk about a trade deal after the US reached out, fueling optimism of a trade war deescalation.

Yahoo Finance’s Ben Werschkul reports:

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Yahoo Finance’s Jennifer Schonberger reports:

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The construction industry added 11,000 jobs in April, according to an ABC analysis of Bureau of Labor Statistics data released on Friday. On a year-over-year basis, industry employment has grown by 1.7% to 143,000 jobs.

“Despite weak construction spending data for March and several economic headwinds, including high interest rates, tight lending standards, and trade policy uncertainty, backlog remains sufficiently elevated to keep industry employment growing for the time being,” Anirban Basu, chief economist at Associated Builders and Contractors, said in a statement.

The construction unemployment rate rose to 5.6% in April, while unemployment across all industries remained at 4.2%.

“That said, April is likely the last month of economic data largely unaffected by tariffs and tariff-related uncertainty. The reference period for today’s jobs report is the pay period through April 12, which may exclude staffing decisions, or project cancellations or delays, related to recent trade policy developments. While the economic outlook has worsened in recent weeks, it remains unclear how the economy will respond in the coming months,” Basu added.

Block (XYZ) shares fell sharply on Friday after the financial services and digital payments company cut its full-year gross profit outlook, which came in below the average analyst estimate.

For the first quarter, the company behind Square and CashApp reported adjusted earnings per share of $0.56, well above analyst estimates of $0.47. However, revenue came in at around $5.7 billion, missing the forecast of $6.2 billion.

Looking ahead, Block expects full-year adjusted operating income of $1.9 billion, representing a 19% gross margin, down from its prior guidance of $2.1 billion. It also expects a full-year gross profit of $9.96 billion, below the consensus estimate of $10.18 billion.

The payments processor cited the economic uncertainty for its cautious outlook.

“We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year,” Block said in its shareholder letter.

Several Wall Street analysts downgraded the stock, including Wells Fargo analyst Andrew Bauch, who changed his rating to Equal Weight from Overweight and lowered his price target to $50 from $95.

Bauch stated that it is too difficult to recommend the shares at their current level, citing “(1) a heavily back half weighted guide, (2) growing credit contributions and (3) numerous Cash App monetization red flags.”

Yahoo Finance’s Laura Bratton reports:

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Stocks rallied on Friday as the labor market proved resilient in the face of the tariff policy revealed by President Trump in early April and as China indicated it is willing to talk with the US about a trade deal.

The Dow Jones Industrial Average (^DJI) moved higher for a ninth straight day, climbing more than 1% soon after the open. The S&P 500 (^GSPC) rose 1.3%, on track to extend its longest win streak of 2025. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) rose more than 1.2%.

The latest monthly jobs report came in better than expected, with hiring holding up in April despite Trump’s “Liberation Day” reciprocal tariff announcements that shook the markets.

China said on Friday it’s evaluating recent approaches from US officials to start negotiations about tariffs.

Among Big Tech, Apple (AAPL) stock declined after the iPhone maker warned of a $900 million tariff headwind this quarter. Amazon (AMZN) shares were little changed after the cloud and e-commerce giant issued disappointing guidance.

Yahoo Finance’s Josh Schafer and Myles Udland report:

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Earnings: Apollo (APO), Chevron (CVX), Cigna (CI), Exxon (XOM), FuboTV (FUBO), Wendy’s (WEN)

Economic data: Nonfarm payrolls (April); Unemployment rate (April); Average hourly & weekly earnings (April); Labor force participation rate (April)

Here are some of the biggest stories you may have missed overnight and early this morning:

Jobs report on deck: What to expect in tariff-roiled month

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More Americans are claiming Social Security early. Here’s why.

China says ‘door is open’ to trade talks with the US

As Trump moves to tax small parcels, some retailers give up on US

Apple stock falls after warning of $900 million tariff hit

Bond traders bet on tariff-led jobs slowdown

Apple to source 19 billion US-made chips in supply chain shift

Amazon slides as key forecast spooks investors

Tesla’s sales in key European markets plunge in April