S&P 500 Nears Historic Streak—Jobs Data and China Talks Fuel the Rally

Wall Street’s favorite benchmark is charging toward record territory—again. Bullish jobs numbers and whispers of thawing US-China tensions are giving traders their latest excuse to keep the party going.

Never mind that valuations look stretched enough to make a rubber band nervous. When the momentum train leaves the station, nobody wants to be left on the platform holding their sensible P/E ratios.

China’s willingness to talk 

Investor sentiment was further buoyed by a potential thaw in U.S.-China trade relations. 

China’s Commerce Ministry said it is evaluating recent proposals from the U.S. and signaled a willingness to start formal talks if the U.S. rolls back new tariffs. 

Beijing’s openness was seen as a shift in tone following President Trump’s April 2 “Liberation Day” tariff announcements.

The upbeat jobs data and positive trade signals helped offset concerns sparked by recent Big Tech earnings. 

Apple shares dropped nearly 5% after warning that tariffs could cost the company $900 million this quarter. Amazon shares were flat after issuing guidance that fell below analyst expectations.

Despite Friday’s optimism, investor caution remains. Market participants are closely watching for clarity on interest rates, with traders dialing back expectations for a June Fed cut. 

Treasury yields rose, and the dollar slipped slightly as markets recalibrated.